Christmas in July for oil companies, says Sen. Schumer

Senator Charles Schumer (D-N.Y.) says it is Christmas in July for big oil companies thanks to their record profits. Schumer says he is not shocked by the profits but is shocked about how they are spending it. Schumer says that big oil companies are using their profits to buy back their stocks to increase share prices. (0:44)
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Big oil companies selfish and hypocritical, says Sen. Schumer

At a press conference on oil companies' profits, Senator Charles Schumer (D-N.Y.) says that big oil companies have not delivered anything to anyone despite their record profits. Schumer says that big oil companies form the most selfish and more hypocritical group of companies. Schumer addes that Exxon spends more money on its chief executive officer than it does on research. (0:42)
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Clinton says we need to shift priorities in the tax code

At the CWA Conference, Senator Hillary Clinton (D-NY) says when she says solutions, she says, she will rebuild the middle class, and will end 55 billion dollars in tax breaks for oil companies, drug companies, insurance companies, and Wall Street, and will give that money back to hard working middle class families instead. You will get more help with student loans, health care for all, and millions of jobs that cannot be sent overseas because they will be created right here. I will cut middle class taxes, she says, by at least 100 billion dollars a year, and I will let taxes increase on people earning more than $250,000 a year. They have had their run, it's time we shifted our priorities in the tax code. (:50)
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Hofmeister: Oil price increases not controlled by oil companies

Shell Oil President John Hofmeister says that increases in oil prices are not caused by the actions of oil companies, but by increasing demand and other factors.
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Simon: ExxonMobil's tax bills have grown more than their profits

Stephen Simon, senior vice president of ExxonMobil, discusses the oil company's investment plans and says that its tax bill has exceeded its earnings.
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