[Congressional Record Volume 142, Number 64 (Thursday, May 9, 1996)]
[House]
[Page H4656]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




        HIGHER GAS PRICES MEAN UNPRECEDENTED OIL COMPANY PROFITS

  (Mr. MORAN asked and was given permission to address the House for 1 
minute.)
  Mr. MORAN. Mr. Speaker, has anyone noticed what has happened to the 
stocks of oil companies in this country? Their profits have gone up 
phenomenally. Exxon made $2 billion in the last 3 months. Other 
companies have shown profits in the range of 40 percent. Unprecedented 
profits.
  Of course, it is all a result of a corporate decision, knowing that 
we had had a very harsh winter, that if they deliberately reduced their 
reserves and knowing there was going to be strong demand, they would be 
able to push the price way up. Of course they can all get together and 
increase the price at the pump so that consumers pay for this increase, 
and boy, has it paid off. Look at the corporate executive of the six 
largest oil companies. Their stock options alone in the last 60 days 
have increased by $33 million. Unbelievable.
  But should we really let the consumer pay for these profits? Of 
course not. To think that the consequences of their decision is going 
to be paid by consumers is unconscionable.

                          ____________________