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WV
05-09-2011, 03:46 PM
Big Oil CEOs to face lawmakers (http://money.cnn.com/2011/05/09/news/economy/oil_tax_hearing/index.htm)

NEW YORK (CNNMoney) -- The oil execs are coming to Washington.

And that means the long-running battle between Democrats, Republicans and oil companies over tax breaks will intensify on Thursday when industry leaders face questions from the Senate Finance Committee.

At issue: Legislation that would cut $4 billion in oil and gas subsidies.

Chevron (CVX, Fortune 500) CEO John Watson will attend Thursday's hearing, a company spokesman confirmed. And the National Journal reported ConocoPhillips (COP, Fortune 500) CEO Jim Mulva will join as well.

Representatives of three other oil giants -- ExxonMobil (XOM, Fortune 500), Shell (RDSA) and BP (BP) -- did not return calls seeking comment.

Pushed by rising gas prices, the White House has in recent weeks asked Congress to end tax incentives they say oil and gas companies don't need, especially as the industry posts record profits.

The oil industry and many of its supporters in Congress -- mainly Republicans -- have argued that the tax breaks encourage domestic oil production and provide jobs for millions of Americans. Any increase in taxes for oil companies will be passed on to consumers, they say.

It's a dance that Washington performs every time prices spike at the pump -- and lawmakers have precious few policy changes to show for their efforts.

Both Sen. Max Baucus, a Democrat who chairs the finance committee, and President Obama have argued that the subsidies should end, and the money should be spent on alternative energy sources.

This all comes as the price of gasoline sits above $4 a gallon in many states, making it increasingly difficult politically to defend the oil industry.

On Monday, Democratic message man Sen. Chuck Schumer of New York married the tax issue to the need for fiscal responsibility.

"This week, we will make an important announcement about policy initiatives to get rid of these subsidies to close our deficits," Schumer told reporters during a conference call. "For us, it's a two-for. We can stop adding to profits of big oil companies and reduce our deficits."
Americans blame oil companies and speculators

Of course, $4 billion is dwarfed by the projected $1.5 trillion deficit for the fiscal year ending in September. But that won't stop Democrats from using Washington's budget cut fever to press Republicans on the issue.

There is little hope for a bipartisan consensus to emerge. At the same time the Senate is bringing industry execs in for a grilling, Republicans in the House are considering legislation designed to increase domestic drilling.

With lawmakers on both sides of the aisle harping on the need to lower gas prices, the fact remains that little can be done to substantially change market forces in the short-term.

Luckily for those on the Hill, some measure of relief might soon arrive for American consumers.

After a month and a half of daily increases, gas prices have dropped for four consecutive days. Separately, crude oil prices fell sharply last week, which should translate into lower gasoline prices down the road.

--CNNMoney senior writer Jennifer Liberto contributed to this report. To top of page

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You think Seal Team 6 is busy on Thursday?

Simplex3
05-09-2011, 03:55 PM
You think Seal Team 6 is busy on Thursday?

If the target is Congress I may be for it.

sedated
05-09-2011, 03:57 PM
Correct me if I'm wrong, but wasn't the last time oil execs were in Washington the time congress waived the swearing-in process and completely voided any credibility of the hearing?


The corruption is so thick you can taste it, but they call it "campaign contributions" so it must be okay.

CrazyPhuD
05-09-2011, 03:58 PM
ROFL this is great....they're doing this because they are pissed at the price of gas...yet if they do this all they will do is raise the price of oil and as a result the price of gas....just fucking great.

When is congress going to take some responsibility for their own actions. Oil isn't high because of demand or even reduced supply. Oil is high because you shit on the dollar and to a lesser degree of speculation because they are one of the few assets going up in value.

WV
05-09-2011, 03:59 PM
I'm just hoping they can come up with something to lower fuel prices. It's ridiculous that they are still as high as they are right now.

BigMeatballDave
05-09-2011, 04:01 PM
How about Goldman Sachs face congress?

tyton75
05-09-2011, 04:01 PM
Nothing will come of this.. a lot of posturing and no real action that any of us will see.. business as usual

sedated
05-09-2011, 04:03 PM
ROFL this is great....they're doing this because they are pissed at the price of gas...yet if they do this all they will do is raise the price of oil and as a result the price of gas....just ****ing great.

they seem to have their heart in the right place (sort of), by wanting to protect consumers. But all the in-fighting (and corruption) prevents them from doing anything significant and they end up just f**king the whole thing up.

Look at the bail-outs last year - they gave big companies money, but didn't prevent execs from pocketing all the money...and guess what happened.

CrazyPhuD
05-09-2011, 04:03 PM
I'm just hoping they can come up with something to lower fuel prices. It's ridiculous that they are still as high as they are right now.

The answer to that one is actually really easy....raise interest rates. It'll simultaneously support the dollar and also kill speculation on demand. The negative is that it will slow economic growth and make our debt more expensive, but really how much has economic growth slowed already because of high oil prices?

WV
05-09-2011, 04:07 PM
The answer to that one is actually really easy....raise interest rates. It'll simultaneously support the dollar and also kill speculation on demand. The negative is that it will slow economic growth and make our debt more expensive, but really how much has economic growth slowed already because of high oil prices?

There are lots of easy fixes to people who aren't politicians...sad really. Corruption, greed, and ultimately politics in general hurt everyone except the jackasses making the decisions.

Pitt Gorilla
05-09-2011, 04:13 PM
Cut the subsidies. Next.

gblowfish
05-09-2011, 04:14 PM
Donger and Patteau will be on this like white on rice.
Off to the DC in 3......2.......1.....

Pants
05-09-2011, 04:14 PM
We can't cut the subsidies because the price of gas will go up. It's not like oil companies are making money, they need subsidies just to float above the bankruptcy line.

gblowfish
05-09-2011, 04:15 PM
Nothing will come of this.. a lot of posturing and no real action that any of us will see.. business as usual

Gas prices will drop a bunch right before the 2012 election, just like they did in 2008. Then a week afterward, right back up again.

WV
05-09-2011, 04:16 PM
Donger and Patteau will be on this like white on rice.
Off to the DC in 3......2.......1.....

I figured it would end up in DC, but I know there are lots of people that don't go to DC that are pissed about the gas prices that and might like to know this.

notorious
05-09-2011, 04:17 PM
We can't cut the subsidies because the price of gas will go up. It's not like oil companies are making money, they need subsidies just to float above the bankruptcy line.

Nice.


:D

ReynardMuldrake
05-09-2011, 04:22 PM
ROFL this is great....they're doing this because they are pissed at the price of gas...yet if they do this all they will do is raise the price of oil and as a result the price of gas....just fucking great.

When is congress going to take some responsibility for their own actions. Oil isn't high because of demand or even reduced supply. Oil is high because you shit on the dollar and to a lesser degree of speculation because they are one of the few assets going up in value.

Oil prices are high so that means we should give billions in public money to oil companies? OK, that makes sense.

Dave Lane
05-09-2011, 04:23 PM
Nothing will come of this.. a lot of posturing and no real action that any of us will see.. business as usual

Mark it down. Prices will drop for a few months to like $2.80 - $3 then slowly creep back up to $5 over a couple years then there will be a congressional hearing. Rinse and repeat.

DJay23
05-09-2011, 04:27 PM
Mulva?

Pants
05-09-2011, 04:30 PM
Mulva?

Dolores!

Molitoth
05-09-2011, 05:00 PM
How about Goldman Sachs face congress?

Don't they own congress?

Luke
05-09-2011, 05:09 PM
I think it was Will Rogers who said we had the finest Senators money could buy. Much ado about nothing, a lot of hrmpin for nothing. How many of the committe are up for re-election?

Pants
05-09-2011, 05:10 PM
Don't they own congress?

Who doesn't? As long as lobbying exists, nothing in this country will change for the better. Seriously, who was the genius that decided to make corruption legal?

CoMoChief
05-09-2011, 05:15 PM
On Monday, Democratic message man Sen. Chuck Schumer of New York married the tax issue to the need for fiscal responsibility.

"This week, we will make an important announcement about policy initiatives to get rid of these subsidies to close our deficits," Schumer told reporters during a conference call. "For us, it's a two-for. We can stop adding to profits of big oil companies and reduce our deficits."
Americans blame oil companies and speculators


ROFL just what a fucking stupid thing to say. The government really does think its people are stupid.

BigMeatballDave
05-09-2011, 05:25 PM
Don't they own congress?:thumb:

CrazyPhuD
05-09-2011, 05:30 PM
Heh if they actually get rid of the subsidies sure but somehow I don't think they will do that, they'll remove the subsidy here then likely add 2X the subsidy in the 'green' energy field.

Donger
05-09-2011, 07:03 PM
Heh. Fools.

Mr. Laz
05-09-2011, 07:09 PM
Correct me if I'm wrong, but wasn't the last time oil execs were in Washington the time congress waived the swearing-in process and completely voided any credibility of the hearing?

The corruption is so thick you can taste it, but they call it "campaign contributions" so it must be okay.
this is nothing but a PR move and chance for congress to encourage more "donations".

seclark
05-09-2011, 07:10 PM
Heh. Fools.

go ahead and laugh, donger. we all can press 450lbs. and that's a fuckin POWER LIFT!.
sec

Simplex3
05-09-2011, 07:12 PM
go ahead and laugh, donger. we all can press 450lbs. and that's a ****in POWER LIFT!.
sec

I like cross-thread humor as much as the next guy but that felt kind of forced.

Mr. Laz
05-09-2011, 07:13 PM
Who doesn't? As long as lobbying exists, nothing in this country will change for the better. Seriously, who was the genius that decided to make corruption legal?
x1000000000

all this bullshit that lobbyist donations are a form of free speech is the biggest crock of cow dung imaginable.

it's legalized bribery, nothing more

might as well just start letting people "donate" to jurors in the court system ... at least the money would be going to the average person that way.

seclark
05-09-2011, 07:15 PM
I like cross-thread humor as much as the next guy but that felt kind of forced.

my bad...was it the caps?
sec

Frazod
05-09-2011, 07:15 PM
CONGRESS: Gas prices are too high! You're bad men! Do something! Think of the people!
OIL CEOs: Fuck them and fuck you. We own you bitches. Jump!
CONGRESS: How high!
OIL CEOs: That's better.
CONGRESS: Can you check on prices a bit?
OIL CEOs: Yeah, sure, we'll get right on it.

Donger
05-09-2011, 07:17 PM
CONGRESS: Gas prices are too high! You're bad men! Do something! Think of the people!
OIL CEOs: **** them and **** you. We own you bitches. Jump!
CONGRESS: How high!
OIL CEOs: That's better.
CONGRESS: Can you check on prices a bit?
OIL CEOs: Yeah, sure, we'll get right on it.

Oil companies don't set the price of crude.

Frazod
05-09-2011, 08:52 PM
Oil companies don't set the price of crude.

They certainly set the price of the gasoline that's derived from it.

Baconeater
05-09-2011, 08:55 PM
Screw the price of crude, I want to know who sets the price at the pump.

BigRedChief
05-09-2011, 08:58 PM
We can't cut the subsidies because the price of gas will go up. It's not like oil companies are making money, they need subsidies just to float above the bankruptcy line.:LOL: well played sir, welll played :thumb:

Donger
05-09-2011, 09:05 PM
They certainly set the price of the gasoline that's derived from it.

At some stations that are owned by them, yes. I don't see why that is relevant, though.

Donger
05-09-2011, 09:06 PM
Screw the price of crude, I want to know who sets the price at the pump.

The owners of the stations.

Baconeater
05-09-2011, 09:08 PM
The owners of the stations.
Who tells them what to set it at?

Frazod
05-09-2011, 09:12 PM
At some stations that are owned by them, yes. I don't see why that is relevant, though.

It's relevant because the oil companies could cut their profit margins to alleviate the burden placed on their customers.

But they won't. Instead, it'll just be that jowly fuck from Exxon announcing another quarter of record profits.

Spott
05-09-2011, 09:14 PM
It's relevant because the oil companies could cut their profit margins to alleviate the burden placed on their customers.

But they won't. Instead, it'll just be that jowly fuck from Exxon announcing another quarter of record profits.

It sucks that Exxon is only making a billion dollars in profit every week. They should try harder than they already are to fuck up the entire economy for their own benefit.

Extra Point
05-09-2011, 09:22 PM
Sweet Crude is a commodity. Ask your bank what stake they have in the commodities, including crude oil. This was covered last year or so in "60 Minutes."

Then, ask if they are shorting the price of light sweet crude.

Does that tell you something? When such derivatives as shorting and futures are traded, then, it's no longer about a TANGIBLE product; it's a shell (pardon the pun) game.

Frazod
05-09-2011, 09:29 PM
Banished to DC! Dammit Carl :cuss:

Mr. Laz
05-09-2011, 09:30 PM
Sweet Crude is a commodity. Ask your bank what stake they have in the commodities, including crude oil. This was covered last year or so in "60 Minutes."

Then, ask if they are shorting the price of light sweet crude.

Does that tell you something? When such derivatives as shorting and futures are traded, then, it's no longer about a TANGIBLE product; it's a shell (pardon the pun) game.
which is all going happen with subsidies or not so why add to their pot

they will push the price as high as they can push it

WV
05-09-2011, 09:48 PM
Hmmm...took longer than I expected to get moved.

Simplex3
05-09-2011, 10:19 PM
Who tells them what to set it at?

The same evil cabal that tells Best Buy how much they have to sell TVs for.

KILLER_CLOWN
05-09-2011, 10:54 PM
How about Goldman Sachs face congress?

This!

LOCOChief
05-10-2011, 06:47 AM
Obama goes on tv a lies to everyone saying that US oil production is the highest it's ever been.

This guy needs to go like yesterday.

Donger
05-10-2011, 07:34 AM
Who tells them what to set it at?

The owners of the station.

Donger
05-10-2011, 07:35 AM
It's relevant because the oil companies could cut their profit margins to alleviate the burden placed on their customers.

But they won't. Instead, it'll just be that jowly **** from Exxon announcing another quarter of record profits.

The energy companies make a profit margin of about 8%. That's hardly exorbitant.

Radar Chief
05-10-2011, 07:46 AM
It's relevant because the oil companies could cut their profit margins to alleviate the burden placed on their customers.

So could the government.
Depending on the state and the fuel as much as $.53 /gallon is going to federal, state and/or local governments.
Doubt we’ll hear anything about that from the Senate Finance Committee though.

LOCOChief
05-10-2011, 07:58 AM
we stop issuing permits for deep water rigs
rig owners move the rigs to s. america in even deeper water in the same ocean?
Obama loans the soros owned S. american oil company 5+ billion dollars and says "we'll be you best customers"

Then Obama tells us that US oil production under his admin is the highest it's ever been. Fact is during the 50's 60's 70's 80's 90's and 2000-2010 us oild production was higher.

Obama's a liar

Hydrae
05-10-2011, 09:51 AM
We can't cut the subsidies because the price of gas will go up. It's not like oil companies are making money, they need subsidies just to float above the bankruptcy line.

You know, between the oil companies and the NFL owners, I don't think I would want my own company. Even when it appears the company is doing well, they need outside help just to stay afloat. I don't know how a smaller company holds it together without some form of subsidy.