Senate grills oil executives as crude price tops 130 dollars
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Wed, 21 May 2008 16:40:01 GMT |
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Washington - The US Senate took major oil companies to task Wednesday over record profits taken in over the past year, as the price of crude oil topped 130 dollars per barrel for the first time. Executives from five of the world's top energy firms defended surging petrol prices in the United States that have contributed to an economic slowdown and prompted allegations of price fixing from some US lawmakers. Democratic Party leaders have been pressing for a "windfall profits tax" on energy companies to help bring down the price of petrol and boost investment in renewable energy sources. "Is there anybody here that has any concerns about what you are doing to this country, with the prices that you are charging and the profits that you are taking?" Democratic Senator Dick Durbin asked in a hearing of the Judiciary Committee. Company executives said all profits were being fed back into production upgrades, technology and investments in renewables, and blamed the high prices on the surging cost of crude and rising demand for energy around the world. Crude oil reached a record 132 dollars per barrel in trading in New York on Wednesday, after the Energy Department said US oil stockpiles dropped by the most in four months. Stephen Simon, director and senior vice president of Exxon Mobil Corp, warned against "undercutting" the competitiveness of US oil companies because of high petrol prices that were beyond their control. Exxon, the largest US oil company, earlier this month reported its highest first-quarter earnings figure ever at 10.9 billion dollars.
Copyright DPA
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Congress Grilling Oil Execs
By:
CO Shale Advocate ,
Wed, 28 May 2008 22:42:27 GMT
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Senators: Stop Grilling and Start Drillin'. That's the only thing that will bring oil prices down - it's basic economics. While the oil companies seem to be making more money than ever, they are investing it in facilites and would drill more if Congress would remove restrictions. And the percentage of profit vs gross income is one of the lowest of any industry. The profits are not excessive. The problem is Our Government, not the oil companies. And adding taxes is not the solution. Adding taxes merely increases the cost to the consumer, (and puts money in the Government's pocket) it does noting to lower costs or provide an incentive to drill. Does any senator ever take Economics in school? Apparently not.
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Senate grills oil execs
By:
Jim H. ,
Wed, 28 May 2008 22:32:49 GMT
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Democrats know that the oil company's NET profits are less than 10%, which is about the same as most industries. Government tax on petroleum; however, is considerably more.
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Dummies
By:
keltor ,
Wed, 21 May 2008 22:13:47 GMT
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"Democratic Party leaders have been pressing for a "windfall profits tax" on energy companies to help bring down the price of petrol..."
That is maybe the dumbest idea I've ever heard. How does making something more expensive for producers to produce possibly lead to lower costs for consumers?
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Idiots
By:
keltor ,
Wed, 21 May 2008 21:56:36 GMT
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"Democrats..."windfall profits tax" on energy companies to help bring down the price of petrol" - That is maybe the dumbest thing I've ever heard. That will most certainly have the opposite effect.
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Gas Prices
By:
Hobo Joe ,
Wed, 21 May 2008 18:25:34 GMT
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If the members of the U.S. Congress and Senate would quit their posturing, and pocketing proceeds from Big Oil Profits, then maybe they could get off their collective Butts and pass legislation to curb these EXCESSIVE PROFITS.
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