Oil Execs to Testify on Hill

Politico reports:

It’s a tradition in Washington: the annual Capitol Hill version of the perp walk for Big Oil.

This time, Senate Democrats are hauling the top executives of five major private oil companies to the Finance Committee to rap them on the knuckles for making so much money — and benefiting from U.S. tax incentives — while charging hardworking Americans $4 for a gallon of gas.

It’s political theater at its best: Democrats get the visuals of the top execs standing and raising their right hands and can force them to explain why oil companies need billions of dollars in tax incentives and subsidies. Senate Majority Leader Harry Reid has already scheduled a test vote for next Wednesday on Democrats’ plan to repeal $21 billion in incentives over 10 years.

The lineup: BP America’s Lamar McKay, Chevron’s John Watson, ConocoPhillips’s Jim Mulva, ExxonMobil’s Rex Tillerson and Shell Oil’s Marvin Odum.

Here are four things to watch for when the curtain rises Thursday morning:

With 23 seats to defend next year, Senate Democrats have put some of their most vulnerable members front and center to attack the oil industry — joining President Barack Obama.

On Wednesday, five Democrats — Sens. Robert Menendez of New Jersey, Chuck Schumer of New York, Bill Nelson of Florida, Debbie Stabenow of Michigan and Ben Cardin of Maryland — sent a letter, asking the companies to repent and give up the subsidies for the greater good.

“We urge you to take this opportunity to publicly admit that, given your companies’ prodigious profits, you no longer need taxpayer subsidies,” the Democrats wrote. “We hope you will do the right thing for our country’s fiscal health and endorse their discontinuation.”

Not likely. Already, ConocoPhillips has issued a statement, calling the plan “un-American,” which has predictably led to another round of grandstanding. Menendez called the response “truly outrageous” and said he would “expect an apology” from Mulva.

A ConocoPhillips spokesman told Politico: “We look forward to addressing our concerns over these proposals with the committee on Thursday.”