Exxon Mobil made $8.4 billion in profits in the first quarter of 2006, an increase of 7% from the first quarter of 2005. ConocoPhillips made $3.29 billion, a 13% increase from the same period, and Marathon Oil Corporation doubled its profits.

     2005 was a highly profitable year for the oil and gas industry, as the 10 largest companies earned revenues of over $1 trillion and had net profits of over $100 billion. Last quarter, Exxon Mobil earned $10.7 billion, the biggest quarterly profit for any corporation in U.S. history. For the year, Exxon Mobil set a record with $36.1 billion in profits.

     "Big oil is getting fatter while Americans’ wallets are getting thinner everyday. Yet this Administration’s answer is as good as its exit strategy in Iraq. A national energy policy should benefit the general public, not just those whose suits cost as much as a hardworking family spends on a month’s worth of fuel," declared Rahall.

     Leading up to these blockbuster profits, the Republican-led Congress was rubber-stamping lavish giveaways for the industry. After eleven years of Republican control of the House of Representatives have yielded royalty giveaways costing the taxpayer billions, Americans are paying twice as much for gasoline as they paid in 2001, while oil companies are making triple the profit.

     Last April, during floor consideration of energy legislation, U.S. Rep. Raul Grijalva (D-AZ) and Rahall fought to remove a provision that would have expanded and extended royalty relief for deep water drilling in the Gulf of Mexico, but Republicans struck down this effort.

     "Time and time again, Republicans have acted in the best interest of Big Oil, not in the best interest of Average Joe. This type of leadership can only lead this Nation in a dangerous direction," warned Rahall.