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Neil Cavuto Sticks Up For Poor, Overtaxed Chevron

Reported by Guest Blogger - May 13, 2011 -

By Brian

Your World yesterday (5/12/11) featured a lengthy interview with Chevron Chair and CEO Jim Watson on the Senate hearings on gas and oil prices and subsidies. Neil Cavuto’s question, “You guys weren't given much of a chance to say anything today," pretty much summed up his tone for the entire interview. So did the banner saying, “Hearing with oil CEO’s labeled a “dog and pony” show.”

Watson said, "We pay our fair share of taxes. I told them that the tax treatment we receive is comparable in terms of deductions in credits to the treatment received by other companies, and all we want is to be treated fairly and equitably relative to other companies in our industry… and relative to other industries."

Cavuto again was sympathetic. "Did you feel that you were just part of a kangaroo court though? I noticed a lot of times, not only could you guys not get out an answer, but that they were more interested in making speeches?"

Watson called for "shared prosperity, and the opportunity that our industry has to create jobs, create tax revenue, and ultimately put more supply on the market to keep prices down.”

Cavuto asked, "Do you think if you guys weren't making so much money, and you're making a lot of money, there would even be a hearing today?" Comment: If gas prices weren't so high, there wouldn't be hearings, Neil.

Watson said, "Our business is very big… We're spending $26 billion this year to try to find more oil and gas around the world and bring it to our customers... Our effective tax rate last year was 41%... Chevron's tax bill last year was about $13 billion, and we pay royalties and fees on top of that., so we pay our fair share."

Comment: Check out the Chicago Sun-Times and you’ll see Chevron got a $19 million refund in 2009 on $10 billion in profits. They had a federal tax liability of $128 million, and used the tax code to defer $147 million and get the refund. No one feels sorry for Chevron, or any of the corporations that get away without paying their fair share – except Fox News.

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