Subsidies for Oil Companies — Hot Debate in Washington DC

I hope readers are following the discussions in Washington DC in which lawmakers are quizzing the CEOs of the five largest oil companies concerning the subsidies they receive from US taxpayers.  Several senators have asked the industry to defend this transfer of wealth from taxpayer to shareholder, given that we live in a time of massive profits – and record gasoline prices.

But the oil company execs are armed for bear, vigorously attacking the hearings themselves.  Here’s John Watson, CEO of Chevron, criticizing the Senate:

Singling out five companies because of their size is even more troubling. Such measures are anti-competitive and discriminatory. After all, our five companies are providing the technical, operating and managerial expertise that is allowing the global energy industry to operate at the forefront of energy development.

ConocoPhillips responded similarly, pointing out that it would be “Un-American” to end billions of dollars in subsidies to the oil industry.

I want to take lessons in salesmanship from anyone who can convince us that we as a country should continue to deny basic human services in favor of boosting oil company profits to new heights.