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May 13, 2011

Exxon's Rex Tillerson Says Big Oil Needs $21B in Aid

Bloomberg, Bloomberg

Exxon Mobil Corp. (XOM) Chief Executive Officer Rex W. Tillerson led oil industry executives in defending $21 billion in U.S. tax breaks that Democrats say should be eliminated to help reduce the federal deficit.

Executives from Exxon, Royal Dutch Shell Plc (RDSA), Chevron Corp. (CVX), ConocoPhillips and BP Plc said production costs may rise and gasoline prices increase if Democrats succeed in stripping the benefits. The plan is “counterproductive,” Tillerson told the Senate Finance Committee at a hearing today in...

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TAGGED: oil subsidies, oil, Exxon Mobil

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