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Congress is set to grill oil executives over $18 billion in tax breaks during record profits. (http://money.cnn.com/2008/03/31/news/economy/oil_hearing/index.htm?postversion=2008033114)

http://www.cleanmpg.com/photos/data/506/fuel.jpgSteve Hargreaves - CNN Money - March 31, 2008

Under the backdrop of record gas prices and record profits, Congress is set to grill executives Tuesday from the world's five biggest publicly traded oil companies.

Lawmakers are expected to focus their questions on why the cash-rich industry needs $18 billion in tax breaks over ten years with some in Congress looking to take them away and use them to subsidize renewable energy projects.

Beyond the tax breaks though, congress is sure to raise issues surrounding the industry's record profits. But it shouldn't be just lawmakers that get to ask the questions. So CNNMoney.com asked the general public and some industry-watchers: If they could ask oil executives anything, what would they ask?

"Are they going to tell the citizens why gas prices are so high?" said Maryann Mancino, who drove into Manhattan from New Jersey to attend the New York auto show.

High gas prices were also on the mind of Mark Cooper, research director at the Consumer Federation of America a consume rights watchdog.

Cooper said the industry is misusing its massive profits, underinvesting in refineries and failing to keep supplies adequate when entering the high-demand summer driving season and driving gas prices higher.

"We're talking hundreds of billion of dollars," said Cooper. "Where do all the profits go?"

Others wanted to know about Big Oil's plans for expanding alternative energy initiatives.

"I don't really feel bad about the oil companies making large profits," said Rich Landy, stepping out of a cab in Manhattan's Columbus Circle. "It's really more of a question of what we can do together to figure out how we can reduce our dependence on oil."

Environmentalists were a bit more forceful.

"They've done a great job of marketing, but a pretty poor job of showing what percent of their overall budget goes to the development of alternatives," said Deron Lovaas, an energy analyst at the Natural Resources Defense Council.

Some people wanted to find ways to increase the domestic supply of oil.

"Why do we have to rely on foreign sources for petroleum," asked New Jersey resident Pete Rogers. "Why can't we do a lot of the producing ourselves?"… http://money.cnn.com/2008/03/31/news/economy/oil_hearing/index.htm?postversion=2008033114

Maybe it's the Congress that should be grilled for giving out the subsidies.

I'm tired of people whining about gas and oil prices and evil Big Oil. Go inflate your tires, slow down, don't drive to the drug store .3 miles away to get potato chips and next time, buy something that gets better mileage.

We should get all the leaders of OPEC in one room and grill them good.

But yeah, the best immediate solution is to put more air in your tires, slow down...and don't drive when possible.

It reminds me of the scene from "The Gods must be Crazy" where the lady gets in her car, ICE on, backs out of driveway, drives forward 50 feet to her mailbox, gets mail then backs up the 50 feet again, and then pulls into her driveway again. :(

No amount of air in tires will stop the spiral of gas prices. Nor will slowing down. I wish I could tell everyone the solution but I can't.

Hi Swoon:
Maybe it's the Congress that should be grilled for giving out the subsidies.

I'm tired of people whining about gas and oil prices and evil Big Oil. Go inflate your tires, slow down, don't drive to the drug store .3 miles away to get potato chips and next time, buy something that gets better mileage.
___Best advice yet! When it gets really out of hand, the PHEV will save us all :angel:

___Good Luck

___Wayne

I would ask Big Oil about Peak Oil, and have them give us their informed views on that subject.

Harry

I agree, we should all limit our driving...however, I believe the recent major spike in oil cost is due to greed. I don't see how the Big Oil co's can justify the major $ increase in the past 2-3 yrs. We should have had alternatives many years ago...lack of proper investing in R&D.

I would ask them if they remember when they first sold out. Was it joining some secret organization in college? Was it during their first executive position?

Then I would ask them if it was worth it. I wonder what most of them would say as they all look like walking heart attacks. Overweight, stressed to hell and back, tired appearance, living with dirt, wracked with guilt no matter how much they try to shrug it off...

Every day when I wake I ask myself if I am a good man. Sometimes my answer is no, or that I'm not sure, and then I know I need to work on some things. An oil executive never asks himself this question because he already knows the answer and he doesn't like it, but by the time he is what he is he's become so corrupted that he can't back out.

Originally Posted by swoon View Post
"Maybe it's the Congress that should be grilled for giving out the subsidies."
That's for sure! When I saw that Congress was going to complain about giving Big Oil these subsidies I thought it was the beginning of a bad joke. I guess real politics has truly become the politics of the absurd. That being said, I think it IS time for B.O. to explain what they've done to expand research into renewable energy and solving our energy needs instead of hiding their profits off-shore, not paying taxes, removing battery technology from the market, all while making obscene profits. Every company should be completely free to make as much profit as they can, but ethics should have them seeking to make sure that their fellow citizens are not being unnecessarily damaged by their profiteering. "Robber baron" only begins to describe what they have become.

Maybe it's the Congress that should be grilled for giving out the subsidies.

Bang on.

It's bad enough to catch somebody with their hand in your wallet, but to realize that they are willingly choking the planet at the same time is just a tad annoying.

Congress should do exactly what some are suggesting----shift the tax breaks to developers of clean alternative energy and start taxing every obscene cent that Big Oil is making. However, that would take a vision and political will that is sadly lacking in the current administration. History will not be kind to the current crop of leaders--- in the oil industry,
automotive industry, and in politics.

As for the title of this topic----there's no point asking them anything---you won't get an honest answer.

We agree that Big Oil deserves not one cent of our tax money. We also wonder why Congress has been so generous to that industry. Also, we are curious how it is that Congress can give away billions of dollars to the oil industry but cannot find a way to renew the hybrid tax credits or to promote soar/wind/nuclear power since those forms of energy do not emit greenhouse gasses and do not require vast transfers or wealth to countries that seek our destruction.

I would ask why they haven't gotten behind alternative fuels and replacements for oil. Why haven't they been the pioneers of electric and fuel cells powering our vehicles. Instead they stubbornly stake their careers and futures in oil, and look like greedy bastids in the process. They could have set themselves up to profit from some of these new technologies, but hopefully now they will get left in the (oily) dust.

I'd like to know who the "speculators" are that are driving the prices up. Those people most of all need to brought to bear in front of Congress and the PEOPLE. If this were regulated better, the oil companies wouldn't have such obscene profits. And the terrorsits would lose a bunch of their funding.

I know the politicans are doing this to show the voters they are 'doing something', but my definition of action would be things like a more serious upgrade of CAFE than they just did, and more promotion of alternative energy. Remember that Big Oil is pumping less and less....taxing the more is not the answer....giving them a choice of drilling, alternative energy, or taxing would be better policy.