Huge oil company profits at a time when motorists are paying very high prices for fuel have sent shivers through a US Congress worried about the political fallout.

Disappointing retail sales data and a rise in oil prices pushed US stocks lower today as investors, once again worried about oil’s impact on consumer spending, took profits from the market’s July rally.

Exxon Mobil says high US petrol prices are largely responsible for its better-than-expected first quarter earnings.