Hearing on Oil Profits and Subsidies: Markey's Opening

The Select Committee on Energy Independence and Global Warming holds a hearing, "Drilling for Answers on Oil and Gas Prices, Profits, and Alternatives." Top-level executives from the five largest oil companies will discuss the current state of oil and gas prices, oil company profits, and the need for clean, renewable fuels to ease demand for oil and cut global warming pollution. The Select Committee will hear from the number two officers worldwide for the three United States-based oil companies and the presidents of U.S. operations for the foreign companies. ExxonMobil reported record profits of $40.6 billion in 2007, and the other top four oil companies like BP and Shell made billions more. These same companies are fighting to keep $18 billion in tax breaks that Congress is attempting to shift towards renewable energy incentives for wind, solar, biomass and other climate-friendly sources. The House recently passed the Renewable Energy and Energy Conservation Tax Act of 2008, but President Bush and the top oil companies are fighting to defeat the measure in the Senate. Chairman Ed Markey gives opening remarks.

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News & Politics

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• Democrats
• Congress
• Hearing
• Select
• Committee
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• Energy
• Independence
• Markey
• Global
• Warming
• Oil
• Executives
• Gas
• Prices

[mexicanqueen402]

Like I said you are a child and have no kids!

[silverbird58]

Nansea if bill ford and crew was really on our side . They would retool the thunderbird for all electric ,make it high volume 30,000 dollars max. but they arent on our side

[wasyeah]

I love this argument. Somehow big business who employs most of the people in the world is always "screwing" someone. Yet somehow the government will solve all of our problems. Name one thing that the government has managed better than the private sector? Postal Service? No FedEx, UPS, et al are far superior. Airlines? Despite current issues, far more people have affordable access to the skies now than before. Social Security? Last I checked independent investors have done far better in saving.

[wasyeah]

Stop drinking the KoolAid you moonbat lunatic. The oil industry has made a 7% rate of return for decades. They are investing in other forms of energy, do some homework instead of repeating your baseless, Marxist talking points. They're making record profits because the world is experiencing record demand. If I made $10 per product and you made $1 per product, you could still make more money than me if you sold more of your product than I did. The same goes for the Oil companies.

[rspawn]

I'm from big business, and I am here to screw you over.

[qxdc]

This guy is absolutely nuts, liberals are at fault for all of this.

[WILLisms]

I'm from the government, and I am here to help you.

[shudder]

[rockondon]

whats he smoking?its 350 per gallon in oregon

for april 16th i know it will go up tonight

at 2am fuck bush that fucking 911 terrorist

[Listman11]

I can't talk right now, they have the nut suit and a leather mask on me and they want me to take some pills.

The head of the department is here playing with his gold pen telling me how I will never get to see Clarice again unless I make him famous. I may have to eat him with a nice Chianti and some Faba beans.

[grazon]

Back to your cell at the nut house?

I don't think so.