[Congressional Record Volume 154, Number 122 (Thursday, July 24, 2008)]
[House]
[Page H7065]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




           BIG OIL SPENDS MORE ON STOCK, LESS ON EXPLORATION

  (Ms. WATSON asked and was given permission to address the House for 1 
minute.)
  Ms. WATSON. Madam Speaker, Americans are driving out of their way to 
fill up on the cheapest gas and are skipping summer vacations and 
important appointments because gas prices today are just too high.
  And while Americans are paying record-high prices, Big Oil is reaping 
record-high profits. But instead of investing those profits for 
exploration on the 311 million acres of land open to new energy 
production, Big Oil spends their money on stock buybacks and dividends.
  In 1993, oil companies spent only 1 percent of their profits on 
stocks. Last year, that number rose to 55 percent. And yet Big Oil 
continues to spend only in the single digits on finding new oil. It's 
no wonder that 68 million acres of land already leased to Big Oil sits 
undeveloped because Big Oil is spending all of its profits buying back 
its stock rather than searching for new oil. And yet House Republicans 
continue to allow Big Oil to get away with this.
  Last week, for the second time, House Republicans could have forced 
Big Oil to use it or lose it, but once again, they sided with Big Oil. 
How high do prices have to get before House Republicans will join us in 
providing relief for the consumer?

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