The CEOs of the five largest oil companies testified on Capitol Hill Thursday and defended the industry’s massive profits at a time when consumers are paying record amounts for gas. The five oil firms—Exxon Mobil, Chevron, BP, Shell and ConocoPhillips—made a combined $35 billion in earnings in the first three months of the year. The CEO of Chevron, John Watson, criticized the Senate for holding the hearing.

John Watson, Chevron CEO: “Singling out five companies because of their size is even more troubling. Such measures are anti-competitive and discriminatory. After all, our five companies are providing the technical, operating and managerial expertise that is allowing the global energy industry to operate at the forefront of energy development.”

Senate Democrats blasted a recent statement by ConocoPhillips that it would be “Un-American” to end billions of dollars in subsidies to the oil industry. Sen. Charles Schumer (D-NY) questioned ConocoPhillips CEO James Mulva.

Sen. Charles Schumer (D-NY): “We have to get the deficit to a certain level, and we have choices. So I want to ask you, sitting in our shoes, just about your priorities. So my first question is to Mr. Mulva, and I’m asking you for a reason. Do you think that your subsidy is more important than the financial aid we give to students to go to college? Could you answer that, yes or no?”

James Mulva, ConocoPhillips CEO: “Well, that’s a very difficult question for me, two different, totally different, questions.”

Schumer: “But we have to weigh those two things, Mr. Mulva. We have to weigh it because we have to get the deficit down to a certain level. So which would be — if you had a choice of one or another as an American citizen, which would you choose?”

Mulva: “Well, Senator, that’s a choice that legislatively you’re going to have to be making.”

Schumer: “We are.”

Mulva: “But for our company, what we are tasked with is to provide energy in an affordable way for the American public.”

Schumer: “So you would choose the oil subsidy over aid to students? That’s what you’re telling me.”