The Islamic Post Blog


Top Oil Execs Twist the Congressional Arm by Khalida
June 17, 2008, 11:43 am
Filed under: July Volume I- 2008, National, Politics | Tags: , ,

Deborah Tate from VOA News reported that Peter Robertson, vice chairman of the board of Chevron Corporation, criticized proposed legislation that would revoke tax breaks to major oil companies. “Punitive measures that will weaken us in the face of international competition are the wrong solution at this critical point in our history.”

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$36 billion in oil profits have been made in only the first three months of this year.

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Top US oil executives appeared before Congress recently to answer a claim, by Democrats, like Committee Chairman Patrick Leahy of Vermont and Senator Herb Kohl of Wisconsin, as to why there have been profits of $36 billion in only the first three months of this year.
Combined, the major oil companies: Exxon Mobil Corp., Royal Dutch Shell, BP PLC, Chevron Corp., and ConocoPhillips, made $123 billion last year alone, and are already slated to make billions more this year. This is at a time when US motorists are paying record prices at the pump – now averaging $3.29 a gallon amid talk of $4 a gallon this summer and one out of 8 Americans are on food stamps.
“It just doesn’t seem fair,” said Kohl.
Stephen Simon, senior vice president of Exxon Mobil, answered that their firms’ profits are invested back into the company and claimed that the oil conglomerate’s huge profits are in line with other industries.
The oil company officials also blamed soaring crude prices on rising global demand, urging lawmakers to end restrictions on exploration and production of oil in the United States by lowering the taxes involved.
Deborah Tate, from VOA News, reported that Peter Robertson, vice chairman of the board of Chevron Corporation, criticized proposed legislation that would revoke tax breaks to major oil companies.
“Punitive measures that will weaken us in the face of international competition are the wrong solution at this critical point in our history,” he said. “Such measures will only increase our dependence on foreign supplies of energy while resources at home are untapped.”
The oil company officials took issue with another bill, passed by the House in May, but awaiting Senate action, that would allow the United States to sue the Organization of Petroleum Exporting Countries (OPEC) on antitrust and price fixing grounds.
Critics say the measure could prompt a backlash from oil producers, and President Bush has vowed to veto the measure.

…read more from VOA NEWS

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