Tuesday, May 17, 2011

Rep. Hatch, Fox News Defend Big Oil Subsidies

Despite the fact that the five largest oil companies reported more than $35 billion in first-quarter profits, the American taxpayers provide them with $2.1 billion in subsidies. Regardless, at a Senate Finance Committee hearing in which Democrats grilled five oil executives, James J. Mulva of ConocoPhillips refused to apologize for calling the proposed rescinding of subsidies “un-American.”

Just as Rep. Joe Barton (R-TX) apologized to BP following criticism of the Gulf oil spill, Sen. Orrin Hatch (R-UT) criticized the hearings as politically motivated and not based on obvious outrage at subsidies for companies enjoying record-breaking profits. Watch Hatch, whose views represent the Republican party, dance around the question of why big oil needs such huge tax breaks:

Fox News rushed to the oil executives' defense, following its history of defending oil companies. Most absurdly, getting rid of the subsidies is referred to as a "feel good move"–not a move to stop wasting billions of actual taxpayer dollars. Watch the cavalcade of Fox apologists:

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