As ExxonMobil and other major oil companies announced historic profits today, Governor Doyle released a new state analysis showing that an average, 2-car Wisconsin household will pay an extra $978 per year because of higher gas prices.
Governor Doyle will be available to discuss the analysis and the profit reports during his event at Miller Brewing today at 2:30 p.m. at Building 73A at the Corner of North 41st and West State Street in Milwaukee.
“Average Wisconsin families are getting squeezed by the oil companies, and yet the President and the Republican Congress continue to sit on their hands,” Governor Doyle said. “Our nation needs a real energy independence policy that breaks the stranglehold that Big Oil has on our economy and our pocketbooks. If Washington won’t take action, we in Wisconsin can and must lead the way with a commitment to renewable fuels.”
This week, the world’s leading oil companies have announced corporate profits that have increased between 30 percent and 65 percent, raking in more than $33 billion in profits over the last three months as gas prices have hit record highs. Just today, ExxonMobil announced it made more than $10 billion in profits in the last three months – a 36 percent increase.
Governor Doyle has called on Congress to cap oil company profits and to force the oil companies to provide a refund to the American people from the windfall they have reaped since Hurricane Katrina. He has also signed a “Declaration of Energy Independence” making it Wisconsin’s goal to get 25 percent of its energy and transportation fuels from renewable sources by 2025. He has outlined a bold strategy for meeting that goal, including investments in ethanol and moving at least three UW campuses completely “off the grid” in the next five years.
DOT Analysis: Family of Four Pays $978 More
The analysis by the State Department of Transportation shows that with gas prices up an average of 75 cents from a year ago, Wisconsin’s 3.9 million drivers will pay over $159 million more per month. This translates into $40.76 per driver monthly, $489 per driver annually or $978 annually for a family of four with two drivers.
Governor Doyle will be available today to discuss this issue during his economic development announcement at Miller Brewing Company.
WHERE: Miller Brewing Company
Building 73A
Corner of North 41st and West State Street
Milwaukee
WHEN: Thursday, July 27, 2006
2:30 p.m.
