Tim Walz: “you've heard previous speakers this morning talk about the incredible profits of oil companies. The number is $40…”

“you've heard previous speakers this morning talk about the incredible profits of oil companies. The number is $40 billion last year. That is the largest corporate profit in the history of this Nation. And meanwhile, as these profits are flowing and high energy prices continue to squeeze working-class Americans since President Bush took office, gas prices are up 109 percent, and home heating prices are up 222 percent. And over that same period of time, profits at the oil companies are up 313 percent. Now, to add insult to injury, in addition to these profits, the oil companies are currently receiving tax subsidies from the taxpayers of America. House Democrats do not believe that's right. In the coming weeks, we are going to consider legislation that will end those subsidies and transfer it to renewable energy sources. Renewable energy jobs and investment across America depend on Washington to act on this. Mr. Speaker, by passing this energy bill, congressional Democrats will lower energy costs, improve national security by making us more energy independent, and end taxpayer finance subsidies to the oil companies.”