Oil Executives Go Before Congress to Defend Large Profits

[cobr96]

Oil Executives Go Before Congress to Defend Large Profits


CAPITOL HILL (AP) - Executives from the big five oil companies
will appear before Congress today to answer questions about how
they're raking in big profits while consumers are being hammered at
the pump.
Irving-based Exxon Mobil and Houston-based Shell, BP America and
Conoco-Phillips joined California-based Chevron in earning a
combined 123 billion dollars last year because of rising prices.
The House Select Committee on Energy Independence and Global
Warming wants to know why, with such big profits, the oil industry
is trying to hold on to 18 billion dollars in tax breaks.
The oil companies have argued that they need the tax breaks for
continued investment in exploration, production and refinery
expansion. Lawmakers say the profits they're making should be
enough incentive.
The House has approved legislation to end the tax breaks but it
hasn't made it through the Senate. President Bush has threatened to
veto any such bill that does.

 

[cobr96]

who ever doesnt think Bush isn't in with the Oil Companies, read the last line.

 

[ford_racer]

I don't give a **** about their tax breaks. Make them lower their ****ing prices already.

 

[ittybitty9bees]

ugh, freaking Big Oil today is the epitome of gratuitous greed. Amidst a hurting and bleeding economy, they still insist on milking the american citizens for all they are worth with their inflated profit margins.

 

[ittybitty9bees]

Bush has been and always will be Fail. Our next president is going to have the hardest time cleaning up his mess.

 

[astrodudepsu]

I never thought I would say this, but at this point I would vote for the mofo who would lower prices. That is incredibly sad, I know.

 

[Daniel]

Lower them damn prices, dammit

 

[jsd512]

Bush is not fail.

 

[Snowboarda42]

Bush is not fail.

You're right, Bush is Epic Fail.

 

[bzubke1]

If we take away their tax breaks they will probably just charge us more at the pump.

 

[nhancedsvt]

go on mapquest and you can see the highest and lowest prices in the country. i looked at it yesterday and gas in i think michigan was $2.56 while gas for me here in georgia is $3.40, and even worse gas in so-cal is close to $4.50. why are the prices so different? it's about time someone began regulating prices IMO

 

[CobraMarkVIII]

well i think that if Bush is in fact tied with the oil industy in some way (i believe he is), than this makes all his decisions completely biased. A president should never come into office with an agenda that has anything involving personal interest.

 

[Wishing4Cobra]

go on mapquest and you can see the highest and lowest prices in the country. i looked at it yesterday and gas in i think michigan was $2.56 while gas for me here in georgia is $3.40, and even worse gas in so-cal is close to $4.50. why are the prices so different? it's about time someone began regulating prices IMO

Prices here where i live is about 3.50 for 87.

Different parts of socal varies.

 

[Sonic605hp]

You're right, Bush is Epic Fail.

+ infinity

 

[nhancedsvt]

Prices here where i live is about 3.50 for 87.

Different parts of socal varies.

it was in marina i think where it was almost $4.50:shrug:

 

[93saleen]

Here goes the Muscle car's. It's going to be just like the 70's 150 hp cars for everyone. This whole thing sucks. Price of food to every day needs are stongly impacted by fuel.

 

[SolarYellow]

who ever doesnt think Bush isn't in with the Oil Companies, read the last line.

If that isn't some definitive proof, I don't know what is:shrug:

You also know who killed Jimmy Hoffa, right?

 

[blueovalfan]

burn them at the steak

 

[nhancedsvt]

^stake
...steak is food

 

[DaleM]

When does Congress stand before the American poeple to explain why we have to rely on oil?