As Vladimir Putin wages war, 
Oil companies are making billions by price gouging us at the pump …
Reuters: “Oil Tops $105/bbl After Russia Attacks Ukraine” On February 28, 2022, Reuters reported: “Oil prices jumped on Thursday, with Brent rising above $105 a barrel for the first time since 2014 before easing, after Russia’s attack on Ukraine exacerbated concerns about disruptions to global energy supply.” [Reuters, 2/28/2022]
Wall Street Journal: “Events In Ukraine Have Caused Oil Prices To Skyrocket.” In an article explaining the reasons for high U.S. gasoline prices, the Wall Street Journal reported: “Events in Ukraine have caused oil prices to skyrocket, pouring gasoline on what was already a smoldering fire. Brent crude topped $130 a barrel in early March, and gasoline prices recently hit a record $4.318 a gallon, putting them up more than 20% from where they stood a month earlier, according to AAA. Speculators betting that prices will keep going up also are likely driving oil higher.” [Wall Street Journal, 3/10/2022]
The New Republic Headline: “Oil Companies Are Making a Fortune From Soaring Prices. Democrats Want to Take Some of It Back.” On March 10, 2022, The New Republic ran an article titled “Oil Companies Are Making a Fortune From Soaring Prices. Democrats Want to Take Some of It Back.” The article reported: “As gas prices climbed to over $4 per gallon in the United States and oil traded at highs of $130 per barrel this week amid war in Europe, a new report from the U.K.-based think tank Common Wealth finds that the top five oil and gas producers in the U.S. are getting a wildly good deal from the U.S. government: While they rake in massive profits, their tax burden remains shockingly low.” [The New Republic, 3/10/2022]
Texas Tribune: “Texas Oil And Gas Producers To See Short-Term Profits After Russia Invades Ukraine.” In an article titled “Texas oil and gas producers to see short-term profits after Russia invades Ukraine,” the Texas Tribune reported: “Energy markets responded to the Russian invasion of Ukraine on Thursday with soaring energy prices — the global benchmark for oil exceeded $100 a barrel for the first time since 2014 — which will bring higher profits for Texas’ oil and gas industry, at least temporarily. Energy analysts say the conflict could slow the flow of oil and gas from Russia — one of the world’s largest producers — to Europe in the weeks ahead. The price of oil dipped back down to $99 late Thursday after President Joe Biden did not target Russian oil and gas when he announced sanctions against Russia. Higher oil and gas prices mean more money for Texas producers — and could lead to industry growth in the near term, according to Karr Ingham, an economist with the Texas Alliance of Energy Producers.” [Texas Tribune, 2/24/2022]
And Republicans are helping them do it.See Below
They took millions from Big Oil, Republicans Got $63.6 Million In Campaign Contributions From Big Oil in 2020 Elections. According to campaign finance data analyzed by the Center For Responsive Politics, the oil and gas industry gave $63.6 million in campaign contributions to Republican candidates in the 2020 election cycle. [OpenSecrets, accessed 3/17/2022]
and blocked a clean energy plan that would lower costs for families.House Republicans Voted Against The Build Back Better Act. On November 19, 2021, 212 out of 213 Republican members of the House of Representatives (with one member not present) voted NO on H.R. 5376, the Build Back Better Act. The legislation provides funding for a range of climate provisions, including transit services and clean energy projects in low-income communities, wildfire prevention, drought relief, conservation efforts and climate change research, electric vehicles, tribal infrastructure and environmental programs, and safe drinking water, energy-efficiency, and weatherization projects. The legislation also establishes a methane fee for certain petroleum and natural gas facilities. [House Vote #385, 11/19/2021117th Congress, H.R. 5376
Rhodium Group: Clean Energy Tax Credits Can Save Households $500 A Year On Energy Costs. According to an analysis by the Rhodium Group of the clean energy tax credits in the Build Back Better Act paired with actions from the Biden White House: “Getting US emissions on track to reach the 2030 target can be done with little cost to consumers. Long-term tax credits, investments in energy efficiency and other factors cushion consumers from price increases associated with new standards and regulations. On a national average basis, households save roughly $500 a year in energy costs in 2030 in our joint action scenario.” [Rhodium Group, 10/19/2021]
Rhodium Group: Build Back Better Act’s EV Investments Would Displace Demand For Gasoline And Make The U.S. Less Reliant On Oil Imports. According to an analysis by the Rhodium Group of the clean energy tax credits in the Build Back Better Act paired with actions from the Biden White House: “Lower fossil fuel demand does not fundamentally alter US production of oil and natural gas. In 2030, crude oil production is essentially the same in both the current policy and joint action scenarios (Figure 4.11). While EVs takeoff through 2030 and displace gasoline, this decline is balanced with modest increases in petroleum exports. The US is also less reliant on oil imports in the joint action scenario.” [Rhodium Group, 10/19/2021]
Electric Vehicles Are Already Displacing More Crude Oil Demand Than We Used To Import From Russia, And Could Displace More In The Future. In December of 2021, Bloomberg reported: “as EV sales continue to increase, their combined displacement of oil consumption will become apparent. Earlier this year, BloombergNEF research found that EVs of all types, including buses and 2- and 3-wheelers, were displacing more than a million barrels of oil demand per day – and that was analysis done before this year’s surge in EV sales. By the middle of the century, oil demand could be 21 million barrels less per day thanks to EVs, compared to an entirely internal combustion engine global vehicle fleet.” According to a White House fact sheet announcing a ban on the import of petroleum products from Russia: “ Last year, the U.S. imported nearly 700,000 barrels per day of crude oil and refined petroleum products from Russia and this st ep will deprive Russia of billions of dollars in revenues from U.S. drivers and consumers annually.” [Bloomberg, 12/9/2021White House, 3/8/2022]
They’re leaving us dependent on oil and at the mercy of foreign dictators.CFR: The United States’ Dependence On Oil Has Long Influenced Its Foreign Policy.” According to an interactive article published by the Council on Foreign Relations: “The United States’ dependence on oil has long influenced its foreign policy. U.S. oil development spans three major periods: the rise of oil as a commodity, beginning in 1850; the post–World War II age of geopolitical competition; and the post–Cold War era of deregulation and diversification. Most recently, Russia’s war with Ukraine has aggravated geopolitical tensions and revived the debate about U.S. energy independence.” [Council on Foreign Relations, accessed 3/17/2022]
Head Of The International Energy Agency Warned Extreme Volatility In Energy Markets Would Continue Until Clean Power Is Tripled. On October 13, 2021, Financial Times reported: “Extreme volatility in energy markets will present a continued risk unless investment in clean power is tripled in the next decade, the head of the International Energy Agency warned, as he issued a call to arms for world leaders ahead of the upcoming UN climate summit. Fatih Birol, IEA executive director, told the Financial Times that while projected investment in oil and gas was now aligned with the changes needed to reach net zero emissions of greenhouse gases by 2050, public spending on renewable power was only at a third of the future levels required. ‘There is a gross mismatch, and the longer this mismatch persists, the greater the risk of further sharp price swings and increased volatility in the future,’ Birol said.” [Financial Times, 10/13/2021]
In Response To Sanctions Over Ukraine Conflict, Russian Deputy Prime Minister Threatened To Close A Major European Pipeline And Warned Of $300 Per Barrel Oil. On March 8, 2022, Bloomberg reported: “Russia has threatened to close a major gas pipeline to Germany and warned of $300 oil prices if the West goes ahead with a ban on its energy exports. ‘It is absolutely clear that a rejection of Russian oil would lead to catastrophic consequences for the global market,’ Russian Deputy Prime Minister Alexander Novak said Monday in an address on state television. ‘The surge in prices would be unpredictable. It would be $300 per barrel if not more.’” [Bloomberg, 3/8/2022]
Congressional Republicans:
In the pockets of big oil,
Republicans Got $63.6 Million In Campaign Contributions From Big Oil in 2020 Elections. According to campaign finance data analyzed by the Center For Responsive Politics, the oil and gas industry gave $63.6 million in campaign contributions to Republican candidates in the 2020 election cycle. [OpenSecrets, accessed 3/17/2022]
Against American-made clean energy.Moody’s Analytics Found The Build Back Better Agenda Could Add 2.4 Million Jobs And Increase GDP Growth. In a report that looked at the impacts of passing the Build Back Better Act alongside the Infrastructure Investments and Jobs Act, Moody’s Analytics found “The economy performs best in the final scenario, in which both the bipartisan infrastructure deal and the reconciliation package become law. Real GDP growth would average 3.2% per annum during Biden’s term and 2.2% over the next decade, compared with less than 2.8% and 2.1% per annum if the legislation fails to become law. In terms of employment, under the infrastructure deal and reconciliation package, there are 2.4 million more jobs at the peak of the employment impact by mid-decade, and unemployment is a full percentage point.” [Moody’s Analytics, 11/4/2021]
By Nature Many Clean Energy Jobs Cannot Be Outsourced, And They Contribute To The Growth Of Local Economies. In their explanation of their Climate Corps program , the Environmental Defense Fund wrote: “Many jobs in the solar and energy efficiency space are in installation, maintenance and construction, making these jobs inherently local and contributing to the growth of local economies.” [Environmental Defense Fund, accessed 6/19/20]
GFX: HIGHER PROFITS FOR OIL CEOSIt all means higher profits for oil companies,Common Dreams Headline: “Biggest Oil Giants Made ‘Eye-Popping’ $205 Billion in Profits in 2021: Report” In an article titled “Biggest Oil Giants Made ‘Eye-Popping’ $205 Billion in Profits in 2021: Report” Common Dreams reported: “While millions of working people have been hurt by surging gas prices, a new analysis out Tuesday shows that 25 of the world’s biggest fossil fuel corporations collectively pulled in an ‘eye-popping’ $205 billion in profits last year—and Big Oil is exploiting Russia’s war on Ukraine to charge even more at the pump in 2022 and advance its financial interests. ‘All this money helps to line the pockets of wealthy oil executives who receive massive chunks of their compensation in company stock.’” [Common Dreams, 3/15/2022]
Paid for by Climate Power
and higher gas prices for us.The Build Back Better Act Would Reduce The Role Of Fossil Fuel Price Spikes. A report from the Joint Economic Committee Democrats on the Build Back Better Act pointed out: “By addressing the threat of climate change, the bill would reduce the role of fossil fuel price spikes and extreme weather in driving future inflation, insulating the economy from key sources of price spikes that can lead to inflation—just as occurred in 2021.” [Joint Economic Committee, 1/11/2022]
Bank Of America Research: “High Gas Prices Are ‘Taking A Bite On The Lower Income Consumers.” On March 11, 2022, Yahoo News reported: “High gas prices are ‘taking a bite on the lower income consumers’ who are cutting back on items such as clothing and furniture, according to BofA data analytics. The research shows lower-income and higher-income households increased their spending on gasoline as prices have surged. While overall impact is still small as of early March, the increase for lower income households was more not able, the note said. ‘Rising gas prices are particularly painful for lower income consumers. For one, gas makes up a larger share of their total spending. For another, lower income consumers tend to work in sectors where remote working is not an option,’ according to BofA.” [Yahoo News, 3/11/2022]