Lois Capps: “ExxonMobil recently announced that they have earned over $40 billion in 2007, the highest profits ever for a U.S.…”

“ExxonMobil recently announced that they have earned over $40 billion in 2007, the highest profits ever for a U.S. company. Of course, we want our U.S. companies to succeed in the global marketplace, but hugely profitable oil companies certainly don't need taxpayer subsidies, especially as the price of oil continues to hover at $100 a barrel. I want to urge my colleagues, it was none other than President Bush who said that with oil at $50 a barrel, he saw no need for the kind of subsidies put in the 2005 energy bill by the Republican Congress. My constituents are fed up that oil companies are reaping billions in profits while hardworking Americans are suffering from a slowing economy. Now is the time to level the playing field by removing Big Oil tax breaks and advancing clean technologies that will create green collar jobs and help grow our economy, drive down high energy prices, reduce our dependence on dirty and dangerous fossil fuels, and curb global warming pollution. If we are going to give American consumers more efficient and cheaper energy options, we need to expand the incentives to invest in renewable and alternative energy sources. The House will soon take up legislation to repeal these giveaways and to put our tax dollars to work to create a new policy for the 21st century. This legislation will significantly move us toward the goal of energy independence. I urge my colleagues to support this bill.”