Durbin Statement on Big Oil's Staggering Profits

Statement

DURBIN STATEMENT ON BIG OIL'S STAGGERING PROFITS

U.S. Senator Dick Durbin (D-IL) issued the following statement after Exxon Mobil reported the largest quarterly profits in U.S. history:

"Illinois consumers, businesses and farmers have spent over $2.5 billion more this year for gasoline than last year. High energy costs are pushing family budgets to the limit and becoming a serious drag on our economy."

"Don't blame hurricanes or Saudi sheiks for these outrageous gasoline prices. It's the greed of Big Oil. Today, Exxon Mobil reported the largest quarterly profits in U.S. history: $9.9 billion - straight from your credit card to their corporate boardroom."

"Americans may not be surprised that Big Oil is posting their largest profits ever, but they are losing patience with the Republican-led Congress for ignoring the high cost of energy. Americans need relief at the gas pump, help paying this winter's heating bills and a long term plan to lessen our dependence on foreign oil. Instead they are getting left out in the cold."

"That is why I have proposed a Windfall Profit Tax on the largest oil and gas companies. My legislation ensures that the revenue generated by the Windfall Profit Tax will be used to provide a direct rebate to consumers, fund the Low Income Home Energy Assistance Program, provide financial incentives to auto makers to make more efficient vehicles and provide States with additional resources for transit and highway projects."

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