Domenici Asks Big 5 Oil Companies to Explain Investments
Senator Seeks to Learn How Profits Are Re-Invested
April 30, 2008
02:50 PM
WASHINGTON – As the price of gasoline in America soars, U.S. Senator Pete Domenici, ranking member of the Senate Energy and Natural Resources Committee, today asked America’s Big 5 oil companies for detailed explanations of how they use their profits to re-invest in energy production.
In a letter sent to the leaders of BP America, Chevron, ConocoPhillips, Exxon Mobil and Shell USA, Domenici asked the companies to assess how proposals to increase taxes on domestic production would impact them, as well as summarize their re-investments in domestic and international oil and gas production. Domenici is also interested in learning the extent of their investments in clean energy sources such as wind, solar, biomass and geothermal.
The text of the letter appears below:
“As summer driving season approaches, Americans are deeply concerned about the high cost of gasoline. While Congress has made considerable progress over the last several years in advancing policies that will strengthen our nation’s energy security, we share these concerns about high prices and believe that more needs to be done to address our nation’s energy challenges.
As are you aware, Congress is considering a number of proposals to address these challenges. Some of these would include provisions that I believe are counterproductive to my goals of increasing supply, reducing consumption, lowering costs and strengthening our nation’s economy.
As some policymakers discuss increasing taxes on American businesses, it is instructive to understand how such a policy would impact investments in clean energy as well as your global competitiveness with the world’s national oil companies. In order to help me gain a better understanding of your investments and your activities related to helping meet our nation’s future energy needs, I am writing to request a summary of all public information in this area.
In your summary, please include the amounts that you are re-investing in domestic and international oil and gas production. Additionally, I am particularly interested in the extent of your investment in clean energy sources such as wind, solar, biomass and geothermal energy.
I thank you for your attention and your assistance in this matter.”
