Oil Executives Go Before Congress to Defend Large Profits

By: AP
By: AP


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.

(Copyright 2008 by The Associated Press. All Rights Reserved.)


Join the Conversation!

To comment, the following rules must be followed:

  • No Obscenity, Profanity, Vulgarity, Racism or Violent Descriptions
  • No Negative Community Comparisons
  • No Fighting, Name-calling, Trolling or Personal Attacks
  • Multiple Accounts are Not Allowed
  • Stay on Story Topic

Comments may be monitored for inappropriate content, but the station is under no legal obligation to do so.
If you believe a comment violates the above rules, please use the Flagging Tool to alert a Moderator.
Flagging does not guarantee removal.

Multiple violations may result in account suspension.
Decisions to suspend or unsuspend accounts are made by Station Moderators.
Questions may be sent to comments@kbtx.com. Please provide detailed information.

powered by Disqus
KBTX-TV Channel 3 4141 E. 29th Street Bryan, TX 77802 Phone: (979) 846-7777 Fax: (979) 846-1490 News Fax: (979) 846-1888
Copyright © 2002-2014 - Designed by Gray Digital Media - Powered by Clickability 17187781 - kbtx.com/a?a=17187781
Gray Television, Inc.