FACT CHECK: Big Oil, Corporate Greed to Blame for Inflated Gas Prices

MILWAUKEE, WISCONSIN – Big Oil’s corporate greed and corruption are to blame for higher prices at the pump, but Doug Burgum will do anything to protect his and Donald Trump’s Big Oil donors. President Biden is ending Big Oil’s vice-like grip as an energy source and holding the industry accountable for polluting our air and water.

• FACT: Doug Burgum’s speech tonight was bought and paid for by Big Oil, including Trump megadonor Harold Hamm, head of Continental Resources, who spoke today at an energy policy symposium, and Kelcy Warren, head of Energy Transfer Partners, who just gave Trump $5 million.
• FACT: Doug Burgum is leading Trump’s energy policy. Trump proposed his billion-dollar deal to Big Oil execs that would give Big Oil $110 billion in tax breaks. 
• FACT: In 2022, Big Oil profits shattered all-time highs as Americans were subjected to unprecedented gas prices; they used the windfall to funnel billions back to their CEOs and wealthy shareholders.
• FACT: The FTC is calling for a criminal investigation over allegations that a (now former) Big Oil CEO colluded with Saudi-led oil cartel OPEC to artificially reduce output and inflate gas prices “at the expense of U.S. households and businesses,” costing Americans an estimated $500 per car.
• FACT: Rather than joining Dems’ calls for prosecuting Big Oil price-fixing, Trump responded by taking aim at the FTC in a closed-door fundraiser with Big Oil CEOs, suggesting he’d pressure them to relax their scrutiny.
• FACT: President Biden has overseen record domestic energy production, including unprecedented investments in affordable clean energy options.
• FACT: President Biden’s historic clean energy plan is projected to lower electricity bills and gas prices by up to 9% and 13%, respectively.
• FACT: Americans have already saved $1 billion on electric vehicle purchases via tax credits – which Burgum wants to help Trump and Vance eliminate – from Biden’s clean energy plan. And EVs, in turn, save owners thousands more via reduced fuel and maintenance costs.
• FACT: The rapid uptake of EVs and other fuel-efficient cars under President Biden isn’t just saving their owners money; it’s driving down gas prices for all drivers.