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« Foreign oil disruption seen as “likely” in next ten years says Sen. Voinovich | Main | Report, images show gross human rights abuse in North Korea »
Thursday
Jul312008

"Christmas in July" for big oil companies, says Sen. Schumer

AuthorStaff DateThursday, July 31, 2008 at 12:35PM
A press conference was held to discuss the record profits that big oil companies have made. According to Senator Charles Schumer (D-N.Y.), big oil companies are using their profits to buy back their own stock in order to increase the price of their shares. The Senate and House Democrats demanded an end to billion-dollar tax breaks for big oil companies and that those companies divert more resources to increased U.S. production, renewable energy and research and development. (18:27)
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