[Congressional Record Volume 154, Number 121 (Wednesday, July 23, 2008)]
[House]
[Pages H6830-H6831]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




         ANOTHER QUARTER OF RECORD-BREAKING PROFITS FOR BIG OIL

  (Mr. OLVER asked and was given permission to address the House for 1 
minute.)
  Mr. OLVER. Madam Speaker, while Americans pump billions of dollars 
into their gas tanks every week, Big Oil has just completed another 
quarter of record-breaking profits.
  The companies claim they are looking for new oil to bring down the 
price at the pump, but what they spend on exploration is small compared 
with their stock buybacks and shareholder dividends. That's great for 
their investors, but no help for millions of Americans who drive to 
work every day.
  Come to think of it, why would they bring to market the 4 million 
already

[[Page H6831]]

leased and easily developable acres of the National Petroleum Reserve 
in Alaska, only to have their profits plunge while trying to reduce gas 
prices?
  Last week, Democrats in Congress supported legislation to increase 
domestic oil production by requiring oil companies to drill on leases 
they control or lose those leases to companies that would drill.
  The Republicans once again voted no. Republicans won't require oil 
companies to drill, but they have no problem handing them more leases 
to hoard while gas pump prices and oil company profits soar.

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