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“FEED THE RICH, STARVE THE POOR” mentioning the U.S. Dept. of Energy was published in the House of Representatives section on pages H9541 on Nov. 2, 2005.
The publication is reproduced in full below:
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 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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