Let’s play the price-of-gasoline blame game

Presented by Chevron: Your guide to the political forces shaping the energy transformation

Nov 01, 2022 View in browser   By Arianna Skibell Presented by Chevron Pump jacks operate in the Belridge oil field near McKittrick, Calif. | Mario Tama/Getty Images A fossil-fueled fight is heating up among the White House, congressional Republicans and the oil industry, as gasoline prices fluctuate and the midterm elections approach. Despite President Joe Biden's major victory in securing record funding for clean energy, the economy is still largely powered by oil and gas. And pain at the pump can sway voters at the polls. But the White House would probably prefer that voters pay attention to another set of numbers: the record profits that major oil companies raked in during the most recent quarter. Exxon Mobil Corp. and Chevron Corp. reported over $30 billion in combined quarterly earnings. Biden accused the industry of "war profiteering" Monday and warned that a windfall tax could be coming if companies don't bring gasoline prices down — though he would need Congress to take action on that front. Gasoline prices surged earlier this year amid the Russian invasion of Ukraine and the global economy's rebound from the pandemic. Darren Woods, Exxon Mobil's CEO, defended the record profits by saying his company returns money to Americans through quarterly dividends. The White House was quick to pounce on Woods' comments. "Can't believe I have to say this but giving profits to shareholders is not the same as bringing prices down for American families," Biden's official Twitter account said . Meanwhile, congressional Republicans are blaming Biden for high fuel and electricity prices and making plans for boosting fossil fuel production. In a story this week, POLITICO reporters Josh Siegel and Kelsey Tamborrino detailed a new energy plan the party intends to put forward if they regain control of the House in next Tuesday's elections. The GOP proposal would include components of a strategy that top House Republican Kevin McCarthy of California released this summer. That plan aims to increase domestic oil and gas production, ease permitting regulations, and reduce reliance on China and Russia for critical materials.   It's Tuesday — thank you for tuning in to POLITICO's Power Switch. I'm your host,  Arianna Skibell . Power Switch is brought to you by the journalists behind E&E News and POLITICO Energy. Send your tips, comments, questions to  askibell@eenews.net . Listen to today's POLITICO Energy podcast Today in POLITICO Energy's podcast: Josh Siegel discusses what House GOP lawmakers might prioritize in terms of energy policy and the broader limits the party faces as the November midterm elections approach.   A message from Chevron: The fuels of the future can come from unexpected places. Find out how Chevron is working with partners to convert the methane from cow waste into renewable natural gas. Learn more.   Power Centers House Minority Leader Kevin McCarthy (R-Calif.) answers questions during a press conference. | Win McNamee/Getty Images GOP energy agenda Republicans are preparing an ambitious energy agenda if they win control of the House in next week's elections — including faster approvals of fossil fuel projects and probes of how the Biden administration is spending its hundreds of billions in climate dollars, write Josh Siegel and Kelsey Tamborrino. The plan seeks to build on the political momentum that the GOP claimed this year, as jumps in fuel and electricity prices battered Biden's popularity and complicated his climate agenda. Blowing in the (offshore) wind A Massachusetts offshore wind farm is asking the state to renegotiate its contract amid escalating global energy costs and a supply chain crisis that could chill the fledgling market as it prepares to raise turbines in the U.S., writes Heather Richards. Without more favorable terms, the company said the project may not be economically viable. Why is this COP different from all others? The global climate summit that begins next week in Egypt won't hinge on backroom discussions among negotiators, writes Jean Chemnick. The spotlight instead will be focused on the avalanche of climate disasters that the world has experienced in recent years, and whether wealthy nations will commit to offering financial aid to poor countries that are reeling from those perils. in other news Melting glaciers are seen in Greenland. | Mario Tama/Getty Images Planet melt: The world's melting glaciers are yielding their secrets too quickly. Europe braces for winter: Two-minute showers and a flotilla of gas shipments.   A message from Chevron:   Subscriber Zone A showcase of some of our best subscriber content. A new survey finds many companies keep their net-zero pledges secret. | Rick Bowmer/AP Photo Many companies with net-zero plans are declining to reveal the details or progress to the public, a practice known as "green hushing." GOP members on the Federal Election Commission blocked it from sanctioning a Russian-funded Texas energy company for campaign donations. The Biden administration's decision to send the Defense Department to COP 27 reflects a growing concern over the national security threats posed by climate change. That's it for today, folks! Thanks for reading.   NEW AND IMPROVED POLITICO APP: Stay up to speed with the newly updated POLITICO mobile app, featuring timely political news, insights and analysis from the best journalists in the business. With a fresh look and improved features, the sleek and navigable design offers a convenient way to access POLITICO's scoops and groundbreaking reporting. Don't miss out on the app you can rely on for the news you need, reimagined. Already a POLITICO app user? Upgrade today! DOWNLOAD FOR iOS – DOWNLOAD FOR ANDROID .       A message from Chevron: Energy demand is growing. Meeting that demand calls for innovation. That's why at Chevron, we're working with partners to convert the methane from cow waste into renewable natural gas. Through our partnerships, we expect to increase our RNG production 10x by 2025. Learn more.     DON'T MISS POLITICO'S 2nd ANNUAL DEFENSE SUMMIT ON 11/16: The United States is facing a defining moment in the future of its defense, national security and democratic ideals. The current conflicts and developments around the world are pushing Washington to reshape its defense strategy and how it cooperates with allies. Join POLITICO for our second annual defense summit, "At a Crossroads: America's Defense Strategy" on November 16 in person at the Schuyler DC or join online to hear keynote interviews and panels discussing the road ahead for America's national security. REGISTER HERE .       Follow us on Twitter Arianna Skibell @ariannaskibell   Follow us

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