Pelosi: Today's Record Oil Company Profits Are a Reminder of Republicans' Failed Energy Policies

Pelosi: Today's Record Oil Company Profits Are a Reminder of Republicans' Failed Energy Policies

House Democratic Leader Nancy Pelosi released the following statement today in response to news that oil company profits continue to surge with ExxonMobil reporting the second-largest profits ever in the third quarter of 2006.

"Today's record oil company profits remind Americans that Republicans' energy policies, which were written in secret by the Cheney Task Force and the energy industry, are an abject failure for the American people. Their six-year record of heaping subsidies on oil companies reaping record profits while leaving consumers to pay the bill, has brought us record dependence on foreign oil.

"Under President Bush and the Republican Congress gas prices are 75 percent higher than in 2000, consumers will pay an average $2,300 more in energy costs than they did in 2000, and we are sending nearly $800 million a day to the Middle East and other oil producing countries."

"Democrats' New Direction will free America from our dangerous addiction to foreign oil - and we intend to do it within 10 years. Our energy plan ends these unnecessary giveaways to Big Oil and invests in clean, energy-efficient technologies, conservation, and promoting domestic energy alternatives, such as biofuels. Our plan will send our energy dollars to the Midwest, not the Middle East."

http://democraticleader.house.gov/press/releases.cfm?pressReleaseID=1899