Climate Power Statement on California Holding Big Oil Accountable
(Washington, D.C.) – In response to the passage of California Senate Bill XB1-2, Climate Power Deputy Executive Director Claire Moser issued the following statement:
“California just took a huge step toward holding Big Oil accountable for its rampant profiteering at the expense of working families. Last year, oil and gas companies raked in more than $400 billion in record profits. While California is leading the way, Congressional Republicans are doubling down on their unpopular plan to give new handouts to oil and gas CEOs. The contrast could not be clearer.”
Instead of using their $400 billion in profits to invest in domestic production and jobs here at home, the oil and gas industry spent $114 billion on stock buybacks and $100 billion on dividends to reward their shareholders. The California state legislature is leading the way toward a clean energy future, but federal legislators like California Representative and House Speaker Kevin McCarthy are stuck in the past. Speaker McCarthy, a staunch supporter of oil and gas, has taken $2.8 million in campaign funding from oil and gas, making him the number one House recipient of Big Oil’s campaign cash.
# # #