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10/26/2005

Thune: Stop Fuel Price Gouging

WASHINGTON, DC—Senator John Thune (R-SD) today issued the following statement as oil companies began releasing third quarter profits and House Republican Leadership called on oil companies to explain their profits and what efforts they are making to bring down the cost of fuel:

“I commend the House Republican Leadership for stepping up to the plate today to call on oil company executives to explain their high profits at a time when Americans across the country are shouldering high fuel prices and bracing for burdensome heating costs this winter,” Thune said. “This Congress has the responsibility of holding corporate America accountable on behalf of American consumers, and we must do everything we can to seek out and put a stop to any instances of fuel price gouging and domestic disaster profiteering.

“Tomorrow, the Senate Environment and Public Works Committee will markup the Gas PRICE Act, legislation I’ve cosponsored to provide incentives to build refineries on federal lands. This is an important step toward increasing America’s refinery capacity, which has not seen a new refinery added to its ranks in roughly 30 years.

“While we address today’s challenges, it is equally important to look to the future and explore alternative fuels, such as ethanol, as long-term solutions to a national energy supply that is shrinking every day. I remain committed to opening the avenues for increased ethanol research and urge my Senate colleagues to join me in moving forward in a timely manner on alternative fuel research to safeguard America’s energy supply for future generations.”

BP PLC today reported a 34 percent rise in quarterly profit. BP announced that its net profit for the three months ended Sept. 30 rose to $6.53 billion, up from $4.87 billion in the third quarter of 2004. Revenue jumped to $97.73 billion from $66.73 billion. Royal Dutch Shell PLC and Exxon Mobil Corp. are expected to report quarterly results later this week.