Oil Companies Are Lining Their Pockets At The Expense of The American People
October 31, 2022
While President Biden and Democrats remain laser-focused on bringing down costs, Big Oil companies are raking in record profits on the backs of hard-working Americans with the help of Republicans in Congress. That’s right: Republicans voted against legislation that would help combat gas price gouging and are running on an economic “plan” to raise costs on the American people.
Don’t just take it from us — Exxon’s CEO admitted they are focused on handing out massive profits to their ultra-wealthy shareholders instead of lowering costs for working families.
Bloomberg: “‘There has been discussion in the U.S. about our industry returning some of our profits directly to the American people,’ Exxon Chief Executive Officer Darren Woods said in prepared remarks ahead of the company’s earnings conference call. ‘That’s exactly what we’re doing in the form of our quarterly dividend.’”
This comes as Exxon and Chevron raked in a combined $31 billion in profits last quarter.
The Wall Street Journal: “Exxon Hits Record Profits Again as Oil Industry Sees Banner Quarter”
The Wall Street Journal: “The world’s largest oil companies continue to reap rewards from sustained high commodity prices as Exxon Mobil Corp. reported almost $20 billion in profit, its most lucrative quarter ever […] Chevron’s third-quarter profit slipped about 3% to $11.2 billion from its all-time high in the second quarter due to net charges in the quarter of more than $600 million. Without those charges, it would have also hit record earnings.”
Yet EVERY SINGLE House Republican voted against a bill to help lower gas prices by cracking down on price gouging.
CBS News: “The House of Representatives passed a bill along party lines that seeks to lower gas prices by cracking down on alleged price gouging by energy companies. The House vote was 217-207: no Republican supported the bill.”
The Hill: “The House voted Thursday to pass Democrats’ bill aimed at combating ‘price gouging’ on gasoline. The bill passed 217-207, with no Republicans voting for it.”
Under President Biden’s leadership, gas prices have gone down over a dollar per gallon since the peak in June.
Bloomberg: “The national average price for a gallon of gasoline is now in its third week of declines and has fallen by $1.25 since the June peak.”
President Biden is standing up for working people and fighting to bring down costs, while Republicans are cozying up to Big Oil and running on a midterm plan to raise costs. The choice this November is clear.