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On eve of hearing, Menendez hits ConocoPhillips over ‘Un-American’ claim
Sen. Robert Menendez (D-N.J.) is demanding that ConocoPhillips Inc. CEO James Mulva apologize for the company’s claim Wednesday that Democratic proposals to strip industry tax incentives are “Un-American.”
“For ConocoPhillips to question the patriotism of those elected officials who believe that they do not deserve billions of dollars in wasteful subsidies is simply beyond the pale. I expect an apology from the CEO tomorrow at tomorrow’s hearing. It is simply not acceptable,” said Menendez, who is leading the charge to strip billions of dollars in tax incentives from the five largest oil companies.
Mulva will be among the oil industry executives who will appear before the Finance Committee – which counts Menendez among its members – at a hearing on industry tax policies.
Menendez is responding to a ConocoPhillips press release about its annual shareholders meeting that was headlined: “ConocoPhillips Highlights Solid Results and Raises Concerns Over Un-American Tax Proposals at Annual Meeting of Shareholders.”
Menendez’s demand for a public apology ensures another collision in what’s already guaranteed to be a colorful political thrust-and-parry over energy profits and prices at the hearing.
Mulva, in a statement contained in the press release, said:
“Not only would increased taxes cost jobs, raise consumer prices and shrink government revenue, but they would also hamper our ability to remain competitive and reinvest in jobs, new energy technologies and resources in the United States and internationally.”
Democrats are floating a plan to repeal an estimated $21 billion over a decade in industry incentives, arguing that companies enjoying high profits – amid high prices – should not get tax breaks. Their plan would steer the savings into deficit reduction.
