BREAKING: Hess’ Q2 Earnings Show Unprecedented Profiteering While Pennsylvanians Suffer
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Today, Hess reported a Q2 profit margin higher than any in its history – reporting an 800% increase in profits over the same period last year. The profits, which totalled $667 million, were collected over at a time of skyrocketing gas and energy prices, while Pennsylvanians are still paying over $4.50 a gallon for gas on average.
The new earnings report shows without a shadow of a doubt that as Pennsylvanian’s struggled under the crushing weight of historic gas prices:
- Hess scalped 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 major 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.
Recipients include Pennsylvania Congressional Representative Glenn Thompson (PA-15), Dr. Oz, and Doug Mastriano. Thompson alone has received more than $560,000 in campaign contributions from the oil & gas industry and has falsely claimed that the dire predictions made by an overwhelming majority of scientists are “scare tactics” to sell an agenda. To appease his donors, Oz has gone so far as to claim carbon emissions aren’t an issue while Mastriano wrongly dismissed climate change as “pop science.” Mastriano has even been caught on record falsely calling the climate crisis “fake,” despite the overwhelming consensus among the scientific community.
None of these GOP leaders have offered any meaningful solutions to stop the price-gouging or lower costs for Pennsylvania families. Pennsylvanianshave noticed. 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.