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Jamie Dupree

Congress Beats Up on Big Oil

By
Jamie Dupree
@ April 2, 2008 12:00 AM
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In a classic, election year hearing, Democrats led the way Tuesday in giving a tongue-lashing to executives of five major oil companies, denouncing their high profits and vowing to get rid of $18 billion in special exploration tax breaks for the industry.

"Your approval ratings are lower than ours, and that means you are down low," said Rep. Emmanuel Cleaver, (D-MO.)

This has become a familiar setting in recent years for the oil industry, which has sent a series of execs to Capitol Hill to be cuffed around by lawmakers who have certainly heard complaints from back home about high prices at the gas pump.

"On April Fool's Day, the biggest joke of all is being played on American families by Big Oil," said Rep. Edward Markey (D-MA) who definitely enjoys the role of Thorn In Big Oil's Side.

For the most part Republicans belittled the hearing as nothing more than a made-for-election-year political gambit by Democrats.

"I get tired of hearing about it," said Rep. John Sullivan (R-OK.) "You can't hear a political speech today without hearing someone say 'Big Oil. Big Oil.'"

But some GOP lamwakers made clear that the oil industry needs to do some better PR.

"WIth your record high profits, have you ever thought about lowering the price of gasoline?" asked Rep. Greg Walden (R-OR.)

Without saying no, Shell Oil's John Hofmeister said no.

"Could I say something in favor of profits?"

As Neal Boortz observed on Tuesday, the oil industry hasn't exactly done the greatest job in terms of public relations (maybe on the tobacco industry has had a tougher job.)

They didn't fare badly on Tuesday, but they weren't exactly offering lamwakers an olive branch along the way either.

The big problem on energy legislation is that both sides really don't want to accept much of what the other side wants to do.

Most Democrats want no part of expanded domestic production in areas like ANWR in Alaska or the Gulf of Mexico.

Most Republicans meanwhile want no part of plans that would divert money to renewable energy systems like wind and solar.

And so, the Finger Of Blame is pointed. Because they can.

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What others are saying

  • Special Tax Break for Exploration
    It's a great strategy for them. Now they can take away tax breaks for exploration (which they don't want) of a dwindling resource and then boast about being tough on "Big Oil". Hypocrites.
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