Washington, DC – Today, local Congresswoman Kirsten Gillibrand released the following statement after Exxon Mobil reported that they made $11.68 billion in profits for the second quarter of 2008 – a 14% increase from a year ago and the highest-ever recorded profit for an American company:

“With gas prices over $4 a gallon, it is no surprise that Exxon Mobil and the other big oil companies are raking in tens of billions in profits at the expense of hardworking families, farmers, small businesses and seniors.  This is outrageous and a result of our country’s failed energy policies that have been put in place by this Administration.

“While Upstate households struggle to fill up their gas tanks and worry about heating their homes this winter, the big five oil companies are enjoying record profits as the American economy struggles under the burden of high energy costs.  I will continue to fight for short-term energy relief and long-term solutions involving increased domestic drilling, conservation technologies and alternative energies.   Upstate New York families deserve bipartisan solutions to our energy crisis, and not more partisan fighting in Congress.”

“In addition, as we have record deficits, Congress should continue to try and force the Bush Administration to end the tax breaks for oil and gas companies. It is ridiculous that taxpayers would subsidize oil and gas companies making record profits as families struggle to fill their gas tank.”

Congresswoman Gillibrand has voted several times to repeal $14 billion in tax breaks to oil and gas companies and reinvest those savings in alternative energy research and development.

Over the past three months, Congresswoman Gillibrand has supported or voted in favor of the following bills:

Congress has enacted into law:

·         Strategic Petroleum Reserve Fill Suspension and Consumer Protection Act – Temporarily suspends the filling of the SPR, starting June 30th, to put more oil on the market, which experts agree will help drive down gasoline prices. Signed into law on May 19, 2008. 

·         Energy Independence and Security Act in 2007– Historic energy legislation with provisions to combat oil market manipulation, increase vehicle fuel efficiency to 35 miles per gallon in 2020 – the first Congressional increase in more than three decades-- and promote the use of more affordable American biofuels.  Signed into law on December 19, 2007.

·         Food, Conservation, and Energy Act of 2008 – The new Farm Bill makes a historic commitment to more affordable homegrown American biofuels and increases Commodity Futures Trading Commission oversight authority to detect and prevent manipulation of energy prices. President Bush vetoed this bill, but the Congress has overridden that veto.

Legislation that the House has passed, and waiting on Senate approval:

·         Reducing Transit Fares – Gives grants to mass transit authorities to lower fares for commuters pinched at the pump and expand transit services.

·         Renewable Energy and Job Creation Act – Legislation to extend and expand tax incentives for renewable energy, including incentives for plug-in vehicles, retain and create hundreds of thousands of green jobs, spur American innovation and business investment, and cut taxes for millions of Americans.  The President has threatened a veto.

·         The Gas Price Relief for Consumers Act – Legislation to combat record gas prices by authorizing lawsuits against oil cartel members for oil price fixing, and creating an Antitrust Task Force to crack down on oil companies engaged in anticompetitive behavior or market manipulation.  President Bush has threatened to veto this bill.

·         Energy Price Gouging Prevention Act – This bill will provide immediate relief to consumers by giving the Federal Trade Commission (FTC) the authority to investigate and punish those who artificially inflate the price of energy. President Bush has threatened to veto this bill.

Legislation that has failed to pass the House that Gillibrand Has Supported:

·         Cracking Down on Price Gouging– Gives enforcement authority to the Federal Trade Commission to investigate and punish those who artificially inflate fuel prices, similar to legislation passed last year.

·         “Use It Or Lose It” for Oil Companies Holding Permits and Not Drilling – Compels the oil industry to start drilling or lose permits on the 68 million acres of undeveloped federal oil reserves which they are currently warehousing, keeping domestic supply lower and prices higher.

·         Reigning In Excessive Oil Speculation – Closes the loopholes that allow for oil speculators to operate in the dark without federal oversight, brings much-needed transparency to commodities and futures markets, and strengthen enforcement to prevent market manipulation and to prosecute fraud