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.