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Oil Industry / Hearings #998145

NBC Evening News for Thursday, May 12, 2011
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(Studio: Brian Williams) Average gas price cited. NOTES: Joined in progress; local weather bulletin on screen.

(Capitol: Kelly O’Donnell) Congressional hearings on tax breaks for the oil industry amid outrage over high gas prices reviewed; details given of the Democrats’ effort to eliminate some tax deductions. [Senators Max BAUCUS†, Charles SCHUMER†, Ron WYDEN†- criticize the tax subsidies and incentives while the companies are making huge profits.] [Chevron CEO John WATSON†- says don’t punish our industry for doing its job well.] [ConocoPhillips CEO Jim MULVA†- says costs and taxes go up and oil is more difficult to find.] [Senator Orrin HATCH†- says lower the price of gas at the pump.] [Senator Jay ROCKEFELLER – says you’re out of touch.] [ExxonMobil CEO Rex TILLERSON†- says we understand the big picture.]

Williams, Brian;
O’Donnell, Kelly

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