Senate Dems Grill Oil Executives on Subsidies

The CEO of Chevron told Congress Thursday that Americans aren't looking for a shared sacrifice from the oil industry in helping to reduce the national deficit even though the American people are feeling the pain at the pump. "I don't think American people want shared sacrifice," John Watson, CEO of Chevron, said at a Senate Finance committee hearing today. "I think they want shared prosperity." But Sen. Jay Rockefeller, D-West Va., said the oil companies' unwillingness to turn over their tax subsidies showed they were "out of touch." "I think you're out of touch, deeply profoundly out of touch and deeply and profoundly committed to sharing nothing," Rockefeller said. "You never lose. You've never lost. You always prevail." Senate Democrats pounded executives from the country's five largest and most profitable oil companies ? BP America, Chevron, ConocoPhillips, ExxonMobil and Shell ? about accepting taxpayer subsidies while gas prices continue to rise.

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