Washington, DC – Congresswoman Carol Shea-Porter responded to today’s news of record oil company profits by reiterating her support for responsible energy legislation.
Today, BP—one of the country’s major oil companies—announced a second-quarter profit of $9.47 billion. This represents a 28% increase over their second-quarter profits last year. BP’s total profit in the first half of the year is over $17 billion, a figure that is rapidly approaching their $20.8 billion profit for all of 2007. Last year, BP spent $7.5 billion repurchasing shares of their own stock in order to increase dividends—more than 13 times what they spent to invest in renewable energy technologies.
“It is appalling that the oil companies are pulling in record profits while Americans struggle with skyrocketing prices at the pump,” Congresswoman Carol Shea-Porter declared.
Congresswoman Shea-Porter has cosponsored “Use It or Lose It” legislation that would require oil companies to begin drilling on the 68 million acres of land that they currently lease from the Federal Government. She has supported increased production in the National Petroleum Reserve in Alaska, which could produce 10.6 billion barrels of oil—more than the Arctic National Wildlife Refuge (ANWR). She has also backed releasing some of the Strategic Petroleum Reserve as a short-term way to increase supply and lower prices. In addition, Congresswoman Shea-Porter has supported legislation to end speculation in the oil markets, which artificially raises prices.
“I am fighting for a responsible energy policy that will increase production, protect consumers, lower gas prices, and invest in energy independence,” stated Shea-Porter. “It is time to loosen the grip of Big Oil on our nation’s struggling economy.”