Hassan Takes on Big Oil, While Bolduc Parrots Industry Talking PointsHassan Takes on Big Oil, While Bolduc Parrots Industry Talking Points
Hassan Calls for Corporate Accountability to Lower Energy Costs for Granite Staters, While Bolduc Backs Big Oil over Working People
MANCHESTER, NH – Tonight, Senator Maggie Hassan faced her extremist Republican challenger Don Bolduc in the final debate ahead of next week’s midterm election. Inflation and rising energy costs were key issues and the differences between Hassan and Bolduc were stark. Hassan put the blame squarely on Big Oil profiteering and price gouging and explained how expanding clean energy is essential to energy independence. In contrast, Bolduc took a page from Big Oil’s playbook—spreading disinformation to attack Biden and congressional Democrats. Below are some highlights from tonight’s debate.
Hassan highlighted her record of passing cost-cutting and job-creating legislation to address the climate crisis as well as her work to hold Big Oil accountable.
- Hassan took aim at corporate greed, highlighting how Granite Staters are hurting as oil and gas companies continue raking in record profits because of price gouging and profiteering. Hassan cited her record leading the charge to investigate Big Oil price gouging.
- Hassan called for the expansion of clean energy, noting that it is essential to securing energy independence.
- Hassan touted the passage of the Inflation Reduction Act, the most significant climate investment in American history, and the Bipartisan Infrastructure Law. She highlighted how infrastructure investments will support coastal businesses facing rising sea levels while transitioning to clean energy will help us reduce dependence on foreign oil and strengthen our grid.
Bolduc on the other hand had no real answers on how to address rising energy costs let alone the climate crisis.
- When asked directly what he would do to combat climate change, Bolduc provided no solutions. In fact, he said he would have opposed the biggest climate and clean energy investment in U.S. history.
- Bolduc’s only “solution” to address rising energy costs was to continue the status quo, expanding oil production and allowing oil and gas companies to continue raking in record profits at the expense of working folks in New Hampshire. Bolduc is parroting a favorite talking point from the oil and gas lobby, that just isn’t true. Corporate greed – not supply – is what is driving high energy prices.
- The United States is producing more energy than ever before – according to the Energy Information Administration, 2022 is expected to break the previous production record.
- Domestic crude oil production has grown since 2020 and is projected to break annual records by 2023. Natural gas production already set a new annual record in 2021 and hit a record for daily production in September 2022.
This debate happened as major oil and gas companies announce eye-popping third quarter profits and President Biden pushes for a corporate windfall tax to hold the industry accountable for price gouging the American public. Here are some of the topline Q3 profits:
- Exxon reported $19.6 billion for Q3, a 191.26% increase over last year – an all-time record.
- Chevron reported $11.2 billion for Q3, an 89% increase.
- BP released third quarter profits to the tune of $8.15 billion.
- BP spent $1.14 billion on dividends and $2.876 billion on stock buybacks for a total of $4.016 billion on rewarding shareholders.
- Marathon Petroleum reported $3.86 billion in Q3 profits.
- Marathon spent $285 million on dividends and $3.908 billion on stock buybacks for a total of $4.192 billion spent rewarding shareholders.
- Phillips 66 reported $3.12 billion in Q3 profits.
- Saudi Aramco – the world’s largest oil company – reported $42.4 billion in net income for the third quarter.