Among Record Profits, Why Are Gas Prices Soaring?
The oil and gas industry receives $20 billion per year in subsidies, yet those subsidies haven’t produced the energy independence the U.S. has been promised. Instead these subsidies have given oil and gas companies the ability to produce record profits.
Between 2015 and 2021 these same companies received $1.95 billion back from the IRS. While paying negative taxes, these oil and gas companies have given their investors $201.4 billion in dividends and stock buybacks. Estimates for 2022 show pretax profits increasing between 29% and 45% for our largest oil and gas producers.
The U.S. is on track to surpass our record domestic production by the end of this year. The U.S. is releasing billions of barrels of crude oil from strategic reserves. Even considering the current ban on Russian oil imports, domestic supply is increasing this year and projected to offset the difference. If lack of supply drives up prices (as we’ve been told by oil and gas companies) then why are we here? We are on pace for record domestic energy production, over 8,000 oil drilling leases unused and billions of barrels of oil released from our reserves. Yet prices at the pump are increasing drastically along with record oil company profits.
This doesn’t add up.
I fear without immediate intervention from Congress these oil and gas companies will continue to rake in massive profits by taking advantage of you and me at the pump. Today, I’m calling on Congress to open investigations into price gouging. Let’s bring these oil and gas company Executives in and hold them accountable. I’m also calling for legislation to shift all subsidies for oil and gas companies in the U.S. to the clean energy sector. We can create real energy independence and stabilize long-term energy prices by pursuing more solar, wind, and non-petroleum alternatives right here in the United States.