FACT CHECK: Big Oil is Inherently Volatile
WASHINGTON, D.C. – Oil and gas are volatile and keep us reliant on foreign governments, while investments in clean energy will make us more energy independent. Here are the facts:
FACT: Oil prices are inherently volatile and tied to the global market, supply, and the whims of foreign leaders. The price we pay for oil in America is determined by the world market—it’s a global commodity.
FACT: President Biden’s clean energy plan is expected to cut energy costs by as much as 9% and lower gas prices by as much as 13% by 2030.
FACT: Last year, oil and gas giants raked in a record $400 billion while spending $114 billion on stock buybacks and $100 billion on dividends, enriching their wealthy shareholders. Total industry profits soared to $78.37 billion in the first quarter of 2023.
FACT: Under President Biden, U.S. oil output is set to hit annual production records in 2023 and 2024. Despite production reaching record highs, oil executives are raising prices in order to reward their wealthy stakeholders.
FACT: Wind and solar power are already cheaper than coal and natural gas, and the Inflation Reduction Act will further lower the cost of wind and solar by 55% and 40%, respectively. That’s Made in America clean energy that you can’t export abroad.