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For Immediate Release:
2008-07-31
For More Information:
Anna Aurilio, 202-683-1250 x317
Rob Sargent, 617-747-4317 Washington, D.C.

Exxon’s Record Profits Drill Deep Into America’s Wallets

Statement of Environment America Executive Director Margie Alt

“Today’s news of a record $11.68 billion in second-quarter earnings for ExxonMobil demonstrates that big oil companies are just as aggressive at drilling into Americans’ wallets as they are at drilling on our gorgeous beaches and pristine wilderness areas.

Our addiction to fossil fuels is hurting average Americans while bringing record profits to the oil industry. Instead of taking steps to free us from our dependence on fossil fuels, President Bush is trying to give Exxon and his other cronies in the oil and gas industry a parting gift before he leaves office. The President’s focus on more drilling rewards the very companies which have created our energy problems, locking in profits for Exxon, not solutions for Americans. 

If the President were interested in reducing our dependence on foreign oil he would fully implement existing fuel economy laws that would save us three times as much oil as we could get from protected areas off our coast and start investing in renewable and efficient energy options. The Bush Administration’s own Energy Information Administration has concluded that drilling in currently protected offshore areas would have an “insignificant” impact on prices.

Despite President Bush’s stubborn insistence in continuing on a dirty energy path the states are taking important steps to break our dependence on oil and put us on the path to a new energy future and green economy. Just this week, Governors in Washington, Oregon, and California strongly rejected new drilling off their coasts and instead made meaningful commitments to use more renewable energy, more efficient, cleaner cars, and improve public transit.  On the east coast, Governors in South Carolina, North Carolina, Maryland, New Jersey, and Maine also joined the opposition to new drilling. The legislatures in Virginia and Georgia recently rejected bids by the oil and gas industry to open their coastlines to new drilling.

All told, 26 states have passed renewable energy standards -- doing their part to shift from dirty to clean energy sources, 14 states are hoping to get more efficient and cleaner advanced technology cars on the road, and more than a dozen states have taken meaningful action on appliance and building standards that will save energy and money. We need the federal government to follow the states’ leads and move us towards a new energy future.

We need to break ourselves of our dangerous dependence on dirty energy in order to free ourselves from the oil companies. In the near term we can save oil by fully implementing fuel economy standards and providing incentives for vehicles that consume little or no gasoline. Fortunately, these alternatives already exist. We can use clean, renewable electricity such as wind and solar to help move us off of fossil fuels.  We can promote plug-in hybrid vehicles that run off electricity to reduce our oil needs by 55 percent, nearly enough to eliminate our use of foreign oil. To make this a reality we need Congress and the Administration to invest in clean energy solutions that will reduce energy costs and curb global warming pollution.”

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Environment America – a federation of state environment groups – is the new home of U.S. PIRG’s environmental work.