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 ...
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.
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.”
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.
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.
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.
The GOP is hopeless. We need a third party.
Demand is down, do your own research before you knee, jerk.
No, that’s just one idiot RINO in this sham show.
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.
Bingo
DemocRats are engaging in pure political theater. Do away with tax incentives, the oil companies pass it along to the customer at the pump. Huff and puff, act like you are angry enough to bite an oil pipeline into, slap the oil companies with a windfall profits tax like they are posturing to do, and the oil companies pass the tax along to customers at the pump.
No, the anger of the DemocRATS is purely a theatrical performance. They will be getting what they want - higher tax revenues that are hidden from plain view from consumers of oil products. Increases in taxes for oil companies is a de facto tax on the citizens of this country, which has the added effect of making American oil companies less competitive against foreign oil companies.
No, the DemocRATS are outwardly angry, but on the inside, they are grinning from ear to ear. Higher tax revenues and further wrecking the US economy to create greater dependence on the Federal government. . . and, therefore, they deserve to be in prison for stealing from the citizens of this nation: stealing from me, my children, my widowed mother, my grandchildren that have not been born yet, the rest of my family, my friends, and everybody else in this country. Utterly disgusting!
Did you read my post for what it said? Here is how it works: the major stockholders of large oil companies shelter their income in private, tax-exempt "charitable" foundations. Those foundations make "donations" to NGOs and green groups that do everything they can to shut down drilling.
Need an example? Energy Racketeering: The Natural Resources Defense Council (NRDC)
Mulva’s reply was very weak and Chuckie slammed him. Too bad Mulva didn't say: “What I think doesn't matter. It's your job to make these decisions.”
I get value from the oil companies - I get NOTHING from NPR and PBS and all the other liberal elite ‘non-profits’... What does Chuckie have to say about that?
This is probably a stupid question. But, why do they always insist on only targeting oil companies? Why not GE? Apple? Microsoft? The pharmaceuticals? Etc., etc., etc.
And the arrogance of these dems just makes me absolutely sick.
Most of the RATS are for HIGHER GAS PRICES, MORE LIKE PRICES IN EUROPE.
Actually, at least a couple of the oil execs through it right back in their face. Rush played some sound bytes. Haven’t heard the whole thing, but at least there was some push back from the oil folks.
They did far better than the American auto execs did. Then again, Americans like our oil more than we like the big three’s cars for the most part.
I have no idea why these guys show up for this kind of nonsense. Is there some law that requires it?
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