"Get your facts first, and then you can distort them as much as you please." (Mark Twain)
Wednesday, November 09, 2005
Top executives from the biggest US oil and gas companies on Wednesday defended high profits before a US Senate panel, telling lawmakers that new taxes on their earnings would hamper the companies' ability to explore and produce energy.
Um ... about that. Sorry, but I gave on April 15:
Congress has been at pains to examine the high prices not only because of poor US citizens, but also because lawmakers this year passed a bill offering $14.5bn in incentives for the energy industry – particularly to help expand domestic exploration, production and refining capabilities.
Of course, those "incentives" - read tax breaks - represent holes in the budget that must be plugged somehow, either by taxing me or (more likely) taxing future generations. But either way, it's all good so long as the poor put-upon oil industry gets to keep its pocket change:
Oil company profits for the quarter that ended September 30 – a month after Katrina ravaged New Orleans and Mississippi - have raised concerns among lawmakers. ExxonMobil recorded a profit of nearly $10bn in the third quarter. ChevronTexaco, represented on Wednesday by David O'Reilly, chairman and chief executive, posted a $3.6bn profit; ConocoPhillips, whose chairman and chief executive James Mulva testified, earned $3.8bn for the quarter.
Yeah, they're hurting. Sure they are.