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STENDER: Big Oil rakes in profits while our economy suffers

Press Release

Location: Fanwood, NJ

Today, Linda Stender called on her opponent Leonard Lance to join her in repudiating the failed Bush energy plan and calling for an end to tax breaks and subsidies for Big Oil. As those same Big Oil companies continue to report record profits, the Department of Labor yesterday released new figures showing our economy is moving dangerously toward a recession, with the rate of inflation increasing and consumer prices rising 5.6 percent in July from one year earlier. This was the highest one year jump in 17 years [Wall Street Journal, 8/15/2008].

American families faced an increase in energy costs for the third straight month in July. Energy prices rose 4 percent, gasoline prices rose 4.1 percent, and natural gas prices rose 7.4 percent. [Wall Street Journal, 8/15/2008]. Meanwhile, Exxon Mobil reported the largest quarterly profits for a corporation in history from April through June - almost $90,000 per minute.

"New Jersey families are struggling to afford the rising costs of everything from gas to food to healthcare, and they need real relief," said Linda Stender, candidate for Congress in New Jersey's 7th District. "At the same time Big Oil companies are reporting record profits and benefiting from Republican-sponsored tax breaks, our economy is in shambles and families are just trying to make ends meet. Too many parents are forced to choose between filling up a tank of gas or taking their child to the doctor."

"This election offers a real choice between more of the same failed policies of the Bush Administration, or change and a new direction for our country. I'm running for Congress to bring the change New Jersey families need. I challenge my opponent Leonard Lance to join me in repudiating the failed Bush energy plan, supporting an end to tax breaks and subsidies to Big Oil, and calling on oil companies to start drilling on the 68 million acres of federal land currently leased for energy production but not being used. We need an energy policy that lowers gas prices and ends our dependence on foreign oil, through investments in renewable energy sources and green technologies. We owe it to our children and grandchildren to leave them a cleaner, greener world."

Linda Stender is from Fanwood, New Jersey, where she and her husband Richard raised their three children and still reside today. Stender currently represents the 22nd Legislative District in the New Jersey Assembly, where she has championed policies that benefit working families.

Background Information

# The Consumer Price index rose .8 percent in June. [Wall Street Journal, 8/15/2008]
# In the last 12 months, the Consumer Price Index rose 5.6 percent, the biggest one-year jump in 17 years. [New York Times, 7/16/08]
# Last month, the Department of Labor reported job losses for the seventh consecutive month, for a total of 463,000 fewer jobs than in December 2007 [Washington Post, 8/1/2008]
# Earlier this month, Exxon Mobil reported income for April through June of $11.68 billion, or profits of nearly $90,000 per minute. [New York Times, 8/1/2008]
# The average American will pay $3.77 for a gallon of gas today. [AAA, accessed 8/15/2008]
# New Jersey families will pay an average of $3.65 for a gallon of gas today. [AAA, accessed 8/15/2008]

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