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Judgment Day: Oil execs face angry Democrats
Daily Caller ^ | 5/12/11 | Amanda Carey

Posted on 05/12/2011 12:35:31 PM PDT by markomalley

Five executives from America’s leading oil companies were marched in front of the Senate Finance Committee Thursday morning for a public scolding, and told to defend industry tax breaks while Americans are being charged $4 for a gallon of gas.

In other words, Thursday was judgment day the CEO’s of the country’s five largest oil companies. And because most of the committee’s Republicans were attending a budget meeting at the White House, the executives were left to face a very partisan, very unhappy panel of Democrats.

Representing the scorned oil industry was John Watson of Chevron, Marvin Odum of Shell Oil, James Mulva of ConocoPhillips, H. Lamar McKay of BP America, and Rex Tillerson of ExxonMobil.

The hearing came after the committee’s chairman, Sen. Max Baucus, introduced legislation to repeal $21 billion over ten years in tax credits for oil and natural gas companies. In the House, however, legislation was passed Wednesday to actually expand access to offshore drilling.

Nonetheless, Democrats are on the warpath against record profits and tax breaks for an industry that they say should “share in the sacrifice”.

On the other side, Republicans defend the tax breaks, saying they facilitate increased access for drilling, which ultimately leads to lower costs for production and prices at the pump.

Sen. Orrin Hatch of Utah, the lone Republican in attendance for most of the hearing, argued that cutting the tax breaks would do nothing to ease pain at the pump.

The message brought by the industry execs: no one is asking for special government subsidies, only equitable treatment in the tax system that other industries receive.

“It’s not a subsidy; it’s a legitimate tax deduction,” said Tillerson.

(Excerpt) Read more at dailycaller.com ...


TOPICS: Business/Economy; Extended News; Government
KEYWORDS: baucus; chuckie; democrats; gas; hearings; oil; schumer; taxes
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1 posted on 05/12/2011 12:35:33 PM PDT by markomalley
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To: markomalley

Let the Show Trials begin...


2 posted on 05/12/2011 12:37:14 PM PDT by Eric in the Ozarks (Eh ?)
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To: markomalley

“Gentlemen, we’ve got to do something to protect our phoney-baloney jobs.”


3 posted on 05/12/2011 12:38:52 PM PDT by dfwgator
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To: markomalley
Dear Dim Senators,

Why should American voters be pissed at oil companies making $.10 on a sale of a gallon of gas and NOT be pissed that state and Federal Government makes $1+ on that same gallon of gas?

4 posted on 05/12/2011 12:40:12 PM PDT by MNJohnnie (Giving politicians more tax money is like giving addicts free drugs to cure their addiction)
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To: markomalley

The oil companies should decide to stop production for a week and show these idiots in Congress who needs who.


5 posted on 05/12/2011 12:40:56 PM PDT by RabidBartender
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To: dfwgator

“Give the governor a harrumph...”


6 posted on 05/12/2011 12:41:25 PM PDT by frogjerk (I believe in unicorns, fairies and pro-life Democrats.)
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To: dfwgator
“Gentlemen, we’ve got to do something to protect our phoney-baloney jobs.”

Exactly. "I didn't get a 'hrrrumph!' outta that guy!"

7 posted on 05/12/2011 12:41:37 PM PDT by andy58-in-nh (America does not need to be organized: it needs to be liberated.)
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To: markomalley

“Angry DemocRATS!” ROTFL!!! What are the ‘RAT girlymen going to do, hit the oil guys with their purses? I hope the oil guys kick their asses. The oil boys have done more for America than every commie DemocRAT that ever sucked up and wasted oxygen.


8 posted on 05/12/2011 12:42:44 PM PDT by FlingWingFlyer ("...that they are endowed by their Creator with certain unalienable Rights,..")
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To: markomalley
Democrats posturing for electoral advantage among the parasite class they pander to. This display of dudgeon means nothing and both sides of the table know it. Merely a charade.
9 posted on 05/12/2011 12:43:03 PM PDT by hinckley buzzard
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To: markomalley

All by a government that has NO ENERGY POLICY other than to break its own oil companies and subsidize foreign country oil operations.

How is that hope and change working America???


10 posted on 05/12/2011 12:43:03 PM PDT by EagleUSA
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To: MNJohnnie
Why should American voters be pissed at oil companies making $.10 on a sale of a gallon of gas and NOT be pissed that state and Federal Government makes $1+ on that same gallon of gas?

Shockingly, every time I make this point to liberal friends, they hem and haw and then move on to a new subject...for some reason or another.

11 posted on 05/12/2011 12:44:09 PM PDT by kingu (Legislators should read what they write!)
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To: markomalley

“very unhappy panel of Democrats”

BIG DAMN DEAL!!!

Wait until they face a very unhappy panel of VOTERS!


12 posted on 05/12/2011 12:44:36 PM PDT by kcvl
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To: RabidBartender
The refinery near me is already running very slow, I reckon it's due to lower demand.

Scuttlebutt says demand has tapered off bigtime and product is backing up in the system like a bad taco.

13 posted on 05/12/2011 12:45:08 PM PDT by de.rm ('Most people never believe anything you tell them unless it isn't true."-Groucho Marx)
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To: RabidBartender

The ‘rat bathturd congressmen/senators need to be asked what they have ever done to provide 1 joule of energy for the US economy.


14 posted on 05/12/2011 12:45:49 PM PDT by MrB (The difference between a Humanist and a Satanist - the latter knows whom he's working for)
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To: de.rm

So why is the price so high? Is it the weak dollar?


15 posted on 05/12/2011 12:46:46 PM PDT by driftdiver (I could eat it raw, but why do that when I have a fire.)
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To: Larry Lucido
Representing the scorned oil industry was John Watson of Chevron, Marvin Odum of Shell Oil, James Mulva of ConocoPhillips, H. Lamar McKay of BP America, and Rex Tillerson of ExxonMobil.
16 posted on 05/12/2011 12:46:46 PM PDT by SoothingDave
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To: markomalley
“We have to choose priorities and right now we have a huge budget deficit,” said Sen. Chuck Schumer of New York. “So I want to ask you…what about your priorities?” “Do you think your subsidy is more important than the financial aid we give to students to go to college?” asked Schumer, directing his question at Mulva. “So if you had a choice as an American, which would you choose?”

Well Chucky Schmucky, how many jobs does your financial aid to artificially inflate the cost of a college education create, vs. how many jobs will your tax increase on the oil companies kill? Your priority should be on NOT KILLING JOBS. Dumbass!

17 posted on 05/12/2011 12:49:11 PM PDT by VRWCmember
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To: MNJohnnie

Exactly


18 posted on 05/12/2011 12:49:21 PM PDT by freekitty (Give me back my conservative vote; then find me a real conservative to vote for)
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To: driftdiver
Gouging, pure nasty greed, it prolly won't last much longer, you can't compress a fluid, it's all got to go somewhere.
19 posted on 05/12/2011 12:49:59 PM PDT by de.rm ('Most people never believe anything you tell them unless it isn't true."-Groucho Marx)
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To: markomalley
What a laugh. Those executives owe the Democrats their low capital cost of profiting from established wells instead of taking risks to drill more at lower margins.
20 posted on 05/12/2011 12:50:17 PM PDT by Carry_Okie (The RINOcrat Party is still in charge. There has never been a conservative American government.)
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To: markomalley
Now here's the dirty little secret, the context that the news media refuses to provide because if they did, you'd know that the Democrats (and they) are full of sh!t.

$21 Billion in tax "breaks" over 10 years = $2.1 billion per year = 0.15% of this year's estimated DEFICIT and 0.058% of the current fiscal year's BUDGET. IOW: a drop in the bucket. And even that assumes:

A. the additional tax revenue actually materializes (as though oil companies would not change their behavior and accounting decisions in response to a change in tax preferences) and

B. The money isn't simply spent by Congress, which given their history is a real knee-slapper..

21 posted on 05/12/2011 12:50:25 PM PDT by andy58-in-nh (America does not need to be organized: it needs to be liberated.)
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To: kingu

Why do you have “liberal friends”?


22 posted on 05/12/2011 12:50:52 PM PDT by US Navy Vet (Go Packers!)
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To: markomalley

Tax increase hearings take America in wrong direction on energy
http://api.org/Newsroom/tax-increase-wrong.cfm
Bill Bush - May 12, 2011

Jack Gerard, President and CEO of the American Petroleum Institute, said the Senate oil and natural gas company CEO hearing today focused on a failed policy prescription that would move the nation in the wrong direction on energy:

“Raising energy taxes will do nothing to create jobs, reduce prices, enhance our energy security or increase revenue to our government long term. The hearing was predictable political theater, a distraction aimed at masking past energy policy failures that contributed to the volatile prices consumers are understandably concerned about. It was also an uninformed, unmerited assault on some of America’s biggest and most reliable employers, who are investing billions of dollars annually in new energy projects while also paying many billions of dollars a year in taxes at some of the highest effective rates for any American industry or business.

“We can address our energy challenges by developing more energy at home. That will create jobs and more energy and help strengthen the security of our energy supplies. With this spectacle now over, we hope policymakers will come together in a bipartisan way to work on energy policy that will work for America.”

- - - -

We need more jobs, more domestic production, not more Taxes.

http://api.org/policy/americatowork/index.cfm


23 posted on 05/12/2011 12:52:34 PM PDT by thackney (life is fragile, handle with prayer)
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To: driftdiver
So why is the price so high? Is it the weak dollar?

The number one cause is government regulations, particularly environmental permitting.

24 posted on 05/12/2011 12:52:38 PM PDT by Carry_Okie (The RINOcrat Party is still in charge. There has never been a conservative American government.)
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To: FlingWingFlyer
ConocoPhillip’s Mulva was targeted heavily throughout the hearing, and made to pay for a press release the company put out yesterday in anticipation of the hearing that called the tax proposal “un-American.” Both Senator Schumer and Senator Robert Menendez of New Jersey called on Mulva to apologize for the press release. “I want to hear from you, do you make those accusations lightly?” Menendez directed to Mulva at one point. “Or did you mean to question my patriotism?”

Well Bobby, since the tax proposal singles out 5 specific companies for special punitive treatment, it flies in the face of equal protection under the law and could be argued as a bill of attainder which makes it a violation of the very Constitution of the United States. Sounds pretty unAmerican to me. If that "questions your patriotism" then so be it. Take offense all you want, but it is you and your liberal friends in Congress destroying the economy, not the oil executives.

25 posted on 05/12/2011 12:54:33 PM PDT by VRWCmember
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To: andy58-in-nh
“Gentlemen, we’ve got to do something to protect our phoney-baloney jobs.” Exactly. "I didn't get a 'hrrrumph!' outta that guy!"

"You watch your a$$."

26 posted on 05/12/2011 12:54:42 PM PDT by dfwgator
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To: Carry_Okie
instead of taking risks to drill more at lower margins.

Where do you propose that they drill more, and how do you propose that they get the EPA permits to drill?

27 posted on 05/12/2011 12:57:19 PM PDT by VRWCmember
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To: markomalley

The Democrats find it easy to pillory evil big oil, but cutting their tax breaks will not drop the price of gasoline one cent and will punish the stock holders, mostly pension funds, who own 95% of evil big oil. This is the usual Democrat play book, a handful evil capitalist fat cats make money from their corporations on the backs of the working man. This is the same BS communists and socialists have used for over 100 years. Too bad the economically ignorant population as well as some members of Congress still believe this crap.


28 posted on 05/12/2011 12:57:52 PM PDT by The Great RJ (The Bill of Rights: Another bill members of Congress haven't read.)
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To: VRWCmember

The 5 billion dollars this tax increase would generate would cover the deficit generated by this out of control government in one morning.


29 posted on 05/12/2011 12:58:55 PM PDT by sportutegrl
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To: driftdiver
So why is the price so high? Is it the weak dollar?

Well having the limited refining capacity we have making 96 different types of fuel to meet state and Federal "clean air" standards for summer driving might have something to do with it

30 posted on 05/12/2011 1:00:13 PM PDT by MNJohnnie (Giving politicians more tax money is like giving addicts free drugs to cure their addiction)
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To: driftdiver
The price remains high because of a production lag - refineries have not yet completed the process of shifting production to summer-formulated gasoline (as mandated by Federal and state laws). Refined products for sale now were also purchased at higher prices than those that exist for crude oil today on the world markets.

The only reason that prices ticked down at all was because of reduced demand at a time when it is normally very high.

31 posted on 05/12/2011 1:00:31 PM PDT by andy58-in-nh (America does not need to be organized: it needs to be liberated.)
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To: markomalley
John D. Rockefeller, IV criticizing the oil companies. Now that is rich. If it was not for his great grandfather no body would of ever heard of him.
32 posted on 05/12/2011 1:00:56 PM PDT by Uncle Hal
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To: VRWCmember
Menendez directed to Mulva at one point. “Or did you mean to question my patriotism?”

Can't question something that does not exist

33 posted on 05/12/2011 1:02:00 PM PDT by MNJohnnie (Giving politicians more tax money is like giving addicts free drugs to cure their addiction)
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To: markomalley

All part of the rat’s plan to drive prices even higher.


34 posted on 05/12/2011 1:03:09 PM PDT by LibWhacker
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To: dfwgator
I can almost picture Chucky Schumer wearing one of those crimson silk bathrobes with "SEN" in big letters on the back... (Work, work, work... hello boys, I missed you...)
35 posted on 05/12/2011 1:04:08 PM PDT by andy58-in-nh (America does not need to be organized: it needs to be liberated.)
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To: de.rm
Gouging, pure nasty greed,

Pure ravening idiocy.

Why is it the Democrat stooges scream the same lie EVERY single time the price of gas has gone up since the 1970s? Yet no matter HOW many "investigations" they launch they NEVER find any "gouging".

So rather then clinging to the lie, maybe you better start questioning why your Democrat party masters have been lying to you for the last 4 decades about energy?

36 posted on 05/12/2011 1:05:48 PM PDT by MNJohnnie (Giving politicians more tax money is like giving addicts free drugs to cure their addiction)
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To: de.rm
The refinery near me is already running very slow, I reckon it's due to lower demand

Total made up BS. This is why you Leftists are such contemptible scumbags. You are totally willing to make crap up rather then EVER question your party master's dogma du jour.

37 posted on 05/12/2011 1:07:54 PM PDT by MNJohnnie (Giving politicians more tax money is like giving addicts free drugs to cure their addiction)
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To: markomalley
The administration has an energy policy which demands high oil prices to the tune of $5.00 per gallon gasoline to encourage alternative energies, yet that is the fault of oil companies executives?

I'm confused?

38 posted on 05/12/2011 1:08:27 PM PDT by blackdog (The mystery of government is not how Washington works but how to make it stop)
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To: markomalley

This is so 70’s.

Wev’e heard this crap from congress so many times we can write it down verbatum!

We know dammed well who’s screwing up the nation and it’s congress!
These politicians need to go! 2012 is coming, take a conservative friend to the polls and vote!


39 posted on 05/12/2011 1:08:29 PM PDT by devistate one four (United states code 10.311 Militia Kimber CDP II .45 OORAH! TET68)
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To: de.rm
Dear Dim Proaganda bot,

Why should American voters be pissed at oil companies making $.10 on a sale of a gallon of gas and NOT be pissed that state and Federal Government makes $1+ on that same gallon of gas?

40 posted on 05/12/2011 1:08:53 PM PDT by MNJohnnie (Giving politicians more tax money is like giving addicts free drugs to cure their addiction)
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To: MrB
The ‘rat bathturd congressmen/senators need to be asked what they have ever done to provide 1 joule of energy for the US economy.

Bunch of egotistical, know it all but done nothing elitists bang their shoes on the table at the oil companies and they don't even have a budget for the once strongest, most powerful country in the world. Incompetent, delusional, pantywaist, socialist slugs. I have run out of adjectives, sorry.

41 posted on 05/12/2011 1:08:53 PM PDT by Bitsy (!)
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To: markomalley

42 posted on 05/12/2011 1:11:47 PM PDT by Hoodat (Yet in all these things we are more than conquerors through Him who loved us. - (Rom 8:37))
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To: markomalley

Haven’t read much about this yet. Any of these execs show some spine and call the demscum on the facts, namely that the demscum are to blame?

Any of them even say, “So how economically illiterate do you have to be to believe that raising our taxes will lower gas prices?”

My guess in, “Nope.”


43 posted on 05/12/2011 1:13:05 PM PDT by piytar (Obama opposed every tool used to get Osama. So of course he gets the credit. /hurl)
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To: markomalley

Just once I would like to see another Howard Hughes moment when they are before the Senate Committee. Tell them to go to hell and walk out.


44 posted on 05/12/2011 1:14:08 PM PDT by annieokie
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To: sportutegrl
The 5 billion dollars this tax increase would generate would cover the deficit generated by this out of control government in one morning.

They are talking about 21 billion OVER 10 YEARS, or only 2.1 billion per year, in tax CREDITS. So even if the credits are dollar for dollar and eliminating the 2.1 billion in tax credits generates 2.1 billion in new tax revenues, the increase in tax revenues would only be for the first year or so as the oil companies would shift make the appropriate adjustments to reduce the tax burden.

And the 2.1 billion does amount to less than one day's worth of the deficit spending by congress.

45 posted on 05/12/2011 1:15:07 PM PDT by VRWCmember
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To: markomalley

What should have been said.

Go ahead dummies tax us, don’t give us a tax break, we don’t care, we are going to pass it on to the consumer, gas prices will go up, we will still make a profit, and you will look even more stupid -—if that is possible.


46 posted on 05/12/2011 1:16:24 PM PDT by Venturer
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To: markomalley
...Sen. Orrin Hatch of Utah, the lone Republican in attendance ...

The GOP is hopeless. We need a third party.

47 posted on 05/12/2011 1:19:25 PM PDT by Oldeconomybuyer (The problem with socialism is that you eventually run out of other people's money.)
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To: MNJohnnie
I work at the refinery, it's running slow, I'm not dim & I'm not a dem., I'm just reporting what I see, why attack a messenger?

Demand is down, do your own research before you knee, jerk.

48 posted on 05/12/2011 1:29:19 PM PDT by de.rm ('Most people never believe anything you tell them unless it isn't true."-Groucho Marx)
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To: Oldeconomybuyer

No, that’s just one idiot RINO in this sham show.


49 posted on 05/12/2011 1:30:06 PM PDT by Baladas ((ABBHO))
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To: US Navy Vet
Why do you have “liberal friends”?

The continued and eventual hope that I'll be able to restore them back to the side of conservatism. Sort of why people have friends that don't go to their church; undying hope.

50 posted on 05/12/2011 1:30:26 PM PDT by kingu (Legislators should read what they write!)
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