Top Oil Execs To Appear Before US Senate

[caseagainstfaith]

WASHINGTON (Dow Jones)--Top executives from Shell (RDSA, RDSB), Chevron (CVX) and other major oil companies will testify on Capitol Hill Thursday, making a rare appearance before lawmakers as the Senate considers proposals to repeal tax breaks given to the energy industry.

The Senate Finance Committee, which is holding the hearing, announced Tuesday that the oil executives will appear before its members as its chairman, Max Baucus (D., Mont.), develops a bill to strip away billions in energy-related tax incentives.

The executives are expected to defend various tax credits and deductions that the oil and gas industry currently enjoys, just as the industry's lobbyists have been doing in recent weeks.

Democrats, on the other hand, are likely to highlight the companies' recent profits and to promote bills that want to use revenue generated by repealing the incentives to pay down the federal deficit or develop clean energy.

source - online.wsj.com/article/BT-CO-20110511-707673.html

I hope the senate turns a deaf ear to them. Like hell they really need tax breaks.

[Armand Tanzarian]

So are they gonna drop trou and teabag the teabaggers?

[Her3tiK]

More likely they'll jam their dicks (back) down the throats of the senators until this whole thing goes away.

[HarleyThomas1002]

They should move as much of their shit to Canada as they can. Harper's sure to give them tax breaks.

[Napoleon the Clown]

"When gas is under $3.00 a gallon we'll talk."

[dakotabob]

May 11, 2011 11:02:34 GMT -5 Her3tiK said:

More likely they'll jam their dicks (back) down the throats of the senators until this whole thing goes away.

If this goes on C-SPAN, it'll be the first mouthrape they'll ever broadcast.

[priestling]

Only $3, Nap? try $2!

[Chi Shiro]

Gas was 1.39 when I was pregnant with my eldest and she is only going to be 7 this summer.

Oh for the good old days.

[priestling]

When I started driving back in '02, it was $1.54... I'd settle for $2.50.

[Aqualung]

Hell, I remember when gas was under $1! Fuck those assholes and their $2983402893402834-billion profits.

[Thejebusfire]

There's an abandoned gas station near my house that still has it's 1.98 a gallon sign up.

[dasfuchs]

Fuck these assholes, I hope they get laughed out and told to eat shit...though I know better. They'll get it, you bet, then jack prices to the sky some more and go take a swim in the money bin like Scrooge McDuck

[Bezron]

I remember being absolutely shocked and horrified when gas hit $2. Hell, when I was in high school, we would go on couch/car seat raids to fill up one of the cars in the group so that we could go and hang out.

I filled up my father-in-law's car yesterday because I have been borrowing it all week...$40, and he has a fairly small tank/car.

Sad part is, if they strip out the tax breaks and incentives, does anyone actually believe that these companies are going to take the hit? Fuck no, they are passing that shit back on to us. Expect massive increases.

[Armand Tanzarian]

Isn't oil price determined by the cartel OPEC and speculation more than US oil giants? I think settling even minor crises in places like the former USSR (where the pipelines are) and the MidEast it would do more impact on oil price than any removal of tax breaks or loopholes.

Here's an idea. Take the tax break and use the money to subsidize gas in the RON 92-95 range. Imagine the kind of economic boost and extra 50 cents/gallon will bring. It won't cost the companies much (in fact they get reimbursed the subsidy) but it ensures the money goes directly to the middle-class that uses the aforementioned fuel.

Ok, hit me with your worst.

[Aqualung]

Anything heard any more about this?

Tim Pawlenty comes out against farm subsidies

The truth about federal energy subsidies, including federal subsidies for ethanol, is that they have to be phased out. We need to do it gradually. We need to do it fairly. But we need to do it.

Yeah? I'll bet my left arm that if he were president he'd give those oil execs their subsidies. Fucking asshole.