Democrats assail Big Oil as greedy, out of touch

[Geee]

Washington Examiner:

Executives of the nation's top five oil companies faced off Thursday against Senate Democrats who want to take away billions of dollars in annual tax breaks the industry has enjoyed for nearly a century.
With gas prices hovering near $4 per gallon and the nation's budget deficit topping $1.3 trillion, Democrats sought to seize on the anger and anxiety many Americans are feeling about the economy and prices at the pump.

Democrats went on the attack at the hearing, accusing the five executives of being out of touch with ordinary Americans and too greedy to sacrifice a relatively small chunk of their record profits to help the nation resolve its budgetary problems.

"The five largest oil companies ... collectively earned over $35 billion in profits in the first quarter of 2011 alone," said Senate Finance Committee Chairman Max Baucus, D-Mont., who presided over the hearing. "Businesses should make a profit. That's what drives our economy. But do these profitable companies need taxpayer subsidies?"

Senate Democrats next week will try to push through legislation that would end oil industry tax breaks, a move they said would save the treasury $21 billion over the next decade.

The oil industry assailed the legislation, arguing they already pay their fair share of taxes and accusing Congress of discriminating against them by proposing a narrowly targeted tax increase that excludes other companies. They warned of dire consequences if Democrats followed through with their plan.