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Thursday, May 12, 2011

Democrats, oil executives face off at hearing

Senate Democrats and the heads of the five biggest private oil companies faced off Thursday in a showdown over efforts to repeal billions in annual industry tax incentives amid rising industry profits, gas prices and the federal debt.

Democrats have pointed to roughly $35 billion in earnings from the five biggest oil companies in the first quarter of 2011 as justification that their federal incentives are not necessary.Read More