Big Oil Execs Defend Need For $21 Billion In Tax Breaks

Even though Exxon Mobil alone earned more than $30 billion in profit in 2010 — and has reported a huge 69% increase in profit in the first quarter of 2011 — that company’s CEO was one of several oil biz execs trying to convince the Senate Finance Committee that they still need $21 billion in tax breaks.

“Increasing these companies’ taxes would only discriminate against certain U.S. workers, make our companies less competitive against others who are in the same business, and discourage future energy investment,” said Rex Tillerson who is not only the CEO of Exxon Mobil, but whose name can in no way be real.

Tillerson was joined by suits from Royal Dutch Shell Plc, Chevron, ConocoPhillips and your reigning Worst Company In America, BP.

From Bloomberg News:

Senate Democrats are proposing to increase oil and gas taxes by $21 billion over 10 years and use the money to reduce the deficit. Democrats say this would end unjustified subsidies for profitable companies. Republicans and company officials say the legislation would impose higher taxes that may lead to higher gasoline prices for consumers.

“We can put this money to better use and we should,” said Senator Max Baucus of Montana, who chairs the Senate Finance Committee. He believes these funds could be utilized to chip away at the deficit and on clean energy programs.

From the other side of the aisle, Utah Senator Orrin Hatch believes that the Democratic proposals do nothing to increase energy supplies or reduce our country’s dependence on foreign oil.

“The reasoning put forth for repealing these tax provisions — rising gas prices and reporting higher first quarter profit — would set a bad precedent for future tax increases,” he said at the hearing.

Tillerson Says Big Oil Needs $21 Billion Aid [Bloomberg]