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May 13, 2011

Oil Company CEOs Defend Profits and Government Subsidies 
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The CEOs of the five largest oil companies testified on Capitol Hill
Thursday and defended the industry's massive profits at a time when
consumers are paying record amounts for gas. The five oil firms—Exxon
Mobil, Chevron, BP, Shell and Conoco Phillips—made a combined $35
billion in earnings in the first three months of the year. The CEO of
Chevron, John Watson, criticized the Senate for holding the hearing.

John Watson, Chevron CEO: "Singling out five oil companies because if
their size is even more troubling, such measures are anti-competitive
and discriminatory. After all, our five companies are providing the
technical operating and managerial expertise that is allowing the global
energy to operate at the forefront of energy development."

Senate Democrats blasted a recent statement by Conoco Phillips that it
would be "Un-American" to end billions of dollars in subsidies to the
oil industry. Sen. Charles Schumer (D-NY) questioned Conoco Phillips CEO
James Mulva.

Sen. Charles Schumer (D-NY): "We have to get the deficit to a certain
level and we have choices, so I want to ask you sitting in our shoes,
just about your priorities. So my question is to Mr. Mulva, and I'm
asking you for a reason ... Do you think your subsidy is more important
than the financial aid we give students to go to college? Could you
answer that, yes or no?"

James Mulva, Conoco Phillips CEO: "Well, that's a very difficult
question for me, two totally different questions."

Schumer: "We have to weigh those two things, Mr. Mulva. We have to weigh
it because we have to get the deficit down to a certain level. If you
had a choice of one or another as an American citizen, which would you
choose?

Mulva: Well Senator, that's a chore that legislatively you're going to
have to be making. For our company, we are tasked with is to provide
energy in an affordable way for the American public.

Schumer: "So you would choose the oil subsidy over the aid to students?
That's what you're telling me.



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