Senate Panel Demands Oil Co. Tax Records; GOP Calls for Rebates, Oil
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 requested
tax returns from the country's major oil and gas companies as part of
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 by
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 involved
the tax records of the bankrupt Enron Corp.
The committee announcement came as Washington scrambled to respond to
public anger over soaring gasoline prices _ $3 a gallon or more in
many parts of the country _ and try to contain the political fallout.
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