Exxon Mobil Announces Biggest Quarterly Profit Ever

Written by: Tegan R on Aug 5, 2008 3:51 PM EDT

Linked to campaigns: Dan Maffei for US Congress (NY-25)

(Disclaimer: This post is from a Dan Maffei campaign press release. I do not work for Dan Maffei's campaign, but I am an intern at Democracy for America.)

July 31, 2008

Maffei demands Exxon spend more on research and development, reduce the soaring cost of energy

Today, Exxon-Mobil announced its quarterly earnings: a record setting $11.68 billion for April to June. Dan Maffei, Congressional candidate for New York-25, questioned why consumers are being crushed at the pump while Exxon enjoys profits from soaring gas prices.

"Exxon-Mobil is padding the pockets of speculators, where they should focus on U.S. production" said Maffei. "Instead of idly watching the American economy suffocate under the weight of gas prices, Exxon needs to spend significantly more on research and development in the vast areas where they are already permitted to drill and have failed to take any action."

Currently, there are over 68 million acres already leased to oil companies for drilling that are sitting untouched. Research and development on these lands are only a short-term, though very necessary, step towards ending the energy crisis. We also need to immediately invest in alternatives fuels that will end our dependence on oil and give families economic stability, regardless of volatility in the cost of a barrel of oil.

Maffei continued: "My opponent has complained that we need to provide easier access to protected areas so Big Oil can drill without having to invest too much. I think the profits Exxon posted today prove they have more than enough to spend on research and development, and they don't need anymore favors from Washington D.C."

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