Processing Magazine

Oil CEOs Head to Capitol Hill

May 12, 2011

The Associated Press reports that Senate Democrats are calling top executives from the five biggest oil companies before a congressional hearing to discuss the high gasoline prices, big profits and tax breaks that Democrats would like to end but don''t have the votes to stop. The five companies booked profits totaling $36 billion the first quarter of this year. The Democrats say that with profits that high, the big oil companies wouldn''t miss tax breaks that average $2 billion a year. A bill has been introduced that would repeal the tax breaks for the five largest oil companies — Shell Oil Co., ExxonMobil, ConocoPhillips, BP America and Chevron Corp. The heads of those companies are scheduled to testify before the Senate Finance Committee. Gasoline prices are above $4 a gallon in much of the country. The national average is about $3.96 a gallon for regular unleaded, up from $2.90 a gallon a year ago.