A US congressional committee has called upon the heads of the world’s five largest publicly traded oil and gas firms to testify at a hearing in April 2008, on why they still require federal tax breaks while they make windfall profits on the back of record oil prices, reports Reuters.
According to Reuters, the House Select Committee on Energy Independence and Global Warming has called upon Exxon-Mobil, Chevron, Conoco-Phillips and the US units of BP and Royal Dutch Shell to testify at the hearing.
A House-passed bill in the US Senate seeks to revoke $18 billion in tax breaks for the oil majors for the development of renewable energy sources. It has to be voted in the Senate and is opposed by the White House and the American Petroleum Institute, reported Reuters.
Edward Markey, the Massachusetts Democratic representative who chairs the House committee, as quoted by Reuters, said: “The top five oil companies made record profits last year, and yet are continuing to hold on to tax breaks that could be used to advance the clean fuels of the future. Americans are not going to find the answers at the bottom of a gas tank, so we will seek to bring the CEOs of these companies to Congress and to the American people.”
Who gets rich off $3 gas – who doesn’t?
For all you worried about the terrorist, may I remind you that on 11 September 19 were Saudis and funded by Saudi Royal Family Members, a country that also funds 90% of the terror in Iraq.
This is old news, but worth repeating.
Saudis Buy GE plastics for $11.6B
"no doubt about it that nut's a genius" 