Oil Company CEO Tells Senate Hearing: It’s ‘UnAmerican’ To Take Away Oil Company Subsidies
You’d think Sen. Chuck Schumer would know the answer by now : Because they want those breaks. Because they think they deserve it, and anyone who says no to them is un-American. Kicking the unemployed, cutting social programs? Fine with big business and their Republican handmaidens. But touching oil company subsidies is a very bad thing! ConocoPhillips, one of the world’s largest and most profitable oil companies, yesterday said it’s “un-American” to take away taxpayer subsidies from the oil industry . This wasn’t a verbal slip; the comment was put in a press release. Congressional Democrats weren’t pleased, and at a Senate Finance Committee hearing featuring executives from all of the major oil companies, Dems sought an apology. Sen. Chuck Schumer (D-N.Y.) repeatedly pressed ConocoPhillips CEO Jim Mulva on this point, but there were no regrets from the oil man. SCHUMER: I want to ask you a specific question, do you think anyone who advocates cutting these subsidies is un-American? Yes or no, sir. That one we deserve a yes or no answer on, it was your release that said “un-American.” Yes or no? MULVA: Senator, maybe you can hear me out on this because it’s a very important question. SCHUMER: Do you apologize for it? MULVA: Make no mistake, were these proposals enacted … they would place U.S. oil companies like our company … SCHUMER: Sir, I have limited time. I know your view. Do you consider it American to have another view? Yes or no? MULVA: Senator, I believe policies under consideration are going to have a very adverse impact with respect to energy policy . SCHUMER: There are many people who disagree with that. We all know by now it has nothing to do with facts, and everything to do with the right of multinational corporations to rape and pillage — which is why they hate it when they’re confronted with the facts: Trying to counter Republican claims that ending some tax breaks for the five largest oil companies would ultimately hurt consumers, Democrats are now armed with a Congressional Research Service report that predicts a negligible impact on the price of gasoline if the changes are carried out. . The document, sent to Senator Harry Reid, the Nevada Democrat and majority leader, said that with the cost of oil over $100 per barrel, “ prices are well in excess of costs, and a small increase in taxes would be less likely to reduce oil output , and hence increase petroleum product (gasoline) prices.” In a review of the five specific tax changes being advocated by Democrats, the research service also said that tightening the tax code would make a very small dent in the huge revenues of the industry and that the price of oil hinged on many other, larger considerations.
Oil Company CEO Tells Senate Hearing: It’s ‘UnAmerican’ To Take Away Oil Company Subsidies
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on May 13, 2011. Filed under