Once Again Kemp Spreads Lies about Big Oil’s Corporate Greed
ATLANTA, Ga. – Tonight, during the final debate in the race for governor of Georgia, Governor Kemp did not offer any meaningful solutions to address rising energy prices, instead he spread misinformation about the true causes of rapidly rising energy prices, chief among them: corporate greed and the inherent volatility of fossil fuel markets.
That Georgians are paying more for gas as oil companies rake in record profits is no mistake – it is by design. Big Oil is keeping prices artificially high so that they can further enrich themselves and their wealthy shareholders. Kemp, who has taken at least $450,825 from the oil and gas industry during his career total, has been silent on this corporate price gouging. On the contrary, Stacey Abrams has been outspoken about the need to hold corporations accountable and ensure Georgians are protected from corporate greed and profiteering.
Last week, Big Oil announced another quarter of astronomical profits, which came at the expense of working people. All told, in the first three quarters of the year, the oil and gas industry reported enough payments to their wealthy shareholders that they could give every American over $1,300 in cash. In a surprise to no one, they choose to keep this money for themselves, wealthy investors, and shareholders.
Here are some of the most stunning takeaways from last week’s profit announcements:
- Exxon reported $19.6 billion for Q3, a 191.26% increase over last year – an all-time record.
- Chevron reported $11.2 billion for Q3, an 89% increase.
- Shell reported $9 billion in profits, 128% more than the same quarter last year, and rewarded nearly $7 billion to shareholders.
Oil and gas companies will continue releasing third quarter earnings this week and next.