Tuesday, January 3, 2012

Energy Lies—VII

"Oil Companies Need Subsidies for Incentive"

Former CEO John Hofmeister of Shell Oil testifies
Big Oil doesn't need subsidies at high prices
 ~ The API, lead lobbyist for Big Oil, has long claimed that subsidies and tax breaks for oil companies are absolutely necessary to provide incentive for exploration and production and to prevent industry job losses. Without them, workers would be laid-off, domestic oil production would plummet, prices would skyrocket, and our dangerous dependency on foreign sources would become dire.

Looks like they neglected to fully convince the former CEO of Shell Oil:
Large oil companies don’t need tax subsidies when oil prices are high, a former CEO of Shell Oil said Thursday.

“In the face of sustained high oil prices it was not an issue—for large companies—of needing the subsidies to entice us into looking for and producing more oil,” John Hofmeister told National Journal Daily.
Perhaps that's why he is the former CEO.

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