Hearing on Oil Profits and Subsidies: Solis's Questions

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. Rep. Hilda Solis gives opening remarks.

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News & Politics

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• Congress
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• Select
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• Energy
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• Global
• Warming
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• Executives
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• Prices
• Solis

[tainoaz]

Did anyone expect us to advance alternative sources of power during the years Oil Barrons were in power? Or the years a Demoncrat was in power? Clinton fooled me till I realized he also caved in to creating a short term positive legacy. 1% used NAFTA to transfer a huge amount of wealth to themselves while annihilating the middle class. Oh, but wait we have more millionaires than ever! Lol Lol

[EmelinaChaCha]

Thanks for adding the video. It's tough to watch these powerhouses talk about this. They make billions.. why are they getting such tax breaks?

[judyleasugar97]

Stop the subsidies to oil companies! Corporate welfare is ludicrous in light of their profits. BP was making a million a day and yet they couldn't attach a device that cost $500,00 to the pipe that would have prevented the gulf disaster???

[cowboycarl04]

so I guess when Exxon pays 44% of all income (like $400 billion) in taxes, that is not good enough...

what are we retarded?

STOP BLAMING AND SOLVE THE PROBLEM... bunch of damn whiners

if you don't allow us to invest not only in drilling for oil, but limiting us in wind and natural gas, then you get high prices when demand is high...

you cannot tell me to not drill and then complain about high costs... it's fucking hypocrisies at it's finest

[ktm7979]

Gov't officials are wastes of space.

[gvandiver]

I can't stand to listen to a bunch of stupid sons a bitches who buy into this bullshit on greenhouse and global warming This is all a political scam to scare the stupid American people. LIES LIES LIES LIES LIES LIES LIES Hang these son a bitches for treason

[johnebii]

Nancy Pelosi you are an idiot. The last I checked, a tax break is just allowing somebody to keep their OWN money. You are so arrogant. How can you pretend like that money belongs to the gov't to start with as if it's yours to allocate to whatever pet project you see fit? Doesn't the gov't waste enough of our money already, something that you refused to stop by shelving the one yr. moratorium on pork. If you were talking about subsidies that's different but that's not what the decription says.

[tainoaz]

'I don't know anything about that model but my guess would be less power, more expensive parts..

It is doable...and to believe Exxon pays car companies to hold down mpg is a joke.'

I did pay almost 2k more for that engine but it saved many k over the years. I think that is anathema to immediate gratification which is our present God, like this War 'feels good to exact revenge' in spite of the fact that we are raping our people, constitution, 'real' values and YES our economy!

[sighet04]

"In 1992 I had a Honda Civic VX that did 52MPG in the highway!! Sure, tell me it is not doable."

I don't know anything about that model but my guess would be less power, more expensive parts..

It is doable...and to believe Exxon pays car companies to hold down mpg is a joke.

IF tomorrow Ford comes out with a 100mpg car, the market share for that car would be 85%. They would make more selling a car with the most mpg.

Why are you calling me a neo-con, i'm asking for free markets..no regulation