Cantwell Calls to Move Aggressively on Clean Energy Investments Given Continued Record Oil Company Profits

WASHINGTON, D.C. – Today, U.S. Senator Maria Cantwell (D-WA) released the following statement following Exxon Mobil’s announcement they earned $40.6 billion in 2007--the highest quarterly and annual profits ever for a U.S. company: 

“While we of course want U.S. companies to succeed in the global marketplace, hugely profitable companies don’t need continued taxpayer subsidies or overly generous leasing deals.  Hard working Americans and small businesses are fed up and disgusted that oil companies reaped over half a trillion dollars in profits since 2001 while their own purchasing power has declined.

“Instead of spending tens of billions buying back their stock, oil companies should become part of the solution by investing in alternative fuel sources that can increase supply and drive down prices.  Now is the time to level the playing field by removing decades-old subsidies to mature industries and investing in clean energy technologies that will keep more money in America and people’s pockets. This is where our national priorities need to be.”

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