Oil Execs Ask to Keep Tax Breaks

The Hill reports:

Senate Democrats clashed with top executives at the country’s five largest oil companies Thursday amid efforts to eliminate billions of dollars in tax breaks for the industry.

The executives — from Exxon Mobil, Shell Oil, Chevron, BP and ConocoPhillips — roundly blasted efforts to repeal the tax breaks, arguing it is unfair to target the oil industry when other companies enjoy similar deductions.

Exxon Mobil CEO Rex Tillerson called the effort “misinformed,” “discriminatory” and “counterproductive.”

“By undermining U.S. competitiveness, they would discourage future investment in energy projects in the United States and therefore undercut job creation and economic growth. And because they would hinder investment in new energy supplies, they do nothing to help reduce prices,” he said.

Senate Democrats are pushing legislation to cut $21 billion in tax breaks for the five largest U.S. oil companies over 10 years. The savings from the bill, which will come up for a test vote in the Senate next week, would be used to reduce the deficit.

While the bill faces an uphill battle to passage in the Senate and has little chance of passing the House, the effort allows Democrats to blast the oil industry at a time when gas prices in the United States are nearing an average of $4 a gallon and oil companies are posting soaring profits.