The oil contracts, they were charged a $64 million penalty, but they are making billions, almost a trillion dollars I think in terms of the amount of money they are taking in. As our colleague from Massachusetts said, they are not going to stop doing it, because what do they care if they pay a few million dollar penalty when they are making billions of dollars? That is the problem. As I said before, if this had been a different time, like World War II, they would have been out of business; that would have been it. Now, twice, and it is probably going to be more. It is just unbelievable.
Frank Pallone: “The oil contracts, they were charged a $64 million penalty, but they are making billions, almost a trillion dollars I…”
On the recordFebruary 3, 2004
Source
govinfo.govEditor's note · Context
Discussing penalties imposed on oil companies and their financial gains.
Share
More from Frank Pallone
Aug 31, 2026
I’m glad I was able to secure the federal funding necessary to support this project, which will make these Jersey Shore communities more resilient in the years to come.
Sep 29, 2026
If Congress fails to adopt strong guardrails, he has said a federal moratorium on data centers should be put in place.
Oct 8, 2026
We had no choice but to introduce the arbitration system if we wanted to actually get rid of surprise billing.
Aug 29, 2026
Beach replenishment is about keeping people safe," said Pallone. "With strong coastlines, our residents, businesses, and communities are better equipped to face extreme weather events. I’m glad I was able to secure the federal funding…





