Senate Democrats clash with oil execs on tax breaks, “I think you’re really out of touch.”

Senate Democrats clash with oil execs on industry tax breaks
http://thehill.com/blogs/e2-wire/677-e2-wire/160841-senate-dems-oil-executives-clash-over-industry-tax-breaks

Senate Democrats clashed with top executives at the country’s five largest oil companies Thursday amid efforts to eliminate billions of dollars in tax breaks for the industry.

The executives — from Exxon Mobil, Shell Oil, Chevron, BP and ConocoPhillips — roundly blasted efforts to repeal the tax breaks, arguing it is unfair to target the oil industry when other companies enjoy similar deductions.

Exxon Mobil CEO Rex Tillerson called the effort “misinformed,” “discriminatory” and “counterproductive.”

(snip)
“I don’t think you have any idea of what the size of your profits does to the American peoples’ willingness to accept what you have to say,” he said. “I think you’re really out of touch.”
( Sen. Jay Rockefeller )

and great irony of history! Fron whence cometh Exxon??? EssO, Standard Oil,

John D. Rockefeller was a founder, chairman and major shareholder.

http://en.wikipedia.org/wiki/Standard_Oil

Given the Senate Repubs, I doubt much will get done this cycle. :shrug:

If the conversation reflected the reality of the situation, the oil executives would simply tell the Senators to mind their manners and remember to whom they are speaking.

The pols get to come away looking like crusaders to their constituents but at day's end the Big Oil "campaign contribution" will be on their desk.

Does it have to do with the expensing of costs? If so won't that just draw out the deductions which would be recouped over time anyway?

It's pretty simple: They are making record profits and we are paying record prices.

I'm one of those people who believe in peak oil and hope we can wean ourselves off of oil before it gets completely desperate.

What scares me is if Americans think they can keep their gas guzzlers because the Govt will keep oil prices low. That is a recipe for disaster.

Why is it I see so many more problems that need to be solved than almost everyone else here? I feel this is the most astute bunch I know of yet the difference in concerns is so wide.

Tax 1% on all profits over $1 million. No exemptions, no allowances, no deductions, no escapes.

"Tell them what they want to hear", and do nothing. Just like the big threat to release oil from strategic reserve to lower fuel prices. More bullshit!