Menendez Questions Record ExxonMobil Profits While American Families Strained

Menendez Questions Record ExxonMobil Profits While American Families Strained

Senator: Oil execs popping champagne, Americans popping antacids Pledges to reintroduce Federal Gas Tax Holiday measure

Washington - As oil company ExxonMobil reported today that its profits rose once again, U.S. Senator Robert Menendez (D-NJ) vowed to continue his fight to lower gas prices for American families by offering the Menendez Federal Gas Tax Holiday Amendment. Menendez earlier this week offered an amendment to provide immediate relief to American families at the gas pump by suspending the 18.4 cent federal gas tax for 60 days and repealing $6 billion in tax giveaways to major oil companies. Senate Republicans used a parliamentary move to prevent a vote on the amendment.

While ExxonMobil executives are popping champagne and celebrating their record profits, American families are popping antacids under the strain of soaring gas prices, Menendez said. Prices at the pump continue to jump through the roof, while oil company profits follow suit. American families are feeling the pain, and I will continue to offer my Federal Gas Tax Holiday amendment to provide them immediate relief.

Why President Bush and his Senate allies would side with big oil and leave American families holding the gas bill is beyond me, Menendez said. They can run, but Senate Republicans cannot hide behind Roberts Rules of Order forever.

The Menendez Federal Gas Tax Holiday Amendment would give Americans temporary and immediate relief from sky high gas prices directly at the pump. It suspends the federal gas tax for 60 days to help reduce the cost of gas and diesel for consumers, thereby providing $100 million per day in relief directly to Americans. The amendment is funded by repealing three unnecessary tax breaks currently enjoyed by oil and gas companies, and also eliminating royalty relief and other production incentives enacted last year as part of the Energy Bill.

American families have felt a constant squeeze on their bank accounts as energy costs and gas prices continue to rise. American families are currently paying about $2.919 per gallon of gas up from $2.218 just one year ago, according to the AAA. While Hurricane Katrina was blamed for last Septembers spike in gas prices, the current increase in prices the average price of gasoline is up 40 cents per gallon from just last month appears to be driven largely by the oil industrys appetite for profits.

In addition to this weeks amendment, Menendez will join Senator Bill Nelson (D-FL) in offering an amendment that will significantly fund energy efficiency programs, renewable energy research, federal purchases of alternative fuel vehicles, and other provisions.