BREAKING: Exxon & Chevron, $30B Q3 Profits, Shows More Outrageous Profiteering at Nevadans’ Expense as Laxalt Protects Big Oil Funders
LAS VEGAS, Nev. – Today, just 11 days before the midterm elections, Exxon and Chevron reported more than $30 billion in quarterly profits between the two companies. 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. All told, in the first three quarters of the year, the oil and gas industry reported enough payments to their wealthy shareholders that they could give every American over $1,300 in cash. In a surprise to no one, they choose to keep this money for themselves, wealthy investors, and shareholders.
The tens of billions in Big Oil profits were collected as Adam Laxalt and other Republicans shielded their Big Oil contributors from the blame they deserve for price gouging and profiteering as Nevada families struggle to make ends meet.
Republicans like Adam Laxalt will stop at nothing to blame high prices on President Biden and the Democrats because their campaign coffers are funded by Big Oil’s record profits.
In the 2022 electoral cycle alone, the oil and gas industry has given Laxalt more than $234,000.
Big Oil’s blockbuster Q3 reports also come as a new report this week reveals the lengths to which Big Oil has funneled millions to Republican Super PACs to support candidates like Laxalt that spread energy disinformation to protect the oil industry from their harshest critics like Senator Cortez Masto. In the Senate, Cortez Masto has helped lead the charge against Big Oil on behalf of Nevadans.
In stark contrast, Laxalt constantly defends Big Oil from any blame, even in the face of outrageous Big Oil profits coming at Nevadans’ expense. As Attorney General, Laxalt was even caught abusing his position to block a fraud investigation into Big Oil.
Not surprisingly, Laxalt has not provided any meaningful solutions to stop this price gouging, lower costs for working families, or address the climate crisis. That’s a mistake – polling shows strong support for clean energy, and a majority of voters blame high energy prices on price gouging by fossil fuel companies.