Save for later Print Download Share LinkedIn Twitter US President Joe Biden this week delivered scathing criticism of oil companies for “outrageous” third-quarter profits in a pre-election counterstrike to Republican messaging blaming his energy policies for high fuel prices. US retail gasoline prices, averaging $3.76 per gallon as of Wednesday, have dropped from their mid-June peak of $5/gallon but are 60% higher than when Biden took office in January 2021. Against a backdrop of broad energy inflation, the runup to the Nov. 8 US midterm elections has been punctuated by some significant energy and climate debate, particularly in oil- and gas-producing states. Energy politics has emerged in gas-rich Pennsylvania’s high-profile Senate race, and even historically oil-friendly Oklahoma’s gubernatorial race, along with key races in energy powerhouses Texas, Colorado and New Mexico. Biden’s calls Monday for the US Congress to levy a "windfall" tax on blockbuster oil company profits aside, any substantial new energy or climate legislation does not seem in the cards even if Republicans win one or both chambers of Congress. An exception may be permitting reform if lawmakers find a path forward on current gridlock that spans both sides of the aisle.
