[Congressional Record Volume 169, Number 22 (Thursday, February 2, 2023)]
[Senate]
[Page S214]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                                BIG OIL

  Mr. SCHUMER. Now, Mr. President, on Big Oil profits, last year, while 
soaring gas prices stretched the budgets of American families, Big Oil 
enjoyed a record--a record--year of profits. There were huge amounts of 
money made by these companies. Earlier this week, Exxon reported a $56 
billion--billion--net profit in 2022, setting a record high not just 
for Exxon but for Big Oil as an industry. And Exxon wasn't alone--
Chevron reported $35 billion.
  While Americans were feeling the pain at the pump--driving their cars 
up to the gas stations and wondering how high it was going to be--the 
five top big oil companies brought in a record of nearly $200 billion 
in total profits in 2022, taking advantage of what they called 
``favorable market'' conditions. It is nothing short of repugnant for 
the biggest oil companies in America to celebrate dizzying profit 
margins that they earned by jacking up gas prices on hard-working 
Americans.
  And what did the oil companies do with this tsunami of cash? They 
could have prioritized it by paying their workers better, but they did 
not. They could have made transformative investments in new clean tech 
and helped push the frontier in clean energy, which we all know is 
coming, but they did not. Maybe, best of all, they could have lowered 
gas prices, but they did not. Do you know what the oil companies did? 
This is just as galling--galling. They rewarded shareholders by 
implementing stock buybacks at near record levels. Buybacks do no good 
for the economy. They don't help the worker. They don't help the 
consumer. They don't move us along to green energy. They don't even 
produce more oil. All they do is line the pockets of the already 
uberwealthy executives and shareholders.
  Here is one example: Exxon announced they plan to spend $35 billion--
$35 billion--on stock buybacks in the next 2 years, which is more than 
double their plans to invest in clean energy over the next 5 years. I 
want to say that again. For anyone who doesn't think corporate America 
is out of control and does whatever it wants and thumbs its nose at the 
needs of the globe or the workers or the citizens, Exxon announced they 
plan to spend $35 billion on stock buybacks in the next 2 years--more 
than double their plans to invest in clean energy over the next 5 
years. That is where Exxon's priorities are.
  So Big Oil executives may claim they are good stewards or that they 
understand the climate crisis, but when it comes time to put their 
money where their mouth is, their actions tell a different story.
  We must continue to take on entrenched oil interests, just as we did 
last year when we passed the Inflation Reduction Act. Doing so will 
have a tremendous benefit for our economy, for our environment, and for 
American families everywhere.
  We Democrats will continue to make one thing clear: If oil companies 
are going to make record profits, they must do it not by manipulating 
prices to take advantage of hard-working Americans.

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