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Sen. Pete Domenici has asked the top 5 U.S. oil companies to explain how they use their profits to enhance production. Big Oil, of course, has become public enemy number one in America this year as gasoline prices hurtle towards $4 per gallon. Domenici has always defended oil companies from those who want to strip their federal subsidies. He maintains that they need subsidies to help underwrite advanced oil drilling technologies, and eventually the clean fuel innovations that will power our economy. In his press release, Domenici asks Big Oil specifically how they use their profits to help develop renewable fuel technology. Their response should be interesting. I've seen ads from BP, Chevron and others touting the importance of developing new clean fuels, but it will be interesting to see if they back up the feel-good ad campaigns with real action. Here's the full press release:
Senator Seeks to Learn How Profits are Re-invested
WASHINGTON – As the price of gasoline in America soars, U.S. Senator Pete Domenici, ranking member of the Senate Energy and Natural Resources Committee, today asked America’s Big 5 oil companies for detailed explanations of how they use their profits to re-invest in energy production. In a letter sent to the leaders of BP America, Chevron, ConocoPhillips, Exxon Mobil and Shell America, Domenici asked the companies to asses how proposals to increase taxes on domestic production would impact them, as well as summarize their re-investments in domestic and international oil and gas production. Domenici is also interested in learning the extent of their investments in clean energy sources such as wind, solar, biomass and geothermal. The text of the letter appears below:
As summer driving season approaches, Americans are deeply concerned about the high cost of gasoline. While Congress has made considerable progress over the last several years in advancing policies that will strengthen our nation’s energy security, we share these concerns about high prices and believe that more needs to be done to address our nation’s energy challenges.
As are you aware, Congress is considering a number of proposals to address these challenges. Some of these would include provisions that I believe are counterproductive to my goals of increasing supply, reducing consumption, lowering costs and strengthening our nation’s economy. As some policymakers discuss increasing taxes on American businesses, it is instructive to understand how such a policy would impact investments in clean energy as well as your global competitiveness with the world’s national oil companies. In order to help me gain a better understanding of your investments and your activities related to helping meet our nation’s future energy needs, I am writing to request a summary of all public information in this area. In your summary, please include the amounts that you are re-investing in domestic and international oil and gas production. Additionally, I am particularly interested in the extent of your investment in clean energy sources such as wind, solar, biomass and geothermal energy. I thank you for your attention and your assistance in this matter.”
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