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May 13

Exxon Leads Defense of Oil Tax Breaks Democrats Want to Repeal

By Katarzyna Klimasinska and Jim Snyder
Exxon CEO Tillerson

Right: Rex Tillerson, chairman and chief executive officer of Exxon Mobil Corp

Exxon Mobil Corp. (XOM) Chief Executive Officer Rex W. Tillerson and four counterparts defended $21 billion in U.S. tax breaks that Democrats are seeking to recapture to reduce the federal deficit.

Executives from Exxon, Royal Dutch Shell Plc (RDSA), Chevron Corp. (CVX), ConocoPhillips and BP Plc (BP/) said costs may rise and gasoline prices increase if Democrats succeed in eliminating the benefits. The plan is “counterproductive,” Tillerson told the Senate Finance Committee at a hearing today in Washington.

Senate Democrats are proposing to raise oil and gas taxes by about $2 billion a year for 10 years, arguing that widening deficits are a threat to the economy and sacrifice is required. College students are giving up federal help, and so should the companies, said Senator Charles Schumer, a New York Democrat.

“We have to choose priorities and right now we have a huge budget deficit,” Schumer said to ConocoPhillips (COP) CEO James Mulva. “Do you think that your subsidy is more important than the financial aid that we give to students to go to college?”

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Bill Bard says:

Can you believe that these “fat cats” think that they shouldn’t lose their Tax Breaks.  Just naked fucking greed.

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