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11:50
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trinamz - Welcome everyone! To watch the live hearing, link to: CSPAN 3 - or - The Select Committee on Global Warming. You can then minimize the screen to watch the hearing and participate in our chat. |
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12:10
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Kenny - And those $18b are the tip of
the iceberg! |
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12:12
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Kenny - Markey is not making the oil
execs feel very welcome in Congress. |
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12:13
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Kenny - Sensenbrenner has taken a
modest 19k from big oil since 2000 |
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12:13
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Kenny - That's quite low for a
Republican |
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12:15
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Kenny - The logic of Sensenbrenner is
the same of the oil companies: We will need more energy,
therefore we need to explore for oil. The climate will
have to adjust! |
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12:16
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Kenny - "dominant supply role" -- that
is the language of the industry |
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12:17
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Kenny - Blumenauer has taken 17k from
oil industry since 2000, zero during th 110th congress |
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12:18
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Kenny - That "magic" Blumenauer refers
to is campaign contributions and their fruit |
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12:20
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Kenny - Shadegg of Arizona has taken
77k from oil since 2000, and nearly 13k in the last
year, 3rd most on this committee |
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12:20
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Kenny - In 11 votes on key energy
issues affecting oil, he voted with Big Oil 11 times,
and with the public interest 0 times |
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12:21
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Andy Rowell - But despite this says
high price of oil is important to him |
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12:21
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Andy Rowell - Does that make sense? |
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12:22
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Kenny - If you believe that increasing
supply is the key to resoution, then it sort of makes
sense. |
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12:22
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Andy Rowell - He is coming out with
"industry speak" talking about land being "locked up" |
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12:22
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Andy Rowell - That's code for lets
drill Montana flat |
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12:22
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[Comment From Guest] Who on this committee took the most oil money? Was that from PACs or individuals? |
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12:23
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Andy Rowell - Kenny can you answer
that? |
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12:23
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Kenny - The most was taken b Sullivan
of Oklahoma -- $306k since 2000. That includes PACs and
individuals. If you go to our FTOM tool on our website
www.priceofoil.com you can see exactly who
contributed. |
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12:24
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Kenny - http://oilmoney.priceofoil.org
is the direct link is the direct link to the FTOM tool. |
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12:24
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trinamz - Just a reminder for anyone
getting on right now-- you can view the hearing at
CSPAN 3 |
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12:25
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Kenny - Inslee has taken just 9.8k
since 2000, none in the 110th; and has voted with the
public interest in 11 of 11 key energy votes. |
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12:26
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Kenny - Walden has taken the 2nd
highest on this committee; about 90k since 2000. |
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12:26
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Andy Rowell - but says he is green
because he drives a hybrid... |
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12:27
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Andy Rowell - And then asks the
industry "how do we solve the problem" |
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12:27
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Kenny - He is making some sense, but
this idea of "foreign" oil versus "oil" is a bit silly
in a world market. |
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12:27
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Kenny - Larson has taken 8.8k from oil
since 2000 |
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12:27
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Andy Rowell - That's like asking the
fox how to fix the hen-house |
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12:28
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Kenny - Good rhetorical question! |
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12:29
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Andy Rowell - Larson has just asked if
the US can drill its way to energy independence - of
course not |
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12:30
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Kenny - Candace Miller has taken 21.7k
from oil since 2000 |
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12:30
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Andy Rowell - Miller is basically
saying we should open up ANWR |
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12:31
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Kenny - note that "foreign" oil
releases the same amount of CO2 as ANWR oil. |
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12:31
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Kenny - But for a Republican she is
fairly challenging to oil. Could it be cause she didn't
receive that much $ in contributions |
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12:31
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Andy Rowell - She is now talking about
a backlash from consumers - so she is giving them a hard
time |
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12:32
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Kenny - but She voted with big Oil in
7 of 9 key energy votes |
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12:32
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Andy Rowell - there you go.... |
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12:32
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Kenny - Cleaver has received just
$1,000 from oil since 2000, and $0 in the 110th
Congress. |
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12:34
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Kenny - A person like the woman he's
talking about should get a rebate for the gasoline tax
they pay. For most people, gasoline is a small fraction
of the car expenses for the year, including purchase
price, repairs and insurance. |
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12:34
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Andy Rowell - The quick footage of the
oil barons sitting there, reminds me of when the tobacco
barons sat infront of Congress and one after the other
said "I believe nicotine is not addictive" Do you think the oil barons will be any more truthful... |
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12:36
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trinamz - I took a look at Sullivan
and the majority of his money did come from PACs,
including $11,000 from Conoco's PAC. Check it out:
http://oilmoney.priceofoil.org/federalRaceGraph.php?type=search |
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12:36
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Kenny - John Hall has taken zero
dollars from Big Oil since 2000. And he's from my
homestate. |
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12:36
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Kenny - He voted against Big Oil in
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12:37
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[Comment From Pax] Let me get this straight |
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12:37
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Kenny - 6 of 6 key energy votes |
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12:37
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[Comment From Pax] I was going to address the entire lack of any sort of economic education in this entire campaign, but I doubt you'll let me speak |
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12:37
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Andy Rowell - The industry is making a
"killing of these prices" says Hall |
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12:38
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Kenny - Blackburn has taken 70k from
big oil since 2000 and voted against Big Oil once out of
11 key votes. |
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12:39
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Andy Rowell - Blackburn says not
looking for anyone to blame... |
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12:39
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[Comment From Pax] you guys do know that record oil profits go into investing in new production, which results in an increased supply, which results in lower oil prices right? |
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12:39
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Andy Rowell - you know what that
means.. |
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12:40
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[Comment From Pax] if you confiscate oil profits, no investment in oil production will ever happen since any money made will be confiscated by the government |
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12:40
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Andy Rowell - She is now
advocating drilling in the US and talking about
drilling dirty oil sands |
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12:42
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Kenny - Pax: no one is talking
"confiscation" here. Drilling to energy independence
is not going to be possible. Other ways to improve
environmental and economic performace of energy need
to be rewarded and incentives provided. |
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12:42
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Andy Rowell - Pax - I am not sure
how you can say that record oil profits, leads in
turn to lower oil prices .. |
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12:42
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[Comment From Dave] Pax--How could we "confiscate oil profits"? Hell, I'd settle for them being taxed properly, and having to put some of thier profits into the future: non-oil sources of energy... |
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12:43
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[Comment From Pax] profits are a signal to the free market that more production is needed, but then if anyone involved in this project ever got a C in Econ 101 you would know that |
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12:43
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[Comment From Charlie] Pax--Between 2005 and 2007, the largest five oil companies in the U.S. – ExxonMobil, Chevron, ConocoPhillips, BP and Shell – together posted $315 billion in profits. The top five western oil companies also spent $178.9 billion snapping up their own shares in order to raise their value, while increasing dividends and continuing to sit on mountains of cash. Clearly, this is an industry that does not need billions in taxpayer-funded subsidies. There is also little evidence that Big Oil needs a significant taxpayer handout to improve the nation’s energy security. It refuses to invest in clean energy (except at token levels). For example, Exxon’s overall annual capital budget reportedly grew at an annual rate of just 1% between 2003 and 2007. Industry-wide spending on exploration and production rose 10% to $270 billion in 2007, but most of that reflects the rising cost of rigs, labor, and oil-field service |
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12:43
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[Comment From Dave] Pax--Answer honestly--who do you work for? |
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12:44
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Kenny - Hilda Solis has taken just
$1k from oil since 2000 and has voted against Big
Oil 10 of 11 times. |
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12:44
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Andy Rowell - Solis says she does
not want to hear about anymore drilling |
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12:45
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Kenny - Let's comment on the
hearings and not argue among ourselves for now, OK? |
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12:45
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Kenny - Herseth Sandlin has taken
$16.8k from oil since 2000 |
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12:46
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Andy Rowell - She is now
advocating more use of biofuels.. |
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12:46
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Kenny - That's tied for the 2nd
most among the Dems on this committee |
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12:46
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Andy Rowell - There is increasing
evidence that biofuels are not the answer to oil
or climate |
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12:47
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Andy Rowell - I should have said
decreasing oil supplies |
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12:47
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Andy Rowell - Opening statements
are over - |
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12:47
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Kenny - This is a complicated
topic, but biofuels work best if used locally. When
brought into the world market, they cause a lot of
unintended consequences, like rising food prices,
and even deforestation. |
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12:48
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Andy Rowell - First up is
ExxonMobil |
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12:48
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[Comment From Jerm] maybe we should follow the farm money too |
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12:48
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[Comment From Dave] Kenny--it's great you have the contribution data handy, but could you also add party and state IDs for those of us who don't have them at hand? (I always hate how they cameras can never seem to line up people's name tags--is that really so hard?) |
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12:48
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[Comment From Guest] Looks like Sandlin supported Big Oil in 45% of the votes on your vote tracker... |
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12:49
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[Comment From Molly] What about algae biofuels, possibly grown in currently nonagricultural areas? |
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12:49
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Andy Rowell - Exxon are talking
about an honest and open debate - which is a bit
rich given their covert funding of climate sceptics
over the years |
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12:49
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trinamz - For anyone who is
joining right now, you can watch the hearing at
http://www.c-span.org/watch/cs_cspan3_rm.asp?Cat=TV&Code=CS3 You can look at our Follow the Oil Money tool at http://oilmoney.priceofoil.org |
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12:51
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Kenny - Thank you Pax for that
comment. That's exactly what we've been saying
regarding subsidies. that includes domestic and
intergovernmental subsidies, which make the industry
even more profitable than it would otherwise be. |
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12:51
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trinamz - In 2007-08, the management and Political Action Committees of Exxon Mobil have contributed $176,570 to House members |
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12:52
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trinamz - For that same year, the management and Political Action Committees of Exxon Mobil contributed $134,980 to Senate members |
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12:52
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[Comment From MarkWayne] So Simon is saying that if taxes are raised, the oil companies will stop investing in research and production? Please. |
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12:52
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[Comment From Pax] I agree oil companies should get no subsidies, they also distort the market |
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12:52
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[Comment From MarkWayne] The question isn't "up and down cycles." It's cycles of wars of profit. |
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12:52
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Andy Rowell - Exxon saying that as
income has grown so have taxes and in the US their
tax bill is more than earnings - the implication is
that they are not earning too much money |
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12:52
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[Comment From MarkWayne] Sorry, Simon -- all your numbers sum to the same total -- $315b. |
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12:53
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Andy Rowell - Exxon is using IEA
forecasts to say that oil is the only game in town
for the next twenty years ... |
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12:53
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Kenny - Agreed. We are not crying big salty ones for ExxonMobil, despite their tax bill. |