Well at least they are all reading from the same script.
Transcript: Exxon Mobil CEO Rex Tillerson’s testimony on tax incentives for the top 5 U.S. oil & gas companies Posted by editor on Tuesday, May 17, 2011
Testimony Highlights: “Frankly to then deny a select few companies within the oil and gas industry this standard deduction is tantamount to job discrimination.”
“Arbitrarily punishing five U.S. oil and gas companies by raising their taxes would generate far less government revenue than if we were allowed to compete and produce our nation’s own resources.”
Now maybe they can explain away the shutting down of refineries on the east coast while they are doing all that drilling? Then explain who is going to refine the oil?
Conoco to sell or shut Pennsylvania refinery By Jeffrey Kerr and Anna Driver Tue Sep 27, 2011 5:16pm EDT
(Reuters) - ConocoPhillips (COP.N) will sell or shutter its 185,000 barrels-per-day Trainer, Pennsylvania, refinery, the latest struggling East Coast plant to fall victim to poor margins.
The company, which has moved to get rid of what it considers unprofitable operations, has already begun to idle the refinery and will close it permanently within six months if a buyer is not found.
A permanent shutdown will likely leave the East Coast, which has seen two other refineries come up for sale or closure in September alone, even more reliant on fuel imports from Europe and Eastern Canada.
The news helped push up gasoline prices both on the physical and futures markets, with RBOB gasoline futuresjumping nearly 5 percent on the New York Mercantile Exchange. <O/R>
East Coast plants, typically heavily reliant on costly crude imports from the North Sea and West Africa, have seen profits squeezed by rising prices for those grades in recent years.
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