Oil Companies Protest Possibly Losing Tax Breaks

Photo and Story by Libby Casey, APRN – Washington DC

The heads of the nation’s biggest oil companies say they can’t handle losing tax breaks, despite near-record profits.  The CEOs of the five most powerful oil giants were on Capitol Hill Thursday defending against Democratic criticisms that they aren’t paying their fair share.  Instead the companies want less regulation so they can drill more – in places like Alaska.

Photo: Sen. Robert Menendez (D-NJ) along with Sen. Claire McCaskill (D-MO) and Sen. Sherrod Brown (D-OH) on Tuesday unveiled their bill, “Closing Big Oil Tax Loopholes Act,” which would cut tax breaks for oil companies. The heads of the five biggest oil giants testified on Capitol Hill Thursday against the legislation.

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