MEMO: What to know about Q3 oil and gas profits
To: Interested Parties
Fr: Alex Witt, Climate Power
Date: October 23, 2023
Re: What to know about Q3 oil and gas profits
It’s that time again – Big Oil corporations are releasing their third-quarter profits next week, along with announcing stock buybacks and dividends that will go to their already-wealthy shareholders and executives. Profits are expected to be staggering once again. Though they won’t be quite as astronomical as in 2022, when the industry was profiting off the war in Ukraine and supply suppression, profits will continue to be historically high.
We know that Big Oil’s profits pad Congressional Republicans’ campaign coffers, and while we legally can’t say there’s a direct line between campaign donations and industry-friendly votes, pro-oil positions from the GOP sure do happen a lot. In the year since Democrats and President Biden passed the Inflation Reduction Act, Republicans have voted 25 times to repeal the landmark climate and clean energy plan — legislation fossil fuel companies ardently opposed.
Republicans in the House are in disarray, having ousted Kevin McCarthy from the speakership and failing to find a replacement. It doesn’t really matter who the GOP chooses as the next Speaker, they’ll continue to cash Big Oil’s checks and vote in their interests. Last cycle, Republicans took a total of $39.4 million in campaign contributions from the oil and gas industry. If there’s one thing we know about House Republicans, it’s that they’ll put Big Oil’s interests ahead of working families every time. Whoever House Republicans choose, the goal is the same: profits over people, campaign contributions over constituents.
Here are the dates to watch for: