44 comments on Oil execs speak to the Senate today
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44 comments on Oil execs speak to the Senate today
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I thought the senate was more concerned with illegal steroid use amongst sports players. I don't think the senate has a clue about oil futures market. They (congress) just passed the refinery bill to speed things up, then agreed to open ANWR. Little do they realize, that the energy extracted from ANWR could be used to cut timber, when we can't afford the price of oil. Full steam ahead......straight into a brick wall!
I have only partially quoted from it
http://money.cnn.com/2005/11/09/news/economy/oil_hearing/?cnn=yes
In their opening remarks, Exxon Mobil CEO Lee Raymond and Chevron CEO David O'Reilly said their companies and others in the industry invest billions in developing new sources of energy no matter the market price of oil or the level of the industry's profits.
"Since 2002...we invested what we earned," O'Reilly said.
Raymond argued that industry profits as a percent of revenue were in line with other industries, adding that companies had to use earnings to invest in new sources of oil.
"In politics time is measured in increments of two, four and six years," Raymond said, referring to the terms of offices for members of the House, the president and senators. "In the energy industry, time is measured in decades, based on life cycle of our projects.
"History teaches us that punitive measures hastily crafted in response to short-term rises in prices will have unintended consequences and disincentives to investment," he added.
"In the midst of pain, in the midsts of suffering, the public sees headlines about record profits," Sen. Inouye said in his opening comment, although he stopped short of endorsing a windfall profit tax. "I have nothing against making profits, it's what makes capitalism live," he added.