Oil prices have risen nearly 50 percent in the last year raising questions about oil company profits and who benefits from higher prices at the pump. ConocoPhillips CEO James Mulva discusses his company's revenues and reinvesting in energy production.

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The world's leading oil producing nations announced Wednesday that they would cut production by four percent, a move that is expected to drive up the price of gasoline and fuel the political battle over U.S. energy policy.

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