"WASHINGTON — Senate Democrats are calling top executives from the five biggest oil companies before a congressional hearing to flog them verbally for high gasoline prices, big profits and generous tax breaks that Democrats would like to end but don't have the votes to stop.
'Why on earth, when we are supposedly working to reduce the deficit, would we be subsidizing the top five oil companies?' Sen. Robert Menendez, D-N.J., said prior to the hearing today before the Senate Finance Committee. 'It's time for the big five oil companies to give up these subsidies and allow their companies to pay a fair share towards reducing the deficit."
The five companies booked profits totaling $36 billion the first quarter of this year. The Democrats say that with profits that high, the big oil companies wouldn't miss tax breaks that average $2 billion a year."
Stephen Ohlemacher reports for the Associated Press May 12, 2011.
SEE ALSO:
"Senate Democrats Call Oil Execs To Testify on Subsidies" (CNN)
"Senators Call For Sworn Testimony Amid Concerns That Oil CEOs Lied About Gas Price Gouging" (Press Release: Sen. Maria Cantwell (D-WA))
"Under Attack by Senate Democrats, Oil Company Ceos Plan Counteroffensive Against Proposed Tax Hikes" (Houston Chronicle)
"Democrats Call Oil Execs On The Carpet For Tax Breaks" (TPMDC)
"Alaska Sen. Begich Stands Firm on Oil Industry Subsidies" (McClatchy)
"Will Cutting Subsidies To Big Oil Lower the Price of Gas?" (CNN)
"Ten Giant U.S. Companies Avoiding Income Taxes: Sen. Bernie Sanders' List" (Chicago Sun-Times)
"You Pay More Taxes Than ExxonMobil" (Maddow/MSNBC)
"Boehner: Oil Should 'Pay Fair Share' But Not Pay Taxes or Lose Subsidies" (Care2)
"Reid To Boehner: If You Want $2 Trillion In Cuts, Start With Oil And Gas Tax Breaks" (Huffington Post)
"As Oil Industry Fights a Tax, It Reaps Subsidies" (New York Times)
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