Washington - U.S. Sen. Robert Menendez (D-NJ) questioned oil executives from some of the largest oil companies earlier Thursday during a Senate Finance Committee hearing about oil and gas tax incentives and rising energy prices. He emphasized that in light of posting record profits for the first quarter of 2011, the Big 5 Oil companies do not need taxpayer help.
"The fact of the matter is what we have is a lot of hardworking New Jerseyans who are being hit really hard at the pump and at the same time are subsidizing these Big 5 oil companies," said Menendez.
Top executives from five of the largest multinational oil and gas companies appeared before the committee, including John Watson, the Chairman of the Board and Chief Executive Officer of Chevron Corporation; Marvin Odum, U.S. President of Shell Oil Company; H. Lamar McKay, Chairman and President of BP America Inc.; James Mulva, Chairman and Chief Executive Officer of ConocoPhillips; Rex Tillerson, Chairman and Chief Executive Officer of Exxon Mobil Corporation.
Menendez also pressed the CEO of ConocoPhillips about the company's claim that Democratic proposals to strip industry tax incentives are "Un-American."
"Mr. Mulva, yesterday in a press release, your company called proposals to eliminate wasteful oil subsides 'un-American' and I want to hear from you, do you make those accusations lightly?" Menendez continued, "Or did you really mean to question my patriotism and the patriotism of the 28 other United States senators who are cosponsors? Do you believe that President Obama is un-American because he has proposed cutting oil subsidies? Do you believe that former President Bush, Speaker Boehner, and Congressman Ryan are un-American because they have suggested cutting oil subsides?"
Mulva responded that it was not meant to be taken personally.
A webcast of the hearing is available at http://finance.senate.gov/hearings.
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