[Congressional Record (Bound Edition), Volume 151 (2005), Part 18]
[House]
[Page 24194]
[From the U.S. Government Publishing Office, www.gpo.gov]




                             ENERGY CRISIS

  (Mr. EMANUEL asked and was given permission to address the House for 
1 minute and to revise and extend his remarks.)
  Mr. EMANUEL. Mr. Speaker, while American families and businesses 
struggle with sky-high energy prices, oil and gas companies are facing 
an entirely different crisis: What to do with all their money.
  Yesterday, Exxon Mobil reported that its profits increased 75 percent 
in the third quarter, $9 billion. American families are struggling 
while energy companies are reaping huge profits, but the oil companies 
are unapologetic.
  In fact, Henry Hubble, Exxon Mobil's vice president for investor 
relations, defended the profits and said, ``You have got to let the 
marketplace work.''
  Mr. Speaker, I could not agree more. The oil companies should take 
their historic profits and use it to execute their business plans, and 
that is also why oil companies should give back the $16.5 billion in 
taxpayer subsidies that the Republican Congress has given to the energy 
companies in the past 4 months.
  Mr. Speaker, right now Americans are paying twice: Once at the pumps 
and then again on April 15 when they file their taxes. That is not the 
free market, it is corporate welfare. What Congress subsidizes big oil 
to the tune of $16.5 billion, yet cuts home heating assistance to the 
elderly? A Republican Congress. Exxon said let the free market work. 
Let us get rid of corporate welfare for the big oil companies.

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