CINCINNATI, OHIO - Wulsin Calls for an End to Price-Gouging by Oil Companies

CINCINNATI, OHIO - Today Exxon Mobil reported another quarter of record-breaking, runaway profits.  Exxon’s profit increased 17% to $10.9 billion in the first quarter of 2008 as the U.S. economy slipped toward recession.

“The price gouging of Ohio families by big oil companies has got to stop,” said Dr. Victoria Wulsin, Democratic candidate for Ohio’s 2nd Congressional district. “And it’s up to Representative Schmidt to stop it.”

Exxon joins British Petroleum, who reported $7.62 billion in profits in the first three months of 2008 on Tuesday and Royal Dutch Shell, whose profits rose 25 percent to $9.1 billion. In contrast to these record profits, the tri-state area is paying an average of $3.64 at the pump.

“We all know where these runaway profits are coming from,” said Wulsin.  “They are coming from the pockets and pocketbooks of Ohioans who are finding it more and more difficult to make ends meet.”

On April 25, 2006, President Bush ordered a probe on price manipulation and market speculation in the oil industry. Two years later, gas prices are still rising as Representative Schmidt continues to serve as a rubber stamp to the President and his failing policies.

“Look at the price at the pump and then look at the quarterly profits these companies are reporting this week.  The connection and the price-gouging is obvious,” said Wulsin.  “We need action now, and our Representative is not helping by voting against legislation that repeals subsides to these profit-rich oil companies.”

Schmidt voted against H.R. 5351, legislation which provides tax incentives for the production of renewable energy and energy conservation while repealing subsidies to large, rich oil companies.

“When I’m elected to Congress,” said Wulsin. “I will put an end to the free giveaways of tax breaks to oil and gas companies. I am committed to working with other members of Congress to put the needs our families first.”