US Oil Executives Attack Proposed Subsidy Cuts

     Executives of five large oil companies are attacking proposals to cut $4 billion in annual U.S. government subsidies¹, even as their profits have soared and American motorists are facing near-record prices at gasoline pumps.

    The chief executive of Exxon Mobil, Rex Tillerson, told a congressional panel on Thursday that the proposed tax change is "misinformed and discriminatory" and would be "counterproductive." He said if the subsidies are ended, it would discourage(阻止) future investment in U.S. energy projects and undermine the creation of more jobs and economic growth.

    Tillerson and chief executives from BP, Shell, Chevron² and Conoco Phillips appeared before a Senate committee to voice their opposition³ to a plan supported by President Barack Obama and numerous Democratic lawmakers to end the subsidies. The president and lawmakers say the money should be used to cut the government's burgeoning⁴ deficit⁵, but many Republican lawmakers and some oil-state Democrats⁶ have sided with the oil companies.

    The Democratic lawmakers say the major oil companies no longer need the government subsidies at a time when they reported huge increases in profits in the first three months of the year. Exxon, the world's biggest oil company, said its earnings⁷ increased 69 percent in the first quarter compared to a year ago, jumping to $10.7 billion. The increase in oil profits has coincided with three-year highs in pump prices for consumers, now at an average of more than $1 a liter (nearly $4 a gallon).

    The irony⁸ of the debate is that economists⁹ say that if the subsidies are ended, gas prices would not be cut. But the profits of the oil companies would be.

    Tillerson said that neither his company nor oil majors set oil prices, which he said rise and fall based on world demand.

    The recent substantial run-up in the price of crude oil has largely been fueled by countries with emerging economies buying more oil to foster their economic growth and because of political turmoil¹⁰ across the oil-producing countries in the Middle East and North Africa. Libya's production is not expected to resume this year.

    The International Energy Agency said Thursday that the large increases in oil prices may continue.

    But the Paris-based agency of 28 mostly Western nations said the higher prices are trimming demand somewhat, down nearly 200,000 barrels a day from earlier projections¹¹. Nonetheless, the agency said the demand for oil will still grow this year by 1.5 percent, to more than 89 million barrels a day.(本文由在线英语听力室整理编辑)

1 subsidies   

n.补贴，津贴，补助金( subsidy的名词复数 )

参考例句：

• European agriculture ministers failed to break the deadlock over farm subsidies. 欧洲各国农业部长在农业补贴问题上未能打破僵局。
• Agricultural subsidies absorb about half the EU's income. 农业补贴占去了欧盟收入的大约一半。 来自《简明英汉词典》

2 chevron   

n.V形臂章；V形图案

参考例句：

• He wore shoulderstrap rank slides with sergeant's chevrons.他佩戴标示级别的肩章，上面有中士的V形标志。
• The chevron or arrow road sign indicates a sharp bend to the left or right.V形或箭头路标表示有向左或向右的急转弯。

3 opposition   

n.反对，敌对

参考例句：

• The party leader is facing opposition in his own backyard.该党领袖在自己的党內遇到了反对。
• The police tried to break down the prisoner's opposition.警察设法制住了那个囚犯的反抗。

4 burgeoning   

adj.迅速成长的，迅速发展的v.发芽，抽枝( burgeon的现在分词 )；迅速发展；发（芽），抽（枝）

参考例句：

• Our company's business is burgeoning now. 我们公司的业务现在发展很迅速。 来自《简明英汉词典》
• These efforts were insufficient to contain the burgeoning crisis. 这些努力不足以抑制迅速扩散的危机。 来自辞典例句

5 deficit   

n.亏空，亏损；赤字，逆差

参考例句：

• The directors have reported a deficit of 2.5 million dollars.董事们报告赤字为250万美元。
• We have a great deficit this year.我们今年有很大亏损。

6 democrats   

n.民主主义者，民主人士( democrat的名词复数 )

参考例句：

• The Democrats held a pep rally on Capitol Hill yesterday. 民主党昨天在国会山召开了竞选誓师大会。
• The democrats organize a filibuster in the senate. 民主党党员组织了阻挠议事。 来自《简明英汉词典》

7 earnings   

n.工资收人；利润，利益，所得

参考例句：

• That old man lives on the earnings of his daughter.那个老人靠他女儿的收入维持生活。
• Last year there was a 20% decrease in his earnings.去年他的收入减少了20%。

8 irony   

n.反语，冷嘲；具有讽刺意味的事，嘲弄

参考例句：

• She said to him with slight irony.她略带嘲讽地对他说。
• In her voice we could sense a certain tinge of irony.从她的声音里我们可以感到某种讥讽的意味。

9 economists   

n.经济学家，经济专家( economist的名词复数 )

参考例句：

• The sudden rise in share prices has confounded economists. 股价的突然上涨使经济学家大惑不解。
• Foreign bankers and economists cautiously welcomed the minister's initiative. 外国银行家和经济学家对部长的倡议反应谨慎。 来自《简明英汉词典》

10 turmoil   

n.骚乱，混乱，动乱

参考例句：

• His mind was in such a turmoil that he couldn't get to sleep.内心的纷扰使他无法入睡。
• The robbery put the village in a turmoil.抢劫使全村陷入混乱。

11 projections   

预测( projection的名词复数 )； 投影； 投掷； 突起物

参考例句：

• Their sales projections are a total thumbsuck. 他们的销售量预测纯属估计。
• The council has revised its projections of funding requirements upwards. 地方议会调高了对资金需求的预测。