DNC Research: AMERICANS' PAIN AT THE PUMP A BOOM FOR OIL COMPANIES

For Immediate Release
October 27, 2005
Contact: Karen Finney - 202-863-8148

AMERICANS' PAIN AT THE PUMP A BOOM FOR OIL COMPANIES

Washington, DC - Fueled by months of surging gas prices, ExxonMobil today
reported a 75 percent jump in profits for the third quarter, bringing their
quarterly profits to $10 billion. This news follows reports earlier this week
that BP and ConocoPhillips also reported surging profits. While America's
working families are paying more than ever for gasoline and face skyrocketing
home heating costs this winter, oil companies are reaping record profits and
Republicans in Congress are providing these special interests with yet another
$3 billion tax break.

Democratic National Committee Chairman Howard Dean today issued a radio
actuality calling on Republicans in Washington to join Democrats in standing up
for ordinary Americans and promoting a plan to make America Energy Independent
by 2020. To listen to the audio, click here.

Text of actuality:

"This week, we learned that the top three oil companies have announced the
largest corporate quarterly profits ever. While oil industry profits have
nearly tripled in the last three years, most Americans are struggling to pay
their bills.

"Some Americans are now forced to choose between buying a tank of gas or being
able to buy a bag of groceries, between heating their homes or getting their
prescription drugs.

"This has to end.

"For months, Democrats have been taking steps to stabilize prices and take real
action to make America energy independent. It will help our economy, our
national security and our environment.

"Democrats want to provide additional assistance to working families that will
face high home heating prices this winter.

"Democrats have proposed new penalties for price gougers and new authority for
the federal government to stand up for consumers.

"Democrats want to create a strategic gas and jet fuel reserve to ease the
volatility of prices in the near future.

"At every turn, Republican leaders have blocked our efforts.

"They continue to hold on to the hands of big oil. Their idea is to give
billions of dollars of tax breaks to special interests and to give billions of
dollars to big oil companies that turn around and gouge the American people.
Instead of leaving this in the hands of oil executives, President Bush and
Republicans in Washington ought to stand up to oil companies.

"Democrats have a plan that puts America firmly on the path towards energy
independence by 2020. Democrats have an energy plan that won't leave Americans
out in the cold this winter.

"Together, Americans can do better. Let's make America cleaner, greener and
stronger."

Length of actuality: 1 minute, 33 seconds.

Below is a fact sheet from DNC Research on soaring oil company profits and out-
of-control gas prices:

RECORD PRICES, RECORD PROFITS

Bush Does Nothing to Combat Rising Prices; Big Oil Profits
As oil prices continue to hover beyond $60 per barrel, Americans are paying
more and more at the pump. As of October 24, the average gallon of gas was
$2.60-a 78 percent increase since Bush was inaugurated in 2001. Every one-cent
increase in the price of gas costs American consumers approximately $1 billion.
Most of this money is going to big oil companies, who are raking in record
profits even as consumers pay record prices at the pump. Instead of fixing the
problem, Bush and Congressional Republicans have passed an energy bill that
gives billions in tax breaks to oil companies who are already profiting from
higher prices.

Gas Prices Rise to Record Levels*
Since Bush's 2nd Inauguration, Gas Prices Have Risen 76 Cents, a 41% Increase.
According the Energy Information Administration, the price of regular,
unleaded, gasoline has risen by 71 cents, or 41.3 percent, since Bush's 2nd
inauguration. On January 17, 2005, just before Bush's second inauguration the
average price of gasoline was $1.84 a gallon. As of October 24, 2005 the
average price of gasoline is $2.60 a gallon. Administration, www.eia.gov]

Since Bush's 1st Inauguration, Gas Prices Have Risen by $1.14, a 78% Increase.
According to the Energy Information Administration, the price of regular,
unleaded, gasoline has risen by $1.14, or 78.1 percent, since Bush's 1st
inauguration. On January 15, 2001 just before Bush's first inauguration the
average price of gasoline was $1.46 a gallon. As of October 24, 2005, the
average price of gasoline is $2.60 a gallon. Administration, www.eia.gov]

While Oil Companies Make Record Profits* Higher Gas Prices Are Used to Line
Pockets of Big Oil Companies:

ExxonMobil's 3rd Quarter Profits Surged 75%: ExxonMobil Corp.'s 2005 third
quarter earnings climbed 75 percent from the second quarter of 2004 to $10
billion. Exxon's profit was the highest in the company's history, surpassing
the record it set in the 2004 fourth quarter. Revenue jumped 32 percent to just
over $100 billion. Shares of Exxon Mobil, the largest of the so-called "super-
major" oil companies, rose more than 10 percent in the quarter. Post, 10/27/05; CNN.com, 10/27/05]

ConocoPhillips 3rd Quarter Profits Surged Nearly 90%: Profit at ConocoPhillips,
the third-largest U.S. oil producer, jumped 89 percent, to a record $3.8
billion, or $2.68 a share.

Amerada Hess's 3rd Quarter Profits Surged 53%: Amerada Hess, the fifth-largest
U.S. oil company, said its profit rose 53 percent, to $272 million, or $2.60 a
share.

Kerr-McGee's 3rd Quarter Profits Increased by 48 Times: Kerr-McGee, profit
soared 48-fold to $359 million, or $3.09 a share.

BP's 3rd Quarter Profits Increased 34%: BP PLC, the world's second-largest
publicly traded oil company, reported a 34 percent rise in quarterly profit. BP
said 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.

Oil Companies Experienced Record $100 Billion in Profits During 2004. According
to the New York Times, "Even though the market value of target companies are
near their record highs, that is matched by record profits and cash on hand at
big oil companies. With crude oil averaging $41 a barrel in 2004, the world's
top 10 oil companies made more than $100 billion in profit . The boom
is expected to grow this year. Oil futures on the New York Mercantile Exchange
set a new record , rising above $58 a barrel for the first time."


Big Oil Companies Have Experienced Record Profits of Nearly $34 Billion Since
Bush Took Office. The higher overall gasoline prices have cost the American
consumer a net of over $25 billion during Bush's first term in office. This
money has gone directly from consumers pocketbooks into the hands of oil
companies and oil producers, including OPEC. The big three oil companies in
America have profited $33.6 billion over the past three years alone. EIA Monthly Energy Review; ExxonMobil, ChevronTexaco and ConocoPhillips Company
Financial Reports]

2004 Profits for ExxonMobil, ChevronTexaco, and ConocoPhillips Broke Records
Across All Industries-Not Just the Oil Industry. According to the Washington
Post, "Oil companies reported record profits last year-and not just records for
oil companies. Royal Dutch Shell earned $18.54 billion, while BP lagged behind
with a net income of $15.73 billion, a company best. ExxonMobil broke the U.S.
record by reporting a 2004 profit of $25.33 billion, taking the title away from
Ford. ConocoPhillips's profit for the year rose 72 percent, while
ChevronTexaco's grew 84 percent." Exxon's 2004 revenues were a company record:
$298.03 billion. In February, Exxon surpassed General Electric Co. to become
the largest U.S. corporation by stock market value. Associated Press, 4/13/05]

And Oil CEOs Make Record Salaries
ExxonMobil CEO Received $38 Million in Bonuses, Despite Soaring Oil Prices.
According to the Associated Press, "Buoyed by high oil prices, Exxon Mobil
Corp. had a record-breaking year in 2004 and chairman and chief executive Lee
R. Raymond shared in the company's success with a $38 million compensation
package* Exxon said that Raymond, 66, was paid $7.5 million in salary and bonus
plus restricted stock worth $28 million and nearly $2.6 million more in other
compensation and incentives, according to Exxon's proxy filed Wednesday with
the Securities and Exchange Commission."

ChevronTexaco CEO Received Nearly $10 Million in Bonuses and Stock Options.
According to the Los Angeles Times, "ChevronTexaco Corp. Chief Executive David
O'Reilly's compensation rose 2.2 percent last year to $9.98 million as soaring
oil and fuel prices boosted profit at the second-biggest U.S. oil company."
O'Reilly's salary rose 15 percent to $1.51 million; his bonus climbed 25
percent to $3.95 million; and he received options valued at $3.48 million.
Other compensation, including payouts of vested performance shares and use of
the company's aircraft, totaled $1.05 million. Securities and Exchange Commission, ChevronTexaco Proxy Statement]

Republicans Are in Oil Companies' Pockets*
Republican Party: Oil and Gas Industry Contributed Nearly $67 Million to
Republicans Since 2000. The oil and gas industry have contributed over $66.7
million to the RNC, NRCC, NSCC, and Republican candidates since the 2000
election cycle. The oil and gas industry contributed more than $20 million to
Republicans in the 2004 cycle alone-four times more than oil money donated to
Democrats. In 2004, Exxon alone gave $831,941 to Republicans. Responsive Politics]

DeLay: Energy Industry PACs Are DeLay's Second Largest Contributors. DeLay has
raised nearly $830,000 from energy industry PACs, the 2nd-largest contributing
special interest group to DeLay's campaigns over the course of his career. tray.com]

Barton: House Energy Chairman And Close DeLay Associate, Joe Barton, Received
$1.8 Million in Contributions from Energy Industry. Rep. Joe Barton (R-TX) is
chair of the Energy and Commerce Committee, which recently passed the energy
bill. According to the Washington Post, "If Barton gets his way and succeeds in
passing this year's energy bill, there is little doubt that the oil and gas,
coal, and nuclear industries will have much to celebrate* Barton and President
Bush* have dipped heavily into the same rich pool of campaign contributions
from corporate and trade associations, according to a review of campaign
finance and lobbying records. Since 1997, oil, gas, electricity, nuclear, coal
and chemical companies have contributed $1.84 million to Barton, more than to
any other House member."

Barton Owes Chairmanship to Energy Industry Lobbyists. The Washington Post
reported, "In his quest for the chairmanship* A network of former Barton staff
members-turned-lobbyists-including Jeffery M. MacKinnon (clients: Reliant
Energy, Philip Morris, MCI and at least 36 others), Stephen Sayle (American
Chemical Council, AT&T and 19 others) and Stephen Waguespack (Duke Energy, Ford
Motor Co. and eight others)-worked the crucial corporate and trade association
community on Barton's behalf."

And Bush Is in the Oil Companies' Pockets
Energy Bill Rewards Bush Fundraisers. According to the Washington Post, the
2004 Republican energy bill, nearly identical to the current one, provided
billions of dollars in benefits to companies run by at least 22 executives and
their spouses who were either "Pioneers" or "Rangers," as well as to the
clients of at least 15 lobbyists and their spouses who have achieved similar
status as fundraisers. The energy bill provides industry tax breaks worth $23.5
billion over 10 years aimed at increasing domestic oil and gas production, and
$5.4 billion in subsidies and loan guarantees.

In 2004, 13 Pioneers and Ranger Were From The Oil and Gas Industry. 13 members
of the oil and gas industry were either Pioneers, who pledged to raise $100,000
for the Bush Campaign or Rangers, who raised $200,000 for the Bush campaign in
2004.

In 2000 Election Cycle, 66 of Bush's Pioneers Were Members of the Energy and
Natural Resources Industry. According to Texans for Public Justice, 66 of
Bush's Pioneers in 2000-who each raised at least $100,000 for Bush-were from
the energy and natural resources industry. Five of those Pioneers, including
Edison Electric Institute President Thomas Kuhn, were named to Bush's Energy
Transition team.

The Oil and Gas Industry Is One of Bush's Largest Career Donors. The oil and
gas industry ranked 12th among career contributions to George W. Bush. In 2000,
the oil and gas industry ranked 8th in the top industry contributions. In 2004,
the oil and gas industry ranked 15th in the top industry contributions. for Responsive Politics]

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Paid for and authorized by the Democratic National Committee, www.democrats.
org. This communication is not authorized by any candidate or candidate's
committee.

"No shit Sherlock". Never would have guessed that oil companies made tons of money off the backs of American. Wait, yes I would.

Go head indict everybody. So what you will continue to pay.

Thanks for posting - lots of great facts and figures about the immoral oil companies and disgusting Repugs.