FACT CHECK: Corporate Greed and Foreign Intervention Are To Blame for Gas Price Volatility
WASHINGTON, D.C. – During tonight’s presidential debate, Nikki Haley falsely claimed that investments in climate and President Biden’s clean energy plan are to blame for higher gas prices.
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: 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: Instead of increasing their current production or developing on the thousands of unused leases they already have from the government, oil and gas CEOs use their record profits for stock buybacks for wealthy shareholders and executive bonuses.