Wednesday, May 21, 2008

Sen. Whitehouse Speaks Out on Oil this A.M.

The Senate Judicial Committee is holding a hearing today, "Exploring the Skyrocketing Price of Oil." Sen. Patrick Leahy is the Chair with Sen. Kennedy also holding membership on this group. The big five oil company CEO's will be testifying. From Squawk on theStreet this a.m.:

Sen. Whitehouse:

"The average R.Islander is spending $2000 more spent in gasoline now." He is in favor of a "windfalls tax on the largest profits in the history of the universe." "....we can't drill out way out." "Their recent profits $116 billion is twice size annual transportation budget."
We need to become "an oil independent economy." "We need to make sure there is adequate investment in new technologies." "We have an important way to make sure they are investing in our interest."

Tex. Sen. Cornyn (R) stated that an oil-free economy is a "fairytale in the near future." "We need a transition." Oil companies operate not [in the] national interest, [but] interest of shareholders." He referred any more regs (inc. winfall profits tax) to "commandeering the oil industry."

Whitehouse stated that it wasn't pure oil costs, but rampant speculation driving prices up. He states that a "green economy beckons" and that it is of "urgent nation importance to work towards this."

Formerly, for every dollar invest in r&d, oil companies receive $3.00 off their taxes. Is this still the case? There is no video yet available & my quotes are incomplete as I can only type so fast, but I got the gist. Sen. Whitehouse engaged in long answers & was frequently spoken over by the hosts. Senator, smile more & remember KISS!

When video is here.
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