FACT CHECK: Corporate Greed and Foreign Intervention Are To Blame for Gas Price Volatility

WASHINGTON, D.C. – During tonight’s presidential debate, Nikki Haley falsely claimed that investments in climate and President Biden’s clean energy plan are to blame for higher gas prices. 

FACT:  Last year, oil and gas giants raked in a record $400 billion, while spending $114 billion on stock buybacks and $100 billion on dividends, enriching their wealthy shareholders. Total industry profits soared to $78.37 billion in the first quarter of 2023.

FACT: Under President Biden, U.S. oil output is set to hit annual production records in 2023 and 2024. Despite production reaching record highs, oil executives are raising prices in order to reward their wealthy stakeholders.

FACT: Saudi Arabia and Russia extended their oil production cuts through December, sending prices up in the United States and adding to the spike created by Putin’s war in Ukraine.

FACT: Oil prices are inherently volatile and tied to the global market, supply, and the whims of foreign leaders. The price we pay for oil in America is determined by the world market—it’s a global commodity. 

FACT: Refineries are unable to operate under extreme heat conditions. During this summer’s record heat, refineries in Texas and Louisiana were down, sending prices up in regions across the country. 

FACT: Instead of increasing their current production or developing on the thousands of unused leases they already have from the government, oil and gas CEOs use their record profits for stock buybacks for wealthy shareholders and executive bonuses.

FACT: Wind and solar power are already cheaper than coal and natural gas, and the Inflation Reduction Act will further lower the cost of wind and solar by 55% and 40%, respectively.