Hi all, 

Big Oil is reporting profits for the third quarter this week, and once again, they are staggering. Greedy oil and gas CEOs are raking in record profits, enriching themselves and their wealthy shareholders, all thanks to their rampant price gouging that has hurt families.

Just today, ExxonMobil announced an all-time record third-quarter profits of $20 billion– a 191% increase in profits over the same time last year; more than $21 billion in stock buybacks and dividends for their wealthy shareholders. (Our statement.)

All told, the oil and gas industry has made over $290 billion in profits so far this year, and returned more than $155 billion to their shareholders at the expense of the working families paying inflated prices for their products. That’s enough money in profits, dividends, and stock buybacks reported so far in the first three quarters of the year to give every American over $1,300 in cash.

It gets worse…

In prepared remarks, ExxonMobil CEO Darren Woods compared his payouts to wealthy shareholders to charging lower prices at the pump: “There has been discussion in the US about our industry returning some of our profits directly to the American people. That’s exactly what we’re doing in the form of our quarterly dividend.” 

This comment by Exxon’s CEO is beyond astonishing. Big Oil and Gas’ windfall profits are made on the backs of working families through rampant price gouging – a transfer of wealth out of working communities that has made greedy Oil & Gas executives and their wealthy shareholders even richer. 

Reports also show that the oil and gas industry is spending big to put Republicans in control of Congress. Republicans in Congress are rewarding them by planning to repeal the Inflation Reduction Act, scheming with lobbyists to overturn bedrock environmental protections, and investigating President Biden’s use of the Strategic Petroleum Reserve, which has lowered gas prices for working families. It’s all too clear that Republicans are more interested in protecting their Big Oil and Gas backers than lowering costs for all Americans.

Here’s what we can do:

Amplify + Share

• Twitter Thread with ALL oil and gas profits posted as soon as they're out!

• Good tweets to retweet: POTUS, Climate Power, Nancy Pelosi, Elizabeth Warren, Ed Markey, Tina Smith

• Social Toolkit on Oil & Gas Profits

Message Guidance

• Election Message Guidance

• Oil and Gas Message Guidance

Other Resources

• Climate Power & Data For Progress Battleground Poll

• Climate Power Oil & Gas Research Database 

• Q3 Energy Corporation Profits – What to Expect and When

• Rising Gas Prices Have A Disproportionate Impact On Communities Of Color

More soon!

Team Climate Power

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