Capps Decries Exxon Mobil Profit

In light of the recent announcement that oil corporation Exxon Mobil made a record profit of $40.6 billion last year while American motorists must struggle with restrictively high gas prices, Congresswoman Lois Capps released the a statement on Friday, February 1, decrying oil executives’ success. In reference to the apparent disparity, Capps asked “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?” As of the publication of this article, the average American per-gallon gas price was $2.98. Californian prices are considerably higher, with prices in Santa Barbara County fluctuating between $3.15 and $3.35 for the most part.

Capps noted that legislators had attempted to amend the situation by pasting the Energy Independence and Security Act, which passed both congressional houses and was signed into law on December 19, 2007. “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,” Capps said in a statement. “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.”

Capps also said she hoped Congress will further pursue alternative, renewable energy sources in 2008.