STENDER: Big Oil profits soar while we pay more at the pump

Written by: Tegan R on Aug 5, 2008 2:23 PM EDT

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

We need change in Washington to address our energy crisis and bring real relief

July 31, 2008

FANWOOD – At the same time consumers are paying almost $4 a gallon for gas, Exxon Mobil today reported the highest quarterly profit ever for any American company. The world’s largest publicly traded oil company reported income growth of 14% for the second quarter, to $11.68 billion [New York Times, 7/31/08].

Exxon Mobil made nearly $90,000 per minute from April through June of this year, according to the oil company’s report.

“While New Jersey families are struggling to pay record gas prices, Big Oil continues to reap in record profits at our expense,” said Linda Stender, candidate for Congress in New Jersey’s 7th District. “Our economy is in shambles, and families are forced to pay the rising costs of everything from gas to food to healthcare. We are in an energy crisis, and must develop a real national energy policy that brings down gas prices and invests in renewable energy sources.”

“Instead of tax breaks for Big Oil, we must end our dependence on foreign oil and invest in conservation, energy efficiency, and green technologies. Renewable fuels will help revitalize our economy and create good, new jobs. We need real change in Washington, not more of the same failed policies of the last seven years. The Bush Administration has led our country in the wrong direction, and I’m running for Congress to get us back on the right track,” Stender added.

Linda Stender is from Fanwood, NJ, where she and her husband Richard raised their three children and still reside today. Stender currently represents the 22nd Legislative District in the New Jersey Assembly, where she has championed policies that benefit working families.

Background Information:

•  The average American will pay $3.90 for a gallon of gas today. [AAA, accessed 7/31/08]

•  New Jersey families are paying an average of $3.85 per gallon today. [AAA, accessed 7/31/08]

•  Last month, we learned the Bush Administration had direct involvement in awarding no-bid contracts in Iraq to the same Big Oil companies reporting record profits [New York Times, 6/30/08]

•  Five years ago, gas prices in our country averaged less than $1.50 per gallon. [gasbuddy.com, accessed 7/31/08]

•  Five years ago, the average suburban household spent $1,422 on gasoline per year. As of April 2008, suburban households are spending an average of average of $3,196 per year on gasoline [New York Times, 6/25/08].

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