Big Five Endure Senate Finance Lashing: The Price of Doing Business Well
Senate Finance Committee Grills Oil Company Execs
COMMENTARY | Here we go again. Another congressional grilling of oil company executives.
The Senate Finance Committee called five oil company executives on the carpet. Representing their companies respectively were John Watson, Chevron; Marvin Odum, Shell; Lamar McKay, BP; James Mulva, Conoco Phillips; Rex Tillerson, ExxonMobil.
If the Senate Finance Committee is composed of senators knowing something about economics, it wasn't obvious. Their financial ideology has basis in socialist policies of taxing private enterprise to the bone the very businesses that provide jobs and enable economic growth for the nation.
But no, whenever the price of gasoline goes up, it's always the oil companies' fault. Whenever oil profits are too high, Congress is incensed. Whenever circumstances beyond anyone's control spike the price of crude, oil company execs are called in for a verbal whip lashing with all the niceties of a public lynching.
Special tax on the Special Five
Oil company profits qualify the five biggest companies as targets for congressional wrath. It has the five of them in the cross hairs for special taxes. The proposed measures would take away both standard deductions for doing business and tax credits for taxes paid to foreign countries. "Scaling back their tax breaks" is how left-wing L.A. Times would express it. I would express it in different terms.
Oil companies call it the special punitive tax levied against the five of them. Understand: This is a tax on five companies within one business sector. Not on paper companies, beauty salons, accounting firms or Barbie Doll factories. It's a charge against companies considered enemies of the state, the businesses that produced the energy to make this country great. This is the thanks they get for bringing people energy on demand.
Economics for growth
Several hours of questions for the five resulted in a stalemate of ideology. More time was taken up by Democrat pandering than Q and A. Tactics during the public exhibition served only to show how little the committee knows about the economics of growth. Also evident was how out of touch it is with the sentiment of the American people.
Example: Sen. Debbie Stabenow (D-Mich.) used the tactic of letting the question go on for so long that time ran out for any answer from the oil company exec.
Example: Sen. Robert Menendez (D-N.J.) was downright belligerent. He required an apology from Conoco's Mulva for calling a tax on foreign taxes paid unfair and unpatriotic. Mulva stood his ground with no apology forthcoming, which further inflamed the already mad Menendez.
Example: Sen. Ben Cardin (D-Md.) pointed to $4 billion in profits for the five oil companies, saying "we all need to make sacrifices." Cardin neglected to mention government greed creating the need for Americans to be making those sacrifices. Besides, 32 percent of oil company profits already went to government.
Other attacks showed sheer envy for private industry profits and blamed that profit on the high price of gasoline. Profit is the raison d'etre of business, a concept alien to government but providing a source of dollars for its consumption.
Oh, if his ancestors only knew
Sen. Jay Rockefeller (D-W.Va.) grabbed the floor not once but twice during the session with his particularly perverted point of view. He admonished the five execs, saying they "just don't get it," that they are "out of touch" with the American people, and think little of sharing. Look who's talking about being out of touch.
Rockefeller's remarks went on to reflect his warped sense of business investment. In essence, he said with a twinge of jealousy, "You guys always do well. You always come out ahead." He wondered whether the concept of sharing (read, confiscatory taxation) entered their minds. The oil companies pointed out that they share profits with the people who invest in them.
Like the big boys they are
Big oil had a weary but calm and coherent response as the public lashing concluded. This was the essence of the companies' final remarks to Committee.
You could let us alone and let us go about our business. You could remove barriers to access of energy resources in the U.S. so that we could replace the supply that is consumed daily in this country. This is what we do that has made this country great. We will continue to do so if you let us. You, Senators, punish the country by punishing us.
Sources:
C-Span coverage of May 12, 2011, Senate Finance Committee hearings with five oil company executives.
http://articles.latimes.com/2011/may/12/nation/la-na-oil-congress-20110513
http://radioviceonline.com/oil-company-executives-stand-up-to-congress/
http://finance.senate.gov/about/
The Senate Finance Committee called five oil company executives on the carpet. Representing their companies respectively were John Watson, Chevron; Marvin Odum, Shell; Lamar McKay, BP; James Mulva, Conoco Phillips; Rex Tillerson, ExxonMobil.
If the Senate Finance Committee is composed of senators knowing something about economics, it wasn't obvious. Their financial ideology has basis in socialist policies of taxing private enterprise to the bone the very businesses that provide jobs and enable economic growth for the nation.
But no, whenever the price of gasoline goes up, it's always the oil companies' fault. Whenever oil profits are too high, Congress is incensed. Whenever circumstances beyond anyone's control spike the price of crude, oil company execs are called in for a verbal whip lashing with all the niceties of a public lynching.
Special tax on the Special Five
Oil company profits qualify the five biggest companies as targets for congressional wrath. It has the five of them in the cross hairs for special taxes. The proposed measures would take away both standard deductions for doing business and tax credits for taxes paid to foreign countries. "Scaling back their tax breaks" is how left-wing L.A. Times would express it. I would express it in different terms.
Oil companies call it the special punitive tax levied against the five of them. Understand: This is a tax on five companies within one business sector. Not on paper companies, beauty salons, accounting firms or Barbie Doll factories. It's a charge against companies considered enemies of the state, the businesses that produced the energy to make this country great. This is the thanks they get for bringing people energy on demand.
Economics for growth
Several hours of questions for the five resulted in a stalemate of ideology. More time was taken up by Democrat pandering than Q and A. Tactics during the public exhibition served only to show how little the committee knows about the economics of growth. Also evident was how out of touch it is with the sentiment of the American people.
Example: Sen. Debbie Stabenow (D-Mich.) used the tactic of letting the question go on for so long that time ran out for any answer from the oil company exec.
Example: Sen. Robert Menendez (D-N.J.) was downright belligerent. He required an apology from Conoco's Mulva for calling a tax on foreign taxes paid unfair and unpatriotic. Mulva stood his ground with no apology forthcoming, which further inflamed the already mad Menendez.
Example: Sen. Ben Cardin (D-Md.) pointed to $4 billion in profits for the five oil companies, saying "we all need to make sacrifices." Cardin neglected to mention government greed creating the need for Americans to be making those sacrifices. Besides, 32 percent of oil company profits already went to government.
Other attacks showed sheer envy for private industry profits and blamed that profit on the high price of gasoline. Profit is the raison d'etre of business, a concept alien to government but providing a source of dollars for its consumption.
Oh, if his ancestors only knew
Sen. Jay Rockefeller (D-W.Va.) grabbed the floor not once but twice during the session with his particularly perverted point of view. He admonished the five execs, saying they "just don't get it," that they are "out of touch" with the American people, and think little of sharing. Look who's talking about being out of touch.
Rockefeller's remarks went on to reflect his warped sense of business investment. In essence, he said with a twinge of jealousy, "You guys always do well. You always come out ahead." He wondered whether the concept of sharing (read, confiscatory taxation) entered their minds. The oil companies pointed out that they share profits with the people who invest in them.
Like the big boys they are
Big oil had a weary but calm and coherent response as the public lashing concluded. This was the essence of the companies' final remarks to Committee.
You could let us alone and let us go about our business. You could remove barriers to access of energy resources in the U.S. so that we could replace the supply that is consumed daily in this country. This is what we do that has made this country great. We will continue to do so if you let us. You, Senators, punish the country by punishing us.
Sources:
C-Span coverage of May 12, 2011, Senate Finance Committee hearings with five oil company executives.
http://articles.latimes.com/2011/may/12/nation/la-na-oil-congress-20110513
http://radioviceonline.com/oil-company-executives-stand-up-to-congress/
http://finance.senate.gov/about/
Published by Lorraine Yapps Cohen
I design jewelry free from the constraints of textbook techniques and write non-fiction free from the rigors of technical expression. Chemist by training, creative by spirit, conservative in values, and art... View profile
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6 Comments
Post a CommentSo lemme see here...since the Senate is still run by slimy creatures, unlike the House, said slimy creatures can pose and preen for the cameras as they pretend oil companies are gouging, right? Can't have anything to do with the barrel price of oil skyrocketing? Since oil companies still get less than 10% profit per gallon, isn't it basic math that the higher retail price will yield more dollar profits? SO if the oil co. sells the same number of gallons at a $1.00 higher price, doesn't that explain the increased profits in dollar amounts? The percentage profit remains the same for $1.00 or 5.00 gas...IDIOTS,...pandering, posing, lying idiots! Nice job Lorraine.
We need more intelligent life in Washington.
An outstanding report as always. Thanks!
What a fantastic article! good job:)
Outstanding points Lorraine...
Excellent!