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Senate Grills Oil Execs over High Gas Prices

Service : Economy
TEHRAN, May 13 (ICANA) – They are some of the most despised men in America; the Chiefs of the major oil companies who were grilled by Senators over their objection to removing government tax breaks for the US oil industry, the same oil company CEO-s who've raised gas prices to nearly 5 dollars a gallon, representing 5 of the biggest, oil companies that have made record profits from the recent spike in prices at the pump.
Friday, May 13, 2011 11:33:25 AM
Senate Grills Oil Execs over High Gas Prices

Before the hearing, they put out a press release claiming its Un- American to support eliminating their 2 billion dollars a year in government subsidies…which some Senators took offense to… the economy reeling from gas prices causing inflation and the danger of a double dip recession.

Senators accused the oil company executives of caring only about their bottom line, oil company execs warning that if they lose the tax breaks, they will raise the price of gas even higher….

It seems, says analyst Wayne Madsen, the oil companies are thumbing their noses at Congress and the American people…

According to a new CNN poll, 6 in 10 say they are spending less on food and other things now in order to pay for gas, many are cutting back on driving and most blame oil company greed, not the rapid rise in crude oil prices for the pain at the pump.

As for tax breaks for oil companies , several Senators said the oil company barons failed to make their case to keep subsidies - and that given their astonishing profits, the US taxpayer should no longer have to support oil companies with special tax breaks, Press TV reported.

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