Presidential Candidate John Edwards Vows to Fight Oil Industry Profiteering

John Edwards told voters that he would fight oil industry profiteering in order to help families afford heating oil, during a campaign stop in New Hampshire today. Edwards has unveiled a new plan to help fight the rising cost of home heating oil, according to a statement issued on his campaign's website.

"America's dependence on oil not only leaves families vulnerable to rising prices, but it compromises our national security and contributes to the crisis of global warming," Edwards was cited as saying.

Edwards told voters that six of the oil industry's biggest companies had raked in over $477 in profits over the past six years. He also said that Exxon Mobil set a new record by raking in $40 billion in profits last year. No other corporation has ever made an annual profit of that size, according to Edwards.

The statement also provided details of Edward's plan. Part of the plan was aimed at providing immediate relief to families that can't afford to heat their homes. Under this part of the plan Congress would be asked to release some of the nation's oil reserves. Congress would also be asked to increase funding for the Low-Income Home Energy Assistance Program. The plan also called for increased spending on winterization programs. Finally, the plans calls on the government to help states and non-profits provide low interest loans to needy families struggling to heat their homes.

The statement also discussed Edward's plan for confronting the oil industry. As president, Edwards would investigate the consolidation of the oil industry and rising oil prices through the Department of Justice. Twenty-one oil companies have merged into only eight companies leading to limited competition in the industry, according to the statement.

Edwards would ask Congress to make changes to anti-trust legislation. Currently oil companies are allowed to manipulate supply in order to increase their profits, the statement said.

He would also work to cut government subsidies to oil companies. The oil industry writes off $2 billion per year associated with cost of drilling, according to the statement. The plan also calls for the industry to sink some of its unprecedented profits into building a more reliable system of oil refineries. Problems at systematically overburdened oil refineries have led to unpredictable shifts in oil supply and prices, the statement said.

The plan called for increased investment in renewable fuels and energy efficiency. Edwards was cited as believing that the U.S. could create a petroleum free economy with a generation. He also predicted that oil imports could be cut by 7.5 million barrels a day within the next 16 years.

Under the Edward's plan ethanol pumps would be installed at a quarter of the nation's gas stations. The plan also called for increased investment in biofuels.