Press Release of Senator Reid
REID: THE REPUBLICAN CONGRESS PUTS BIG OIL BEFORE WORKING FAMILIES

Thursday, July 27, 2006

Washington, DC—Once again, Big Oil is reporting stunning profits as Americans pay skyrocketing prices for gas. With ExxonMobile today reporting $10 billion in second quarter profits, the second largest quarterly profit ever recorded by a publicly traded U.S. company and only the latest of the sky-high profits reported by Big Oil this week, Senate Democratic Leader Harry Reid issued the following statement. A breakdown of current oil company profits is attached below.

“Americans are paying near-record gas prices, oil companies are reaping billions in profits, but the response from the Oil Men in the White House and the Republicans in Congress has been billions for Big Oil and a backhand to the American people. It would be shocking in normal times, but it is standard procedure for Republicans in Washington.

“It is time for a change from the Bush/Cheney energy plan that put Big Oil's interests ahead of working families. For five years, this Republican Congress has failed to adopt a forward-thinking plan to deliver affordable and clean energy, and it is time for a new direction.  Democrats have offered the Clean EDGE Act. It is the comprehensive legislation needed to address the current energy crisis, and the right way to help the American people.”

###

Company
 2004
 2005
 % Change 04-05
 2006
 % Change 05-06
 % Change 04-06
 
ExxonMobil
 $5.79
 $7.64
 32
 $10.36
 35.6
 79
 
Shell
 $3.897
 $5.236
 34
 $7.32
 40
 88
 
BP
 $3.908
 $5.59
 43
 $7.27
 30
 86
 
ChevronTexaco
 $4.125
 $3.684
 -10.7
 
 
 
 
ConocoPhillips
 $2.075
 $3.138
 51
 $5.186
 65
 150
 
Total
 $19.795
 $25.289
 27.8
 
 
 
 

I suppose that Mr. Reid's table is attempting to show per share earnings.  He never explains his figures.  My guess is that he doesn't understand equities or commodities markets.
How can we expect responsible leadership from people that won't even attempt to understand free market capitalism?