Oil execs blast effort to slash tax breaks

Chevron CEO John Watson:

“Tax increases on the oil and gas industry — which will result if you change longstanding provisions in the U.S. tax code — will hinder the development of energy supplies needed to moderate rising prices. It will also mean fewer dollars to state and federal treasuries and fewer jobs — all at a time when our economic recovery remains fragile and America needs all three.

"Singling out five companies because of their size is even more troubling. Such measures are anticompetitive and discriminatory.

“Don’t punish our industry for doing its job well. Create energy and tax policies that make our country a more attractive place to do business."

Shell Oil CEO Marvin Odum:

"Investments in our industry carry huge amounts of capital and risk. Policymakers must consider this when thinking about the competitiveness of the U.S. versus other regions.”

BP America President Lamar McKay:

“Changes to tax rules being contemplated would limit the amount of resources companies like BP have to invest, not only in conventional energy production, but also in new and emerging technologies like wind, biofuels and solar.”

ConocoPhillips CEO James Mulva:

"I urge you to objectively and dispassionately consider the facts and reject these unwarranted tax proposals."