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Title: Big Oil execs hit back on tax proposal
Source: CNN Money
URL Source: http://money.cnn.com/2011/05/11/new ... l_tax_hearing/index.htm?hpt=T1
Published: May 12, 2011
Author: CNN Money
Post Date: 2011-05-12 12:15:29 by go65
Keywords: None
Views: 1762
Comments: 14

NEW YORK (CNNMoney) -- Dragged before Congress as gas prices explode at the pump, oil executives mounted a vigorous defense of their business practices on Thursday -- pushing back against plans to eliminate tax breaks for the "big five" oil and gas companies.

All five executives acknowledged rising prices at the pump, but much of their testimony focused on the impact of a plan floated by Senate Democrats that would eliminate a raft of tax breaks for just the top five oil companies.

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Begin Trace Mode for Comment # 1.

#1. To: All (#0)

Money quote:

Questioned about whether the tax breaks are essential to promote exploration, each executive admitted they are not but said the subsidies are similar to those enjoyed by other industries.

Do these execs not realize the country is broke and can't afford these subsidies anymore?

go65  posted on  2011-05-12   12:16:02 ET  Reply   Untrace   Trace   Private Reply  


Replies to Comment # 1.

#4. To: go65 (#1)

There are no subsidies for the oil industry, dumbass.

Badeye  posted on  2011-05-12 12:27:59 ET  Reply   Untrace   Trace   Private Reply  


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