2008 Woodie Awards
Tensions on the rise along with gasoline prices
Issue date: 4/2/08 Section: News
As gasoline nears $4 a gallon, Congress has questions about Big Oil's big profits
1 WASHINGTON (AP) - Big Oil is once again being called on the carpet. Senior executives of the five largest U.S. oil companies were to appear before a congressional committee Tuesday where they were likely to find frustrated lawmakers in no mood for small talk.
"These companies are defending billions of federal subsidies ... while reaping over a hundred billion dollars in profits in just the last year alone," complained Rep. Edward Markey, D-Mass., in previewing the hearing.
The lawmakers were scheduled to hear from top executives of Exxon Mobil Corp., Shell Oil Co., BP America Inc., Chevron Corp. and ConocoPhillips, which together earned about $123 billion last year because of soaring oil and gasoline prices.
Markey, chairman of the Select Committee on Energy Independence and Global Warming, said he wants to know why, with such profits, the oil industry is steadfastly fighting to keep $18 billion in tax breaks, stretched over 10 years.
The House last year and again on Feb. 27 approved legislation that would have ended the tax breaks for the oil giants, while using the revenue to support wind, solar and other renewable fuels and incentives for energy conservation. The measure has not passed the Senate.
Low graduation rates in many city school districts, according to report
2 WASHINGTON (AP) - Seventeen of the nation's 50 largest cities had high school graduation rates lower than 50 percent, with the lowest graduation rates reported in Detroit, Indianapolis and Cleveland, according to a report released Tuesday.
The report, issued by America's Promise Alliance, found that about half of the students served by public school systems in the nation's largest cities receive diplomas. Students in suburban and rural public high schools were more likely to graduate than their counterparts in urban public high schools, the researchers said.
1 WASHINGTON (AP) - Big Oil is once again being called on the carpet. Senior executives of the five largest U.S. oil companies were to appear before a congressional committee Tuesday where they were likely to find frustrated lawmakers in no mood for small talk.
"These companies are defending billions of federal subsidies ... while reaping over a hundred billion dollars in profits in just the last year alone," complained Rep. Edward Markey, D-Mass., in previewing the hearing.
The lawmakers were scheduled to hear from top executives of Exxon Mobil Corp., Shell Oil Co., BP America Inc., Chevron Corp. and ConocoPhillips, which together earned about $123 billion last year because of soaring oil and gasoline prices.
Markey, chairman of the Select Committee on Energy Independence and Global Warming, said he wants to know why, with such profits, the oil industry is steadfastly fighting to keep $18 billion in tax breaks, stretched over 10 years.
The House last year and again on Feb. 27 approved legislation that would have ended the tax breaks for the oil giants, while using the revenue to support wind, solar and other renewable fuels and incentives for energy conservation. The measure has not passed the Senate.
Low graduation rates in many city school districts, according to report
2 WASHINGTON (AP) - Seventeen of the nation's 50 largest cities had high school graduation rates lower than 50 percent, with the lowest graduation rates reported in Detroit, Indianapolis and Cleveland, according to a report released Tuesday.
The report, issued by America's Promise Alliance, found that about half of the students served by public school systems in the nation's largest cities receive diplomas. Students in suburban and rural public high schools were more likely to graduate than their counterparts in urban public high schools, the researchers said.
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