[Congressional Record (Bound Edition), Volume 151 (2005), Part 18]
[House]
[Pages 24496-24497]
[From the U.S. Government Publishing Office, www.gpo.gov]




                     FEED THE RICH, STARVE THE POOR

  The SPEAKER pro tempore (Mr. Conaway). Under a previous order of the 
House, the gentleman from Illinois (Mr. Emanuel) is recognized for 5 
minutes.
  Mr. EMANUEL. Mr. Speaker, we are in the midst of an energy crisis. 
Gas is around three bucks a gallon and utilities are now predicting 
that families could pay as much as 70 percent more to heat their homes 
this winter. Natural gas prices are so high, the Energy Department 
predicts that the average bill will be $350 more this winter. Home 
heating oil, used by many in the Northeast and the Midwest, has 
skyrocketed.
  But while American families struggle with sky-high energy bills, oil 
and gas companies are facing an entirely different crisis: what to do 
with all the cash. For example, Exxon-Mobil recently reported that 
their profits increased by 75 percent in the third quarter. Their 
revenues were $100 billion. Shell said that their earnings increased 68 
percent; Phillips' third quarter, 89 percent; BP-Amoco, a 34 percent 
rise in quarterly earnings.
  American families are struggling with massive energy bills that are 
cutting into their living expenses while energy companies are reaping 
huge profits. Henry Hubble, the vice president for Exxon-Mobil, head of 
investor

[[Page 24497]]

relations, said, ``You just got to let the marketplace work.''
  I agree with the oil companies, let the marketplace work. Now, what 
do I mean by that? This Congress, the Republican Congress, gave Big Oil 
$14 billion in taxpayer subsidies to drill for oil. I am tired of this 
corporate welfare.
  You want to do your business plan? Go drill for oil. We are not going 
to subsidize it so people have to pay three bucks a gallon at the pump 
and on April 15 have to subsidize the oil companies, who are making 
$100 billion of revenue a year, $9 billion in a single quarter, profits 
up 89 percent, record numbers; and what are we asking the taxpayers to 
do, struggling to make ends meet for housing, education, health care 
needs? We are going to subsidize Big Oil, and while we are on top of 
it, we are going to cut home heating assistance for the elderly in this 
country.
  What Congress would actually cut home heating assistance for senior 
citizens, yet provide Exxon-Mobil $16 billion to execute their business 
plan? A Republican Congress, of course.
  Now, this should make sense to you for one simple reason: since 1980, 
the big oil companies have contributed $220 million to the Republican 
Party in total, to candidates, and they get $16 billion in return. You 
cannot get an investment like that even on Wall Street. They are one of 
the largest contributors to the Republican Congress and the Republican 
Party, and they get a huge taxpayer-funded bailout when you consider 
the refining bill for $2 billion, the oil and gas bill. The Republican 
Congress, when it comes to Big Oil, is the gift that keeps on giving.
  There is a cost to this corruption. It comes in the stripes and 
colors of a $14 billion taxpayer subsidy to Big Oil, who are making 
record profits. Pharmaceutical companies are one of the biggest 
contributors. They get $132 billion in additional profits in the 
prescription drug bill. You have an energy bill that we talked about. 
You have a corporate tax bill.
  They were trying to figure out a $5 billion problem, so what do we 
do? We took $150 billion and threw it at that problem. Who is picking 
up the tab? The taxpayer. There is a cost to the taxpayers of this 
country for the culture of corruption. We saw it in the energy bill. 
And now all of a sudden Republicans are all upset with figuring out 
what they are going to do to really punish Big Oil.
  I say it is time we give the taxpayers back their $14 billion in 
taxpayer subsidies from the oil companies, the $2 billion back from the 
refiners, and let the marketplace work its wonder. You want to do your 
business plan, you will do your business plan; but I am not having the 
taxpayer subsidize you, all the while we are going to literally cut 
assistance this winter to our elderly and our most vulnerable.
  You cannot give out money fast enough to the energy companies who are 
making massive profits, and then on the other hand cut funding for 
those who need it most. You cannot have a policy in this country that 
says to the oil companies, who are reaping huge profits, that is their 
business, but we should not subsidize their business, we are going to 
give you more while we cut those who are struggling. Those are not the 
values of this country, those are not the values of the Democratic 
Party, and, most importantly, thank God, those are not the values of 
the American people.
  We need a change. We need new priorities. These are the wrong 
priorities for America's future. We can do better, Mr. Speaker. It is 
time we return the people's House to the people. When that gavel comes 
down, Mr. Speaker, it is intended to open the people's House, not the 
auction house; and when it comes to the energy bill and prescription 
drug bill, the corporate tax bill, this House has looked like the 
auction house.

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