U.S. Rep. Nick J. Rahall (D-WV) expressed his continued frustration today with the lack of action by the Administration to lower gas prices in West Virginia and across the Nation. "West Virginians continue to pay outrageous prices for gasoline while this Administration sits by and gives out donations to the Big Oil Corporations who are seeing record profits this year," said Rahall. "This is an outrage to me and every hardworking West Virginian!"

The average price of a gallon of regular gasoline in West Virginia is currently $2.10, according to AAA. Since gas prices skyrocketed to record highs eight weeks ago, they have remained remarkably high and President Bush's Administration has remained remarkably stagnant in any efforts to lower the prices. "This is week eight of the gas price crisis in West Virginia," Rahall said.

"It is incomprehensible to me to read that the Associated Press is reporting that ExxonMobil, ChevronTexaco, and ConocoPhillips broke profit records in 2004," said Rahall. "Not just oil profit records, but record profits across all industries! How can these companies continue to bring in profits and raise the price of gasoline simultaneously? I am reasserting my call to President Bush's Administration to complete a full investigation into the possibility of price setting by these large oil companies."

According to the Associated Press, ExxonMobile broke the U.S. record by reporting a 2004 profit of $25.43 billion, taking the title away from Ford. Many of these oil companies increased their profits, including a 72% increase for ConocoPhillips and a 84% increase for ChevronTexaco.

In addition to these record corporate profits, the CEO's of these companies are receiving record salaries. According to the Associated Press, "Buoyed by high oil prices, ExxonMobil Corp. had a record-breaking year in 2004 and chairman and chief executive Lee R. Raymond shared in the company's success with a $38 million compensation package." Other oil CEO's received millions of dollars in bonuses as well.

"These fat cats are taking hundreds of dollars from each family in West Virginia and putting it directly into their wallets," said Rahall. "They may be setting these prices higher than necessary to bleed money from the pockets of West Virginians. Then these CEO's are probably spending our hard earned money on yachts and mansions. This Administration needs to listen to calls for action and finally do something to lower these prices."