Wednesday, November 09, 2005
Senators Question Oil Industry Executives
For the nation's top oilmen, it is a new and uncomfortable reality. They were summoned by the Republican leadership of the Senate and appeared this morning before two congressional panels to explain why prices climbed as high as they did and what they intend to do with their companies' soaring profits. The executives hope to persuade legislators not to take tough punitive action.The hearing is an indication that big oil companies, which have received billions of dollars in tax breaks from Congress, are facing an increasingly hostile audience in Washington. Even some Republican lawmakers, whose party has long been sympathetic to the requests of the industry, are considering a windfall-profit tax for oil companies. Concerns mounted after oil companies recently reported record quarterly profits, including Exxon Mobil's $9.92 billion, up 75 percent from the third quarter last year.
Sen. Pete V. Domenici (R-N.M.) told the executives this morning, "The oil companies owe the country an explanation."
"I would hope that it's simply theater to demonstrate their concern about things that a lot of Americans are concerned about and that after the cameras go away, they get back to business," Jerry Taylor, director of natural resource studies for the Cato Institute, said earlier. Cato opposes new taxes on the oil companies. "On the other hand, it may well be an attempt to set the stage for real legislation," Taylor added.
At today's joint hearing of the Senate Energy and Natural Resources Committee and the Commerce, Science and Transportation Committee, being held at the request of Majority Leader Bill Frist (R-Tenn.), Republicans intend to show that they can be tough with oil companies.
Democrats tried to show they could be tougher. They demanded that the executives from Exxon Mobil Corp., Chevron Corp., ConocoPhillips Co., Shell Oil Co. and BP America Inc. be sworn in. That occurred when Congress held a hearing with oil executives in 1974 to explore energy shortages and high prices, resulting in front-page images of the officials with their right hands in the air. But Republicans refused to support that effort and the testimony went forward without taking any oaths.
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I'd be really curious to see if any of those senators were angry enough at the oil execs to give back their campaign donations.
A review of the PACs of the top ten oil companies shows that over $700,000 in PAC money continues to flow in the first nine months of the 2005-2006 cycle. These ten oil company PACs gave out a total of $712,290 to federal candidates, plus other funds to party committees and leadership PACs. Of the $712,290 total, eighty-five per cent ($608,350) went to Republican candidates, 14% ($102,940) went to Democratic candidates, and 1% ($1,000) went to others.
The top recipients in 2005-2006 were Rep. Joe Barton $31,500; Sen. Conrad Burns $23,500; Rep. Tom DeLay $22,500; Rep. Richard Pombo $21,000; Sen. Craig Thomas $20,500; Sen. George Allen $20,100; Speaker Dennis Hastert $20,000; Sen. Trent Lott $16,000; Sen. Kay Bailey Hutchison $12,250; and Sen. John Ensign $12,000.
http://politicalmoneyline.com/
Wow, NICE information, Mike. I'll be following up with this soon, if you don't mind.