WASHINGTON - July 28 - Congressman Dennis J. Kucinich (D-OH) gave the following floor speech today:

“Exxon Mobil profits surged 36% to $10.4 billion dollars in just the last three months. That means they made $1,310 a second in profit.

“In the one minute I have to address this Congress, Exxon Mobil will move $79,080 in profit. In a minute they will make more than most hardworking Americans make in a year.

“As consumers are being gouged at the pump, Big Oil runs the Administration, bringing us war and environmental disaster and economic decline. Oil was at about $23 a barrel at the start of this Administration. Now it is $74 a barrel. If the Administration attacks Iran, oil could go up to $130 a barrel and $5 a gallon for gas!

“This Congress must do more than genuflect with tax breaks and subsidies to Big Oil. It is time we took the side of the consumers whose budgets and mobility are being crushed by $3 a gallon gas.

“It is time for a 100% excess profits tax on the oil companies. That is what my bill HR 2070 does. It will lower the price of gas, because it will tax excess profits of oil companies. It will not tax the price of gas.

“My minute is up. But the oil companies’ profits are eternal unless we stop the price gouging with a 100% excess profits tax.”

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