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Exxon called on to invest 10% of their profits to support other energies

Markey Chairman of the select committee on energy Independence and Global warming challenged the executives to pledge to invest 10 percent of their profits to develop renewable energy and give up $18 billion in tax breaks over 10 years so money could be funneled to support other energy and conservation. The executives said the companies already are spending billions of dollars - more than $3.5 billion over the last five years - on renewable fuels such as wind energy and biodiesel, but rejected any tax increases. "Imposing punitive taxes on American energy companies, which already pay record taxes, will discourage the sustained investment needed to continue safeguarding U.S. energy security," Simon insisted. "These companies are defending billions of federal subsidies ... while reaping over a hundred billion dollars in profits in just the last year alone," complained Markey, chairman of the Select Committee on Energy Independence and Global Warming.

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Comment balloon 0 commentsBrandon Jordan • September 18 2008 12:37AM
Exxon called on to invest 10% of their profits to support other…
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Markey Chairman of the select committee on energy Independence and Global warming challenged the executives to pledge to invest 10 percent of their profits to develop renewable energy and give up $18 billion in tax… more