“Christmas in July” for big oil companies, says Sen. Schumer
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)
July 31, 2008
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