[Congressional Record (Bound Edition), Volume 152 (2006), Part 5]
[House]
[Page 6127]
[From the U.S. Government Publishing Office, www.gpo.gov]




                     EXCESSIVE OIL COMPANY PROFITS

  (Mr. KUCINICH asked and was given permission to address the House for 
1 minute and to revise and extend his remarks.)
  Mr. KUCINICH. Madam Speaker, Congress must break the hold which the 
oil companies have on the politics of our country.
  The American people are demanding action. The price of gasoline has 
climbed to over $3 a gallon, headed towards $4, maybe $5 a gallon. But 
listen to this: since 2001, the five largest oil companies have made 
over $280 billion in profits. ExxonMobil alone made $36 billion in 
profits last year.
  There is only one way to stop the oil companies from an endless 
series of increases in the price of gasoline.
  Nearly 50 Members of Congress have now signed on to my bill, H.R. 
2070, which calls for a 100 percent excess profits tax on the oil 
company profiteering. This act does not tax the price of gasoline so it 
will not increase the cost. However, by taxing excessive profits, it 
puts the breaks on price gouging and will lower the price of gasoline.
  Congress must not stand by while the oil companies are stealing from 
the American people.

                          ____________________