Congress has big questions for Big Oil

[onehandle]

Source: AP

WASHINGTON - Big Oil is once again being called on the carpet. Senior executives of the five largest U.S. oil companies were to appear before a congressional committee Tuesday where they were likely to find frustrated lawmakers in no mood for small talk.

"These companies are defending billions of federal subsidies ... while reaping over a hundred billion dollars in profits in just the last year alone," complained Rep. Edward Markey, D-Mass., in previewing the hearing. The lawmakers were scheduled to hear from top executives of Exxon Mobil Corp., Shell Oil Co., BP America Inc., Chevron Corp. and ConocoPhillips, which together earned about $123 billion last year because of soaring oil and gasoline prices.

Markey, chairman of the Select Committee on Energy Independence and Global Warming, said he wants to know why, with such profits, the oil industry is steadfastly fighting to keep $18 billion in tax breaks, stretched over 10 years.

The House last year and again on Feb. 27 approved legislation that would have ended the tax breaks for the oil giants, while using the revenue to support wind, solar and other renewable fuels and incentives for energy conservation. The measure has not passed the Senate.

Read more: http://news.yahoo.com/s/ap/20080401/ap_on_go_co/congress_oil

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Will Clinton and Obama step up and demand that the Senate end tax breaks for oil giants?

[Kolesar]

1. Sherrod Brown busted Mike Dewine's nose with this one in 2006

This is a great campaign issue: force the bush party to defend the tax cuts for the energy companies. "Everybody" hates the oil and electricity companies.

[mrcheerful]

3. I can honestly say that there are numb nuts out there that defend both to the

hilt. I ran into one such numb nut filling up his Hummer bitching that it cost him over $150 for a fill up. I said well come on wasn't the tax cuts supposed to lower gas prices? He went on a tirade that it was supply and demand that drove prices up, the tax breaks were a good thing because without them gas would be even higher then they are besides Exxon deserved to make huge profits because they worked hard to bring gas on the market. I just shook my head and walked away to pay the monthly $20 I allow for my gasoline budget. The same with the electric company, its not their fault that oil prices are up and they have to pay more, they are just passing the cost to the consummer, its the "American" way of doing business. People are stupid animals for the most part, if it sounds reasonable then it must be true so why question a thing, besides its not like they can do anything other then pay.

[saigon68]

8. Yes as the "soft ball" DLC pitchers step up to the plate today

And lob a few high soft ones up to the Corporate thugs and gangsters.

[Kolesar]

9. yes, they feel like they must rally around "their people"

Despite that they are getting ripped off by them. Some people have a limited number of neurons that they can activate at one time.

[A wise Man]

16. That guy is insane

[RantinRavin]

2. Let me guess

They are going to give Big Oil a strongly worded letter, followed by another hollow threat, followed by a bigger tax break in order to keep the powder dry again.

[shaniqua6392]

5. They are being blackmailed by the oil companies.

The oil execs claim that if we take away the tax breaks, they will have to raise the price of oil. WTF?? What about the billions of dollars in profits they are making every year? They have been extremely profitable and do not need those tax breaks. Why don't we give them to some people who are losing their homes?

[defendandprotect]

14. Nationalize the oil industry --- NOW . .. !!!

[Political Heretic]

4. Will they be under oath? No? Then this doesn't fucking mean anything.

[OhioChick]

6. You're right....

End result.....more of the same.

[Syntheto]

7. Window dressing...what a crock!

...Look everybody, we're giving Big Oil a very stern talking to! Cameras off? Good! Hey, you guys, didn't see you on the golf course the other day when you were in town! So, how's that little honey doing that you've been boning on the side? Did that congressional page work out like I said? Yeah, she'll do it all, won't she? Three-way split if you know what I mean! Look, about my reelection campaign...we're a little short on dough, ray, mee, if you know what I mean... and, if you guys could just at least come up with some sort of razzle dazzle proposed 'technology' breakthrough to feed the media, it would really help to keep the plebes off our collective asses, you know? Hey, I've been reading about that nanotechnology stuff, and I was just thinking that maybe you could come up with some bullshit about how, you know, 'sometime in the future', there might be internal combustion engines that will take a gallon of gas and make it more efficient by using nanotech to line the individual petroleum molecules into some sort of 'matrix grid' that improves the efficiency of the combustion process....Yeah, okay, wait, here come some reporters again...take care, tell Sheila I said hi, and I've got a party lined up for her with a couple of Japanese businessmen... ...And furthermore, I resent the fact that you and your associates continue to stonewall this committee. Need I remind you that you are under oath?

[catzies]

18. Hilarious! A jolly "Welcome to DU" to you!

:hi:

[LynnTheDem]

10. Big Oil = "democracy" and "US national interests" and "security"!

Speaking against Big Oil in any way whatsoever = TREASON!

And it's a 100% guarantee the current US "president" and its cartel agree with this post 100%.

[pattmarty]

11. And for Christs sake, THIS TIME put them under oath.

[A wise Man]

17. I haven't seen anyone put their hands up yet

Ted Stevens, Ted Stevens, Ted Stevens, all over again.

[pattmarty]

19. I'd like to see a lot of them put their "hands up" like in going to jail.

[Summer93]

12. What time is this happening?

I took a look at CSpan and found Lieberman talking to an empty room for armed services.

[defendandprotect]

13. We need a Windfall Profits Tax on these people --- and subsidies --- !! ??? !!!! No....!!!

[defendandprotect]

15. Makes kind of clear why they want SMALL government to push around . .. !!!

[Maestro]

20. Must be an April Fools joke

Congress speaking to oil execs...next thing you know I will hear that Big Oil will take its huge profits and start investing in renewable energies to help bring these to better economies of scale.

In all seriousness, from CNNMoney I found this article which is probably the same article as above where I found this snippet which just disgusts me. http://money.cnn.com/2008/04/01/news/companies/oil_hearing/?postversion=2008040112

The oil industry, along with the Bush administration, argue that it's unfair to target the oil industry when these tax breaks are available to all manufacturers. They also say the breaks are essential to encourage domestic oil production and reducing the country's dependence on foreign oil.

"I do not believe that funding renewable energy by taxing current forms of energy serves American customers very well," said John Shadegg R-Arizona.

:eyes: These people aren't even trying any more to hide their vested interests. Scum.

[Mountainman]

21. The thing that will get the most bang for the buck is less gasoline consumption.

Everyone who can should car pool. I'm beginning to think that people who drive to work alone in their car could or should be subject to scorn and ridicule. If even 25% of us would stop our one person per car commute I think it would make a big difference. Also less recreational vehicle usage would help. On Easter I saw a lot of motor homes pulling trailers with 2 or three quads and dune buggies heading for 3 days of chasing around the dunes. The must have paid hundreds in gasoline costs that weekend.

On edit, yesterday I saw a Hummer limousine!

[Igel]

22. I saw one of the stretch Hum V limos last Thursday.

I just had to stop and stare.

[rocktivity]

23. Hopefully, they'll testify under oath this time.

Or face charges of contempt.

:eyes:
rocknation