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Oil Industry / Hearings #993618

ABC Evening News for Thursday, May 12, 2011
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(Studio: Diane Sawyer) The big showdown on Capitol Hill about the high gasoline prices introduced; big oil profits outlined on screen.

(Capitol Hill: Jonathan Karl) Congressional outrage over gas prices, oil company profits and tax breaks examined; scenes shown from the Senate Finance Committee hearings with leaders of the oil industry; details given of the Democratic push to eliminate tax breaks that has no chance of passing in Congress. [Senator Jay ROCKEFELLER - says you are out of touch.] [In response to question from Senator Charles SCHUMER, ConocoPhillips CEO Jim MULVA†- says our task is to provide energy; criticizes raising taxes.] [Chevron CEO John WATSON†- comments.] [Republican Senator Orrin HATCH - responds.] The percentage that oil companies pay in taxes and whether the oil industry tax rate is fair discussed.

Sawyer, Diane;
Karl, Jonathan

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