Statement by Senator Hillary Rodham Clinton on Record Oil Company Profits

Statement by Senator Hillary Rodham Clinton on Record Oil Company Profits

Clinton Challenges Oil Companies to Reinvest Profits in Strategic Energy Fund

Today, in response to earnings reports announced this week by several oil companies, Senator Clinton issued the following statement:

"Today's news of record profits by our nation's oil companies further proves the point that it is time for them to step up to the plate and use the huge benefits they are reaping to become part of our nation's energy solution. Now is the perfect time for oil companies, flush with cash, to transform themselves into energy companies and invest in technologies that will increase America's energy independence. My proposal to establish a Strategic Energy Fund will do just that while helping consumers cope with spiraling energy costs, promoting adoption of existing clean energy and conservation technologies; and stimulating research.

"As Americans struggle to pay for gas at the pumps and heat for their homes, the oil companies have a responsibility to reinvest their soaring profits into strategies that help consumers and lessen our oil dependence. I find it outrageous that as the Republicans in Congress vote down the heating assistance that we know low income families will need this winter, their oil company cronies are sitting on record profits. It's time for a new national energy strategy if we are to truly change our energy future. We need to become the world's major supplier of new energy technologies, not just the world's major consumer of oil."

http://clinton.senate.gov/news/statements/details.cfm?id=247869&&