BREAKING: Hess’ Q2 Earnings Show Unprecedented Profiteering While Georgians Suffer
Today, Hess reported a Q2 profit margin higher than any in its history. The profits, which totalled $667 million, were collected over at a time of skyrocketing gas and energy prices, with the national average for gasoline topping $5 for the first time in history in June.
The new earnings report shows without a shadow of a doubt that as Americans struggled under the crushing weight of historic gas prices:
- Hess gouged consumers at the pump and shoveled the money to their wealthy shareholders. In Q2 alone, Hess paid out $190 million in stock buybacks and $116 million in dividends.
- Meanwhile, Hess spent $480,000 lobbying Congress thus far this year to help ensure they can continue to reap massive profits from consumers.
This profiteering is a problem for Republicans, who have spent months attempting to pin the blame for high energy prices on Joe Biden while being mouthpieces for the fossil fuel industry talking points. In the 2022 electoral cycle alone, the oil and gas industry gave more than$13.2 million to federal Republican candidates, which represents 77% of their giving.
In Georgia, political newbie Herschel Walker, has already received more than $80,000 in campaign contributions from the oil & gas industry. Instead of offering any meaningful solutions to stop the price-gouging or lower costs for families, Walker has spent his time on the campaign trail fighting against climate action while spewing bizarre comments about the U.S.’ “good air” being replaced by China’s “bad air.”
Georgians have noticed and they want action. Recent polling shows strong support for clean energy, and a majority of voters blaming high energy prices on price gouging by fossil fuel companies.
It’s time to hold these fossil fuel-bought Republicans allies accountable for doing nothing to protect consumers or lower costs for families.