Senate Dems Challenge Oil CEOs On Tax Incentives

Law360, New York (May 12, 2011, 1:59 PM EDT) -- Democratic lawmakers went head to head with the executives of the nation’s five largest oil companies in a Senate Finance Committee hearing Thursday morning on proposals to slash some $21 billion in oil industry tax incentives over the next decade.

Citing high gas prices and record profits by the five oil industry majors — BP PLC, Chevron Corp., Exxon Mobil Corp., ConocoPhillips Co. and Shell Oil Co. — Democrats have unveiled plans in the past month to repeal tax breaks for the companies, calling them unfair...
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