"Big Oil" Benefits From War
The following is a press release from May 7, 2003, by Kucinich's office in Congress.
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Kucinich: "Big Oil" Benefits From War
Major Oil/Gas Companies 1st Quarter Profits Skyrocket Over Last Year
Recently released 1st quarter financial reports indicate that the major oil and gas companies profits skyrocketed in the past year.
According to annual 1st quarter reports filed with the Security and Exchange Commission (SEC) Exxon Mobil profits rose more than 206% from last year's 1st quarter, while Chevron Texaco was up 165%, Royal Dutch/Shell was up 136%, and BP Amoco was up 136%.
"It is clear that the major oil and gas companies were the real winners of the war in Iraq," stated Congressman Dennis J. Kucinich (D-OH) today. "These sky high profits are a clear indication that while America's prestige in the world has been greatly harmed by the war, the major oil and gas companies repeated great financial gain. Today I once again repeat my call for swift passage of HR 585, National Defense Oil Equity Act of 2003. The legislation would place a windfall profit tax on a company's profits but will not raise the price of oil."
HR 585, The National Defense Oil Equity Act of 2003, was introduced by Kucinich on February 5, 2003.
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