consumption is resulting in huge profits to the largest oil producer.
Under the circumstances, it seems to me that everything is working
the way it's supposed to.
--- In FairfieldLife@yahoogroups.com, "sparaig" <[EMAIL PROTECTED]> wrote:
> Senate Panel Demands Oil Co. Tax Records; GOP Calls for Rebates,
> Drilling in Alaska
> 04-27-2006 12:31 AM
> By H. JOSEF HEBERT, Associated Press Writer
> The Senate Finance Committee provided additional evidence of the
> lawmakers' scramble to respond. In a rare move, the panel
> tax returns from the country's major oil and gas companies as part
> an investigation into industry profits and soaring gasoline costs.
> Sen. Charles Grassley, R-Iowa, the committee's chairman, said
> senators were concerned about the "record profits and significant
> executive compensation in the oil and gas industry."
> "I want to make sure the oil companies aren't taking a speed pass
> the tax man," Grassley said in a statement.
> With gasoline prices soaring and oil companies announcing record
> profits, "it's relevant to know what the real financial picture is
> for this industry," added Montana Sen. Max Baucus, the panel's
> ranking Democrat.
> It's highly unusual for the Senate committee to seek corporate tax
> records. The last time it made such a request to the IRS it
> the tax records of the bankrupt Enron Corp.
> The committee announcement came as Washington scrambled to respond
> public anger over soaring gasoline prices _ $3 a gallon or more in
> many parts of the country _ and try to contain the political
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