As Bush Fights for Big Oil, Exxon Mobil Amasses Profits Of $1,485 A Second

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Big oil companies and overseas oil producers are seen as top
culprits responsible for high prices at the pump, according to a recent CNNMoney
poll
.

The poll found that 68% of respondents think domestic oil
companies are a major cause of today’s surging gas prices.

Meanwhile, ExxonMobil reported second-quarter earnings of
$11.68 billion, the largest quarterly profit ever by any American corporation.
On May 29, BNET.com reported
Exxon Mobil plans to invest just $10 million this year in renewable energy.

"Just one day after President Bush renewed his demand
for Congress to turn over more of America’s natural resources to Big Oil, Exxon
Mobil reports the largest quarterly profit in America’s history, an amazing
$1,485.55 per second,” said Adam Kolton, senior director of congressional and
federal affairs, National
Wildlife Federation
.

“Let there be no mistake where that profit came from—the
pockets of American drivers, the victims of a vicious circle. Our government
gives America’s
public lands and waters to Big Oil. Big Oil extracts the oil and consumers are
forced to buy it because they have no other choice of alternative technologies
or fuels—it’s buy what Big Oil is selling or walk to work. Big Oil takes that
money and invests that money not in cheaper, cleaner renewable energy, but in stock
buybacks and dividends
, Kolton said.

"Don’t be fooled by the big lie. We can’t drill and
burn our way out of our energy crisis. It’s failed Americans again and again
while delivering record profits for oil companies. We need clean energy
solutions to break America’s
addiction to oil, give consumers real energy choices, recharge our economy and
help solve global warming," Kolton said.

Learn more about the real solutions that would cut our energy costs and ease
our addiction to fossil fuels in the National Wildlife Federation’s Don’t
Be Fooled
fact sheet.

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