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I know you've been waiting for this. Big Oil executives are testifying right now before the Senate Finance Committee's ominously named (for the industry) hearing on Oil and Gas Tax Incentives and Rising Energy Prices hearing.

Senate Democrats want to repeal $21 billion in tax incentives for oil companies over 10 years.

The oil sector got some symbolic good news before today's hearing kicked off. The price of oil dropped below $100 a barrel yesterday.

More important to the average driver, the price of gasoline scheduled for delivery also dropped the most it had in two years after an Energy Department report showed larger U.S. supplies surged and lower fuel demand.

Of course, it's not a simple A to B to C process, but at least the big guns didn't have to show up on Capitol Hill today with crude prices climbing.

However, most energy execs see U.S. oil topping $121 per barrel this year.

If you don't get a chance to watch the Senate Finance hearing online live, the prepared testimony of the of the big oil big guns should be posted ont eh committee's website later today. 

As a preview, you can check out ExxonMobil CEO Rex Tillerson's remarks, which he released prior to the hearing and the key points of which are likely to be repeated by his colleagues.

UPDATE -- Here's the rest of the prepared testimony from today's oil industry profits/tax breaks hearing:

  • James Mulva, Chairman and Chief Executive Officer, ConocoPhillips
  • H. Lamar McKay, Chairman and President, BP America Inc. 
  • Marvin Odum, U.S. President, Shell Oil Company
  • John Watson, Chairman of the Board and Chief Executive Officer, Chevron Corporation 

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