Republicans Ignore Sky High Gas Prices While Big Oil Rakes in Record Profits
On a day when Shell Oil Company announced profits of more than $6 billion, Americans continue to be gouged at the pump while Republican leaders in Washington offer no solutions, only tax breaks for their industry friends.
"Today another oil company joined the growing list of big energy firms raking in record profits on the backs of American consumers. It looks like the Bush-Cheney Administration's experience in the oilfields has really paid off for big oil," said Democratic National Committee Press Secretary Stacie Paxton. "Time and again, Republicans in Washington have had an opportunity to offer a real energy policy to the American people but instead have chosen to side with their friends in the industry. The American people want change, not more of the same failed Bush policies that have led to gas prices reaching an average of $3 a gallon and done nothing to reduce our dependence on foreign oil. Democrats remain committed to stopping price gouging and enacting a comprehensive energy policy that makes America energy independent by 2020. Together, America can do better."
See below for a new document from DNC Research:
Gas Prices Rise to Record Levels
Since Bush's 2nd Inauguration, Gas Prices Have Risen By $1.08, a 59 Percent Increase. According the Energy Information Administration, the price of regular, unleaded, gasoline has risen by $1.08, or 58.7 percent, since Bush's 2nd inauguration. On January 17, 2005, just before Bush's second inauguration the average price of gasoline was $1.84 a gallon. As of May 4, 2006, the average price of gasoline is $2.92 a gallon. [Energy Information Administration]
Since Bush's 1st Inauguration, Gas Prices Have Risen by $1.46, a 100 Percent Increase. According to the Energy Information Administration, the price of regular, unleaded, gasoline has risen by $1.46, or 100 percent, since Bush’s 1st inauguration. On January 15, 2001 just before Bush's first inauguration the average price of gasoline was $1.46 a gallon. As of May 4, 2006, the average price of gasoline is $2.92 a gallon. [Energy Information Administration]
While Oil Companies Make Record Profits. . . Higher Gas Prices Are Used to Line Pockets of Big Oil Companies:
Shell's 1st Quarter Profits Rose 12 Percent. Shell reported a 3 percent increase in net income from a year earlier to $6.89 billion, or $1.05 a share. Shell's profit excluding changes in inventory values rose 12 percent to $6.09 billion. [CNN, 5/4/06]
Exxon Mobil's 1st Quarter Profits Increased 7 Percent. Exxon Mobil, the world's largest publicly traded oil company, reported a 7 percent gain in its first quarter earnings. Net income rose to $8.4 billion in the first quarter, compared with $7.86 billion in the year-earlier period. It was the highest first quarter gain for the company. Sales climbed 9 percent to $89 billion. [New York Times, 4/27/05]
ConocoPhillips 1st Quarter Profits Surged 13 Percent. ConocoPhillips, the nation's third-largest oil and gas producer, said that its first quarter profits rose 13 percent as stronger exploration and production results yielded the best first-quarter earnings since Phillips Petroleum Co. and Conoco Inc. combined in 2002. Net income jumped to $3.29 billion, or $2.34 a share for the January-March period, from $2.91 billion, or $2.05 a share, in the year-earlier period. Revenue at ConocoPhillips grew to $47.9 billion in the first quarter from $38.9 billion last year. [AP, 4/27/06]
Chevron 1st Quarter Profits Surged 40 Percent. Chevron Corp.'s first-quarter profit soared 49 percent to $4 billion. Chevron's net income for the three months ended in March translated into $1.80 per share, two cents above the average estimate among analysts polled by Thomson Financial. It compared to a profit of $2.7 billion, or $1.28 per share, in the same January-March period last year. Revenue totaled $54.6 billion, a 31 percent increase from $41.6 billion last year. [AP, 4/28/06]
Amerada Hess's 1st Quarter Profits Tripled. Amerada Hess said its net income in the first quarter surged to $695 million, or $6.62 per share, compared with $219 million, or $2.12 a share, in the year-earlier period. [Reuters, 4/26/06]
BP's 1st Quarter Profits Increased 7%. BP's net profit rose 7 percent to $5.282 billion, beating an average forecast of $5.21 billion. [Reuters, 4/25/06]
Big Four Oil Companies' Profits Have Increased Over the Last Year. According to Bloomberg, "Combined first-quarter net income at the world's four largest oil companies, including Exxon Mobil Corp. and BP Plc, was $24.6 billion, a 1 percent increase from a year earlier." [Bloomberg, 5/4/06]
