Hoyer Speaks out about Exxons's 2006 Q1 8,000 Million Dollar ($8B) Profits - Southern Maryland Headline News

Hoyer Speaks out about Exxons's 2006 Q1 8,000 Million Dollar ($8B) Profits

Hoyer: More Profits for Big Oil, More Frustration for American Drivers, More Political Posturing from Republicans

WASHINGTON, DC - House Democratic Whip Steny H. Hoyer (MD) released the following statement today in response to an announcement by Exxon Mobil Corp, the world's largest publicly traded oil company, that its 1st quarter profit is up 7% over last year's to more than $8 billion and Speaker Hastert's statement that Republicans would bring energy provisions to the House Floor in the coming week:

"Exxon Mobil's increase in profits is just the latest frustration for an American driving public who is struggling to afford $40 or $50 for a tank of gas.

"Republicans' have no answer to skyrocketing gas prices, instead they are engaging in a predictable election year scramble to respond to a crisis that they have known is coming for years.

"Republicans propose drilling in an arctic wildlife refuge, which will produce no oil for a decade and do nothing to end our addiction to oil. They are embracing in an election year panic measures against price gouging, which Democrats proposed months ago and Republicans defeated. Republicans are also at best Johnny-come-latelys and at worst insincere in promoting alternative energy like hydrogen - having made alternative fuels a step-child in the major energy bill they pushed through just a few months ago.

"Since well before the current crunch at the pump, Democrats have pushed for making it easier to stop price gouging, increasing production and use of alternative fuels, rolling back billions in taxpayer subsidies for big oil, and expanding refining capacity. Democrats will continue to put forward innovative ideas that will help and protect consumers in the short-term while moving our country towards energy independence for our nation's long-term security and prosperity."

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