WASHINGTON, D.C. – Congresswoman Capps released the following statement regarding today’s announcement from Exxon Mobil that it earned a record $40.6 billion in profits last year: 

“Today Exxon Mobil announced that it earned a record $40.6 billion last year and $11.7 billion for the final three months of 2007, shattering the previous record of $39.5 billion which had also been set by Exxon Mobil in 2006.  These record breaking profits for the oil and gas industry come at a time when most Americans are struggling to cope with rapidly rising gasoline and home heating costs.  This begs the question: should American taxpayers continue to pay for lavish subsidies for big oil and gas companies granted by the Bush Administration and the Republican Congress even as the industry rakes in historic profits at the expense of American consumers? 

“For far too long we have neglected investments in sensible energy policy, such as renewable energy sources, enhanced efficiency and improved conservation, while giving away the store to the very industries that encourage our country’s addiction to fossil fuels.  Last year the Democratic-led Congress attempted to address these glaring inconsistencies in our energy policy.  Our legislation, the CLEAN Energy Act would have repealed $14 billion in subsidies given to big oil companies over 10 years and invest those funds in clean, renewable energy and energy efficiency and it would ensure that oil companies awarded certain offshore leases in 1998 and 1999 pay their fair share in royalties. 

 “Unfortunately, President Bush and his Republican friends in Congress opposed these efforts to roll back the big taxpayer funded giveaways to the oil and gas companies.  Despite their repeated resistance and obstruction, the new Democratic Congress was able to move our country in a new direction by enacting the most significant energy bill in a generation.  This responsible energy bill takes a major step toward ending our dependence on oil by increasing efficiency standards for cars and trucks for the first time in over 30 years.  This will reduce America’s need for oil by 1.1 million gallons per day, cut millions of tons of global warming pollution, and save families up to $1,000 every year.  Our bill also implements landmark energy efficiency standards for appliances, lighting and buildings, which will save American families and businesses billions of dollars in unnecessary energy costs.  Additionally the legislation encourages the production of environmentally-protective home-grown biofuels, such as cellulosic ethanol.  These steps finally begin to address high gas prices, America’s oil addiction, and the global warming crisis while helping to create hundreds of thousands of jobs in clean energy technologies.

“In the coming year Congress wants to do more by promoting solar, wind and other renewable energy sources.  I also hope that we can take another look at the huge giveaways for the oil and gas industry funded by the American taxpayers.  It seems reasonable to me that if this industry is flush with profits earned at the expense of American consumers, then we can afford to invest that funding in other ways that might actually benefit consumers.”

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Pictured above: (center) Congresswoman Capps meets with Central Coast firefighters to discuss emergency preparedness.