WASHINGTON, D.C. -- In response to Chevron’s third-quarter earnings report indicating over $5 billion in profits, 40 percent higher than a year ago, Rep. Edward J. Markey (D-MA), a senior Democratic Member of the House Energy and Commerce and Resources Committees, today issued the following statement:

“It is certainly Halloween season for Big Oil.  Chevron’s latest earnings reports may be a treat for their shareholders, but they’re a dirty trick for American consumers.”

“Chevron is one of the leading beneficiaries of our dependence on foreign oil and the Bush Administration and backwards GOP policies on conservation and fuel economy standards have become the biggest enablers of that dependency.  In 11 days, Americans can cast their votes for a new direction in the Congress that will put energy security, not ever-increasing windfall oil company profits on the top of the agenda.”

“It is ironic that while Ford just announced a LOSS of $5 billion this quarter, Chevron is announcing a PROFIT of $5 billion.  That's no coincidence.  As Ford and other American car companies have been producing huge gas-guzzling SUVs, Big Oil has been reaping the profits from the resulting increase in demand.  Once gas prices went up, the American car companies’ profits went down because sales of those fuel in-efficient vehicles are tanking.”

“There is no clearer evidence that Congress must adopt stronger fuel economy standards time that stabilizes prices by making our cars and SUVs consume less gasoline.  Congress needs to mandate rapid development and deployment of alternative energy technologies such as ethanol and eventually hydrogen, so we can move away from our dependence on foreign oil.”

October 27, 2006

CONTACT: Israel Klein