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]]> By: Deep Something » Blog Archive » Congress Wants More Giveaways to Big Oil http://thinkprogress.org/2005/05/09/consumers-on-fumes-oil-industry-guzzels-profits/comment-page-1/#comment-149725 Deep Something » Blog Archive » Congress Wants More Giveaways to Big Oil Tue, 27 Sep 2005 16:06:06 +0000 /?p=825#comment-149725 [...] Bush’s allies in Congress are using high gas prices as another excuse for massive giveaways to the oil industry. The Los Angeles Times reports that conservative "leaders in Congress announced plans to introduce new legislation or amend existing measures to bestow more tax breaks on the industry and provide other incentives left out of the big energy bill Bush signed into law in August." The oil industry hardly needs the help. Even before Katrina hit, oil companies were flush with cash. ExxonMobil’s profits are expected to exceed $10 billion in the third quarter of 2005, "more net income than any company has ever made in a quarter." Now the industry is using Hurricanes Katrina and Rita to jack up prices — and profit margins — even higher. [...] [...] Bush’s allies in Congress are using high gas prices as another excuse for massive giveaways to the oil industry. The Los Angeles Times reports that conservative "leaders in Congress announced plans to introduce new legislation or amend existing measures to bestow more tax breaks on the industry and provide other incentives left out of the big energy bill Bush signed into law in August." The oil industry hardly needs the help. Even before Katrina hit, oil companies were flush with cash. ExxonMobil’s profits are expected to exceed $10 billion in the third quarter of 2005, "more net income than any company has ever made in a quarter." Now the industry is using Hurricanes Katrina and Rita to jack up prices — and profit margins — even higher. [...]

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