Memo: Gas Prices Are High Thanks To Big Oil’s Greed

The greed of Big Oil CEOs and climate-fueled extreme weather events have led to high gas prices, which will likely continue throughout the summer. If you plan on covering gas prices, the facts speak for themselves: Big Oil CEOs continue to work to protect their bottom line, even if it means price-gouging families in Ohio.

• Instead of increasing their production or developing on the thousands of unused leases they already have from the government, oil and gas CEOs are using their record profits for stock buybacks for wealthy shareholders and executive bonuses for themselves. 
• Earlier this month, the former CEO of shale oil company Pioneer Natural Resources was accused of conspiring to collude with OPEC to raise oil prices.
• BP CEO Murray Auchincloss has refocused the company on high returns, leaning on its oil and gas assets to boost profits. 
• Chevron CEO Mike Wirth has ruled out investments in renewables, saying he would prefer the money “go back to our shareholders and let them plant trees.”

Meanwhile, Donald Trump and MAGA Republicans are wrongly blaming President Biden for high prices, even as oil production is hitting record highs. The GOP refuses to hold the oil and gas industry accountable for its price gouging—maybe because many of them have personally benefited from higher profits. 

• According to a Washington Post exposé, Donald Trump promised to enact Big Oil’s agenda of crushing clean energy jobs while soliciting $1 billion to return him to the White House.
• Trump even said the $1 billion price tag was a “deal” because executives would make a lot of money avoiding taxes and regulations.

• Donald Trump and his allied groups have already raised $7.3 million from the oil and gas industry so far in the 2024 cycle. They received nearly $15 million from the oil and gas industry in the 2020 election.
• Big Oil is banking on Trump winning in 2024 — and industry executives are already writing orders for Trump to sign if he gets elected. 
• In Ohio, Bernie Moreno, who is running for U.S. Senate, has taken $96,469 from Big Oil and Gas. Sen. J.D. Vance has taken $333,904. 
• In the House of Representatives, the following representatives have taken contributions from Big Oil and Gas: Rep. Bill Johnson (OH-06) has taken $893,712; Rep. Robert Latta (OH-05) $633,441; Rep. Troy Balderson (OH-12) $380,404; Rep. David Joyce (OH-14) $292,004; Rep. Jim Jordan (OH-04) $259,085; Rep. Michael Turner (OH-10) $167,806; Rep. Brad Wenstrup (OH-02) $106,402; Rep. Mike Carey (OH-15) $82,300; Rep. Warren Davidson (OH-08) $49,532; and Rep. Max Miller (OH-07) $30,505. 

At the same time, here in Ohio, families have dealt with 50 tornadoes just since January, more than double the state’s average per year. While Ohioans face the fallout of these  severe storms due to increasingly warm temperatures caused by burning fossil fuels, 

Big Oil continues to turn a blind eye to the implications of the climate disasters they’ve caused.

• Shell CEO Wael Sawan has focused on improving Shell’s profitability by leaning more heavily on oil and gas operations.
• A study found that four of the world’s largest oil companies aren’t meeting their promises to tackle climate change with actual investments. Instead, they are proactively backing away from them.
  • BP announced less ambitious targets for emission cuts.
  • Shell said it wouldn’t increase spending on renewable energy this year, saying their investor returns are more important.
  • Exxon announced its “retreat” from one of its largest climate solutions, making biofuels from algae. 

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