WASHINGTON - April 26 - Congressman Dennis J. Kucinich (D-OH), author of HR 2070, a bill to place a 100% excess profit tax on the oil companies, gave the following speech today on the House floor on the rising cost of gasoline:
“Congress must break the hold that the oil companies have on the politics of our country. The American people are demanding action. The price of gasoline has climbed to over $3 a gallon, heading towards $4 a gallon and maybe $5.
“Since 2001, the five largest oil companies have made over $280 billion in profits. Exxon Mobil alone made $36 billion in profits in the last year.
“There is only one way to stop the oil and gas companies from an endless series of increases in the price of gasoline.
“Almost fifty Members of Congress have now signed onto my bill, HR 2070, for a 100% excess profits tax on oil companies’ profiteering.
“This act does not tax the price of gasoline, so it will not increase the cost. However, by taxing excessive profits, it puts the brakes on price gouging and will lower the price of gasoline.
“Congress can not stand by while the oil companies are stealing from the American people.”