10.28.05

Cantwell Blasts Shameful Record-High Oil Company Profits

Challenges Companies to Help with Heating Bills and Continues Call for Investigation into Gas Price Gouging

WASHINGTON, DC – U.S. Senator Maria Cantwell (D-WA) continued calls for an investigation into gas price gouging and urged oil companies to invest a portion of record-high profits in programs that provide energy assistance to low-income Americans.

"Now it is clear that record-high oil company profits have caused the sticker shock at the gas pump, the cold shock at home, and the economic shock in the family budget," said Cantwell, a member of the Senate Energy and Natural Resources Committee. "For months we have called for a price-gouging investigation and it is long over due."

Recently released reports show that ExxonMobil pulled in $10 billion in profits in the third quarter, 75 percent more than last year, while Shell made $9 billon, an increase of almost 70 percent over 2004 third quarter profits. ConocoPhillips, meanwhile, enjoyed a staggering 89 percent profit increase, and BP reported $6.5 billion in profits. In the face of these enormous profits, consumers will likely spend 32 percent more for heating oil, 48 percent more for natural gas, and 30 percent more for propane this winter, and are already facing back-breaking prices at the gas pump.

In an open letter to oil companies, ten senators joined Cantwell to urge oil giants to put a portion of their profits toward helping low-income families and seniors pay home heating bills this winter.

"It is outrageous that big oil companies are making record high profits at the expense of American jobs and a struggling economy," Cantwell added. "Not only should oil companies help out the families who are left in the cold, they should come before the Congress and explain their pricing practices. America can do better."

Cantwell has long been an advocate of increased home heating assistance for those in need. Earlier this month, she fought to add $3 billion to an emergency federal heating assistance program to help the elderly, low-income families, and disabled individuals pay their heating bills this winter. While the measure failed, Cantwell vowed to continue the fight so that rising home heating costs do not financially wipe out low-income families and elderly individuals this winter.