Posted by: arnegrim | May 16, 2011

Oil companies fire back

“…The hearing was called ostensibly to support the Democrats’ Close Big Oil Tax Loopholes Act, a bill with no chance of passage. Its purpose was to once again deflect blame for rising gas prices caused in large part by the Obama administration’s ban on increasing domestic supply of fossil fuels.

Shell Oil President Marvin Odum laid the blame for high gas prices at the administration’s feet, where it belongs. The moratorium in the Gulf of Mexico and continued restrictions, he said, will cause Shell “to lose an estimated 50,000 barrels of oil equivalent per day in 2011 alone” and “that could have powered, on average, 633,000 cars and light trucks every day since Jan. 1.”…

…of “the top 20 Fortune 500 nonfinancial companies … the three U.S.-based oil and gas companies represented here today are the top taxpayers on the list.” That factoid goes unnoted by Democratic demagogues or their allies in the media. Mulva included a chart in his testimony showing that ConocoPhillips paid an effective tax rate of 46% over the past five years while the top 20 firms paid an average 27%…

…Big Oil pays big taxes and reinvests big money to find new oil. It’s the Obama administration that’s restricting supply, the one sure way to put downward pressure on gas prices and keep dollars and jobs here at home.”

http://www.investors.com/NewsAndAnalysis/Article.aspx?id=572202&utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+EditorialRss+%28Editorial+RSS%29

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