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Oil Industry / Hearings #998126

CBS Evening News for Thursday, May 12, 2011
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(Studio: Katie Couric) Oil company profits this year as gas prices go up cited. [President OBAMA – says we’re going to have to do efficiency, alternative energy and develop electric cars.] NOTE: Local weather bulletin on screen.

(Capitol: Nancy Cordes) Congressional hearings on tax breaks for the oil companies reviewed; details given of the Democratic push to eliminate tax deductions; net profit margins for oil producers, computer makers and the pharmaceutical industry compared. [Chevron CEO John WATSON†- says Americans want shared prosperity.] [Senator Jay ROCKEFELLER – says Watson is out of touch.] [Senator Charles SCHUMER - questions ConocoPhillips CEO Jim MULVA†.] [ExxonMobil CEO Rex TILLERSON†- says he’ll take his capital and go somewhere else.] [Senator Orrin HATCH†- criticizes the Democrats.] [Oil Price Information Service Tom KLOZA†- reacts to the Republican proposal to bring down gas prices.]

Reporter(s):
Couric, Katie;
Cordes, Nancy
Duration:
00:03:30

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