Big Oil Hearing: Wyden Shows 2005 Footage of Execs Against Handouts

Uploaded by SenateDemocrats on 12.05.2011

Gentleman, as you know this is not the first time
that Congress has dealt with this issue. Five years ago those who were
serving a CEO's uh... then of your companies were asked, I specifically got into whether
they agreed with President Bush's statement and I quote here "With fifty five dollar
oil we don't need incentives for oil and gas companies to explore."
And conditions today are pretty much like they were
in two thousand five, record profits, up price hikes certainly above inflation,
and Mr. Mulva you'll recall you were at the hearing and what I'd like to do are briefly,
for the committee, who's chairman is actually, replay
a portion of that hearing where the oil company CEO said they did not need incentives
from the federal government went well with the fifty five dollars a barrel.
If we could just show that video briefly. The President says and I quote
"With fifty five dollar loyal we don't need incentives to oil and gas companies to explore.
There are plenty of incentives.
Now today the price of oil is above fifty five dollars per barrel.
Is the president on wrong when he says we don't need incentives for oil and gas exploration?
If I could just have a yes or no answer, is the president wrong?
Beginning with you Mr. Raymonds, is the president wrong?
No, and I don't think our company has asked for any incentives for exploration.
Sir? Agreed.
In my oral comments, I said we do not need, but we do need though is uh... just a yes or no.
Yes. Sir? The president correct? He's correct. Sir? Yes.
Mr. Mulva, you were there, you specifically said, in two thousand five, "Senator,
with respect the oil and gas production...we do not need incentives."
So oil is now right around a hundred dollars uh... a barrel.
My question, I want to start with you Mr. Mulva, because of your history.
If your company didn't need incentives to drill for oil at fifty five dollars a barrel,
how in the world can you possibly need incentives when oil is at a hundred dollars a barrel?
Response to the question
several years in the past.
We don't view the items that we're talking about, foreign tax credits,
section one ninety nine, an intangible to development cost,
We don't view those
uh... subsidies.
We essentially view those is as similar types
of uh... provisions that are made available to other companies all industries in a similar
So we don't need incentives to drill.