5 FACTS ABOUT OIL

1. Record-high prices paid by consumers have fueled the $342.4 billion in profits enjoyed by the major oil companies since Bush has been president.

2. We'll never be able to produce our way to lower prices, because America is already the third-largest producer of oil in the world. The United States produces more oil every day than Iran, Kuwait and Qatar combined. The problem is that we consume more oil than any other country; every day, we use one of every four barrels of oil consumed in the world.

3. On average, it costs a company like ExxonMobil about $20 to extract a barrel of oil in Nigeria, Alaska or elsewhere. The company then sells it to American consumers for $70 a barrel.

4. A new income tax on these windfall profits could be dedicated to funding clean energy fuels, renewable energy, energy efficiency and increased investment in mass transit.

5. Strengthening fuel economy standards will make news cars more efficient, allowing them to use less gasoline. Improving fuel economy standards to 40 miles per gallon over the next decade will reduce our oil consumption by one-third.

Ready to take action? Demand to know why energy costs are so high. GO TO: ACTION.CITZEN.ORG