Say What?

Look out! The elections are approaching. Rethuglicans are running scared. Democrats want to improve their position. All the cynical, uncaring, unresponsive attitudes Congress has displayed towards Americans in the last year will be swept away by their new found concern over how greedy oil companies are gouging the 'little guys.'

Standing there in their little news conferences and media events, they just ooze with empathy and compassion. A couple of gasbags US Senators, were harrumphing today about how they are going to make sure big oil is playing by the rules:

A Senate committee Wednesday announced an investigation into taxes paid by major oil companies and asked the Internal Revenue Service for the companies' tax returns. The Senate Finance Committee promised "a comprehensive review of the federal taxes paid" by the 15 largest oil and gas companies. The committee said it wanted to inspect their tax returns for the last five years.

Sen. Charles Grassley, R-Iowa, the committee's chairman, said the panel was concerned about high profits and executive compensation at oil companies. "I want to make sure the oil companies aren't taking a speed pass by the tax man," said Grassley in a statement.

With gasoline prices soaring and oil companies announcing record profits, "it's relevant to know what the real financial picture is for this industry," Montana Sen. Max Baucus, the ranking Democrat on the committee, said.

In a letter to the IRS, Grassley and Baucus said the tax records of the major oil companies are needed to conduct "a comprehensive review" of the companies' compliance with tax laws.

"As pressure mounts to address extraordinarily high gas prices that consumers are facing at the pump, we feel we should better understand the federal tax posture of the industry," the two senators wrote IRS Commissioner Mark Everson.

In their request, the senators noted not only the industry profits, but "an extremely lucrative retirement plan by one oil and gas industry executive, benefits which may have been subsidized in part by the taxpayers."

Gee, I don't know, but isn't this 'comprehensive review' just a little late?

Seems like the Senators SHOULD HAVE DONE THEIR JOBS LAST YEAR, and reviewed the companies' tax compliance before giving them TAX BREAKS OF OVER $14 BILLION!!!

Just pitiful.
Posted on The Human Stain