'Big Oil' grilled by US Congress

With Americans furious at sky-high gasoline prices and tax breaks for "Big Oil" under fire, a key US Senate committee put five senior oil executives in the dock on Thursday. The bosses of Chevron, Shell US, BP America, ConocoPhillips, and ExxonMobil appeared before the powerful Senate Finance Committee, facing allegations they bank record profits at taxpayers' expense.
President Barack Obama and his Democratic allies are calling for an end to $2 billion a year in tax breaks for the biggest players in an industry enjoying record profits. "Businesses should make a profit - that's what drives our economy - but do these very profitable companies actually need taxpayer subsidies?" committee chairman and Democrat Max Baucus asked pointedly.
He quickly answered his own question. "We can put this money to better use - and we should." Democrats who control the committee are hoping to channel public anger at high pump prices - which have increased around 37 percent in the last year - as their gaze begins to drift toward the 2012 election campaign. But the oil industry came out swinging.
First to speak was Chevron chief executive John Watson, who described the measures as "anti-competitive" and "discriminatory." He implored lawmakers: "Don't punish our industry for doing our jobs well." Executives in turn warned that a higher tax bill would spell fewer jobs, higher consumer prices and reduced competitiveness.