Senate Democrats

Reid Statement On ConocoPhillips’ Profts Report

Washington, DC—Senate Majority Leader Harry Reid made the following statement today in response to news that ConocoPhillips’ second-quarter net income rose 13 percent over its year-earlier adjusted profit, thanks in part to higher energy prices:

“While ConocoPhillips executives rejoice in today’s announcement that their profits soared 13 percent over the same quarter last year, the American consumer has nothing to celebrate.  We are not opposed to companies making money, but are opposed to them doing so on the backs of hard-working Americans as the cost of living continues to break records.  Big Oil rakes in billions in profits, but refuse to drill on 68 million acres they already lease from the government, including Alaska’s National Petroleum Reserve, or to make significant investments in producing clean and affordable alternative fuels here in America.  Nevertheless, Bush-McCain Republicans continue to reward them with unnecessary giveaways and tax breaks.                  

“Democrats are interested in both long- and short-term solutions to our energy crisis, including using our existing resources more efficiently and investing more in new, cleaner ones.  But instead of standing up for Americans paying record-high prices to fill their gas tanks and heat their homes, Bush-McCain Republicans have made it clear that they would rather stand with multibillion-dollar oil companies and traders – and stick American consumers with the bill.”