House Minority Leader Nancy Pelosi (D-Calif.) attributed the recent surge in gas prices to "Republican corruption" in a speech delivered this morning.
The cost of Republican corruption when it comes to energy is hitting home very clearly for America’s middle class. Whether it’s at the pump, or the price of home heating oil, or cooling as summer comes around, the American people are paying the price for the corruption in Washington, D.C.
Today provides an opportunity on the floor of the House. Congressman Jim McDermott has a motion to instruct conferees on tax reconciliation. It says Democrats want to roll back $5 billion in tax breaks for the oil companies. At a time when oil companies are making obscene, historic, record profits – billions and billions of dollars – why should the American taxpayer give them billions of dollars in subsidies? That’s not all. In the energy bill that passed last year, there were $12 billion in subsidies given to the oil companies at a time when they were making record profits.
CEOs of these oil companies are making obscene, immoral salaries. At Exxon, the retirement package for the CEO is $400 million, when the minimum wage in our country has not been raised for years and purchasing power has gone down. If there is any sense of fairness at all, if there is any sense of what is right, we must insist on providing the authority to prosecute those who are price gouging and manipulating prices and let the Justice Department do its job. Congress should roll back these subsidies whether they are in the tax bill or the energy bill.
Instead of joining Democrats to protect the American people, Republicans have voted against taking action on our legislation time and again, offering an agenda that favors the wealthy few and big oil. Together, America can do better than the Republican energy policy of record gas prices, record giveaways, and record profits for oil companies.