Exxon Mobil attacks and demands subsidies at the same time

[ck4829]

Top oil executives said Tuesday that despite their industry's record profits, Congress should continue granting them $18 billion in annual tax subsidies and expand drilling in areas that are now off-limits.

ExxonMobil Corp. Senior Vice President Stephen Simon told a House committee that "stable" tax policies "are essential to encouraging needed investments."

http://www.palmbeachpost.com/business/content/business/epaper/2008/04/02/a6c_oilexecs_0402.html

Exxon, the world's most profitable publicly traded corporation, was most defensive about its profits, but took a hard line with the committee on legislation that would rescind an $18 billion tax break for the five biggest oil companies and use the money to encourage investment in renewable and alternative energy. In addition to Exxon, the committee heard from Shell, BP, Chevron and Conoco Phillips.

Profits in a commodity-based business are cyclical, warned Simon, and profits in high times help the oil companies through leaner periods. Exxon's U.S. tax bill exceeded its U.S. earnings by $19 billion over the past five years, Simon said.

"Government mandates and subsidies distort market forces and impeded technological innovation," he said. "Raising taxes on oil and gas production to subsidize alternatives will likely lead to less overall energy production, not more."

http://www.adn.com/money/story/362976.html

[spanone]

1. RECORD, i repeat, RECORD PROFITS....and we're giving them tax breaks...oil man in the WH

[zanne]

2. I actually agree with big oil!

It is "political theater". Nothing will come of it. The big oil executives could say "F**k you and your mother" on national television and nothing would change. These hearings just give the illusion that congress is on top of the situation. Congress is powerless over these people. Our government is powerless over these people. Fascism comes in the form of large corporations who control our everyday lives.

[elizfeelinggreat]

3. unless

we take their corporate personhood away.

[mac2]

7. Put them under house arrest and monitor their activities.

Corporations are accountable under our laws. They can lose their charter to do business and be fined. If they are like "humans" (as they try to say) they can go to jail too. They do not have more rights than humans do they?

These oil corporations are destroying our economy (along with the war and tax cuts to the rich). It's a Bush attack from all sides. Impeach the lying, illegal President (a felon and now war criminal) Congress. Gulp, gulp...we are drowning in the Oil Baron pool.

Where is that Corporate Responsibility Act Congress? Hey I'm not a lawyer but I do have common sense.

http://en.wikipedia.org/wiki/Corporate_governance

[elizfeelinggreat]

9. It seems common sense isn't the issue

Lobbyi$t$ are.

It might be easier to rid our government of the lobbyists.

( I absolutely agree with you and think we need to attack all the greedy forces and behaviors that have brought us to where we are today. Open up the investigations and give everything the sunshine treatment. )

[zanne]

10. But they claim to be "international" companies, not American

That makes them immune to many of our laws.

[mac2]

11. If they are a corporation and have a charter to do business

in our country they are required to adhere to our laws. They are to be good citizens of the community, etc. Seems they have more rights than individuals in their mind.

Remember? No one is above the law not even the President of the the United State (except for CEOs of large "international" corporations and our top Republican leaders).

Congress allowed the CEOs to claim that "international thing" when they know that is just plain bull. It is more a hearing about spreading that "we can't do a thing" propaganda than it is to really find out about the fraud and robbery by them. Every time they have these hearings on the price of oil we get the same bull.

[mac2]

6. We have an oil and banking profiteer in the WH

What did people expect?

[Felix Mala]

4. And we better pay up or else....

I think it's time to take away all of their corporate welfare toys and let them compete in the real market for the first time in a long time. The first time a company can deliver the same goods at a lower price, they'll all follow.

[mac2]

5. How many other countries pad their profits?

http://en.wikipedia.org/wiki/Exxon

The CEO of Exxon claimed they were an international corporation. Not just an American one (therefore not accountable to anyone). The CEO looked like a crook the last time I saw him on CSPAN. Put the liar up there! Ya!

We don't have to compete with Asian markets since we are much larger than them (and it is our oil). We subsidize them so they can supply other countries in Asia and find more oil?

Congress has a backbone and say...pay your damages, pay your royalties, and then we will talk more funding. Right now you are a criminal corporation in our eyes. You are not fit to do business here destroying water and land. Get a new board and CEO and we might listen.

[Wickerman]

8. So, the Senior VP of Exxon-Mobil threatens the COngress and the Public

and we'll continue to give them tax breaks? Sweet.


"Raising taxes on oil and gas production to subsidize alternatives will likely lead to less overall energy production, not more."

[mac2]

12. Yes...like Pres. Hoover and Wilson the Oil Barons are back.

[erpowers]

13. End The Subsidies

In my opinion they subsidies should be ended. If they want to invest the tax payers should not pay for it. In addition, they have made enough money in the last few years to not need subsidies.

[mac2]

14. Right.

We are the largest consumer nation in the world today. We should demand better.

Yes..Asia is competing with us but right now they aren't as wealthy. There are a lot of people in those countries who still don't have much money to afford cars, etc. Who knows what their actual numbers are but I'm guessing they are lying about their markets in the world.

Beside that...Exxon is an American corporation with a charter to do what is best for their customers and community. Their corporate governorship is corrupt and irresponsible. Their CEOs arrogantly lie to us. Their leaders have failed to even fund the damage they did in Alaska yet they have record profits.