Oil execs march up to Capitol Hill today - watch the hearing live
When House Speaker Nancy Pelosi (D-CA) formed the House Select Committee on Energy Independence and Global Warming in early 2007, her intent was to let the body draw attention to the two issues in the Committee's name. The Committee might not have the teeth it needs to enforce anything, but it can certainly turn the cameras on the energy issues of the day. Speaking of which, why not tune into the Committee's website right about now to watch Chairman Edward Markey (D-Mass.) and others question senior executives from the five main oil companies: Exxon Mobil Corp., Shell Oil Company, BP America, Inc., Chevron, ConocoPhillips. They might not be as suave looking as Rob Lowe, but I'm sure it'll make for interesting viewing, since the topics will include just why these companies need tax breaks when they're making record profits (the five made $100b in profits in 2007, FYI). We'll be keeping an eye on what goes down, as well.
[Source: House Select Committee on Energy Independence and Global Warming]
Reader Comments (Page 1 of 1)
Tim 1:56PM (4/01/2008)
Yea, they'll be there waving handfulls or campaign contributions! These politicians can hold all the flag waving, self-promoting heartings they want but it's ONLY what the DO that counts and NOT what they say.
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Furion 2:36AM (4/02/2008)
I'd say the tax breaks are difficult to justify. Norway has put tax percentage as 70+ (yes, the government takes over 2/3s of profits) of the profits any oil company here makes, and there hasn't been a lack of takers. And that isn't even the reason for expensive gasoline; that's due to high gasoline tax and high prices all around.
But in america they need tax breaks?
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Chris 7:44AM (4/02/2008)
LOL
Just politicians playing mind games with the ignorant voters and obviously ignorant posters here too...
So easy to villify oil companies because they twist words and their meaning. PROFITS are not the key but PROFIT MARGIN. The profit margin, just how much they make which is where you can determine gouging if such a thing exist, is actually low for energy companies. The real fact is that they deal in huge volumes.
So what will be the solution that will appeal to the idiot voters and posters, higher taxes or repeal of so called "tax benefits" which guess what ... will mean we will pay MORE for gasoline and MORE of that will go to the government.
Idiots... and too many of the class envy people buy into it because the last person they want to blame for their lack of money or achievement is themselves.
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bananas 9:00AM (4/02/2008)
Amen Chris. I could not have typed it better!
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