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 ...
Let the Show Trials begin...
“Gentlemen, we’ve got to do something to protect our phoney-baloney jobs.”
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?
The oil companies should decide to stop production for a week and show these idiots in Congress who needs who.
“Give the governor a harrumph...”
Exactly. "I didn't get a 'hrrrumph!' outta that guy!"
“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.
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???
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.
“very unhappy panel of Democrats”
BIG DAMN DEAL!!!
Wait until they face a very unhappy panel of VOTERS!
Scuttlebutt says demand has tapered off bigtime and product is backing up in the system like a bad taco.
The ‘rat bathturd congressmen/senators need to be asked what they have ever done to provide 1 joule of energy for the US economy.
So why is the price so high? Is it the weak dollar?
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!
Exactly
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