Energy Crisis

Floor Speech

ENERGY CRISIS -- (House of Representatives - October 28, 2005)

(Mr. EMANUEL asked and was given permission to address the House for 1 minute and to revise and extend his remarks.)

Mr. EMANUEL. Mr. Speaker, while American families and businesses struggle with sky-high energy prices, oil and gas companies are facing an entirely different crisis: What to do with all their money.

Yesterday, Exxon Mobil reported that its profits increased 75 percent in the third quarter, $9 billion. American families are struggling while energy companies are reaping huge profits, but the oil companies are unapologetic.

In fact, Henry Hubble, Exxon Mobil's vice president for investor relations, defended the profits and said, ``You have got to let the marketplace work.''

Mr. Speaker, I could not agree more. The oil companies should take their historic profits and use it to execute their business plans, and that is also why oil companies should give back the $16.5 billion in taxpayer subsidies that the Republican Congress has given to the energy companies in the past 4 months.

Mr. Speaker, right now Americans are paying twice: Once at the pumps and then again on April 15 when they file their taxes. That is not the free market, it is corporate welfare. What Congress subsidizes big oil to the tune of $16.5 billion, yet cuts home heating assistance to the elderly? A Republican Congress. Exxon said let the free market work. Let us get rid of corporate welfare for the big oil companies.

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