Job losses continue as Big Oil profits soar

Written by: Tegan R on Aug 5, 2008 3:55 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.)

Unemployment rose to 5.7 percent in July; Exxon Mobil reported record profits

August 1, 2008

FANWOOD – Today, the Department of Labor reported job losses for the seventh consecutive month. Employers eliminated 51,000 jobs in the month of July alone, for a total of 463,000 fewer jobs now than in December 2007 [Washington Post, 8/1/08].

The report comes one day after Exxon Mobil reported the highest quarterly profits ever for a corporation, with an income of $11.68 billion for April through June [New York Times, 8/31/08].

“While American unemployment numbers climbed for the seventh straight month, the Bush Administration’s friends in Big Oil reported the highest quarterly profits ever for a corporation,” said Linda Stender, candidate for Congress in New Jersey’s 7th District. “At the same time our families are paying almost $4 a gallon, Big Oil continues to benefit from tax breaks and record profits. As I travel around the 7th District, I hear everyday from families who are hurting, and who are worried about providing a better future for their children and grandchildren.”

“The failed policies of the Bush Administration have left our economy in shambles. Gas is almost $4 a gallon, healthcare costs are skyrocketing, and millions of Americans are in danger of losing their homes. This election offers a real choice between more of the same, or change and a new direction for our country. Instead of tax breaks for Big Oil, we need an energy policy that brings down gas prices and revitalizes our economy, through investments in renewable energy sources and the creation of good, new jobs in green technologies. In Congress, I’ll fight to bring the change New Jersey families so desperately need.”

Background Information

•  The unemployment rate grew to 5.7 percent in the month of July, marking the seventh straight month of job loss [New York Times, 8/1/08].

•  Unemployment numbers rose by 285,000 in the month of July [Washington Post, 8/1/2008].

•  In a few areas of major loss, construction employers cut 22,000 jobs, manufacturers cuts 35,000 jobs, and retailers cut 17,000 jobs [Washington Post, 8/1/2008].

•  In the third-worst quarterly report in company history, General Motors Corp. today reported losses of $15.5 billion in the second quarter of 2008 as North American sales plummeted [AP, 8/1/08].

•  Yesterday, Exxon Mobil reported income from April through June of $11.68 billion, or profits of nearly $90,000 per minute [New York Times, 8/1/2008].

•  The average American will pay $3.98 for a gallon of gas today. [AAA, accessed 8/1/2008]

•  New Jersey families are paying an average of $3.84 per gallon today. [AAA, accessed 8/1/2008]

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