Oil Company Profits Come at Expense of Middle-Class Families, Says DeLauro

Oil Company Profits Come at Expense of Middle-Class Families, Says DeLauro

WASHINGTON, D.C. - In advance of the president's prime time news conference this evening, where he will present his Administration's solutions to the nation's energy problems, Congresswoman Rosa L. DeLauro (Conn.-3) issued the following statement. One year ago, gas in the New Haven area averaged $1.79 per gallon. Today, it averages $2.27 per gallon, but is as high as $2.38 in some parts of the Third District. Three of the largest oil and gas companies - Exxon Mobil, Royal Dutch/Shell, and ConocoPhillips all reported profits in the first-quarter that great exceeded those of last year. Exxon reported a 44% rise, due mainly to strong crude and natural gas prices.

"Today we learn that the economy grew at the slowest rate in two years, consumer prices are on the rise, yet oil company profits continue to surge. These profits are coming at the expense of middle-class families, who are struggling to keep up with the record-high gas prices as they try desperately to make ends meet.

"If the president wants to put forward a real solution to energy independence that will give middle-class families relief now, he should stop the price gouging in the oil industry and explain why he continues to fill the Strategic Petroleum Reserve with gas prices still rising.

"Today I call on the president to move immediately to block anti-competitive oil company mergers, stop filling the Strategic Petroleum Reserve until gas prices come down, and investigate the oil industry market that has driven up prices on the backs of middle-class families.

http://www.house.gov/delauro/press/2005/April/oil_prices_04_28_05.html