Congress Presses Oil Execs on High Prices

On Tuesday April 2, five giant oil company executive met with Congress to discuss the soaring prices of petroleum. The companies sought to portray themselves as part of the energy solution and not the energy problem. Lawmakers sought for a way to deal with motorists concern and aimed at the oil companies and the record profits they registered last year with record oil prices. But the oil executives turned some of the blame back on Congress, complaining that Congress and past administrations had barred oil companies from drilling in much of the Outer Continental Shelf. The president of Shell Oil Co., John Hofmeister talked about the US oil and gas production that has been dropping steadily for two decades. The oil executives also criticized a tax package passed by the House that would extend tax breaks for solar and wind projects and pay for that by eliminating a tax break for the five biggest international oil companies. The House bill would not alter tax rates on oil and gas production, but would prevent oil firms from sharing a small cut in income tax rates given in 2004 to US manufacturers.

This can be compared to John D. Rockefeller. In 1870, Rockefeller founded the Standard Oil Company and ran it until he retired in the late 1890s. He revolutionized the petroleum industry and defined the structure of modern philanthropy.

http://www.washingtonpost.com/wp-dyn/content/article/2008/04/01/AR2008040100157.

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