ICYMI: Follow the money: Big oil funds attack ads blaming Senate Dems for high gas prices [American Journal News]

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American Journal News: Follow the money: Big oil funds attack ads blaming Senate Dems for high gas prices
By Jesse Valentine 
August 2, 2024

• A dark money group affiliated with Republican Sen. Mitch McConnell is blaming Democratic lawmakers for high gas and energy prices. A substantial portion of the group’s funds come from the oil and gas industry. 

• One Nation is a non-profit that receives funding from the Senate Leadership Fund, a group led by a former chief of staff to McConnell. Both groups are working to elect a Republican majority in the U.S. Senate. Politico reported in May that One Nation spent $70 million on ads in Michigan, Nevada, Ohio, Pennsylvania, and Wisconsin. The group previously spent $15 million on ads in Montana. All of these states have high-stakes Senate elections in November.

• In July, One Nation ran attack ads in Nevada, Pennsylvania, and Montana focused on inflation. Each spot accused these states’ incumbent Democratic senators of supporting federal spending that increased energy costs.

• These claims omit crucial context. While inflation continues to impact prices, the rate of inflation has continually cooled since June 2022. Retail gas prices in that same period have also trended downward.

• In June 2024, Senate Democrats urged the Department of Justice to investigate price gouging by oil and gas companies. When consumer gas prices soared to over $5 a gallon in June 2022, the top energy companies were raking in record profits…Many of these same companies have made large donations to One Nation and the Senate Leadership Fund.

• In May 2023, Phillips 66 reported a $500,000 contribution to One Nation. They made a donation of the same amount in 2021.

• According to FEC filings, the Senate Leadership Fund received $15.4 million in contributions from the oil and gas industry between April 2023 and June 2024. Chevron gave $3.5 million and Valero Energy gave $1.5 million. The American Petroleum Institute, a ​​trade group that represents the oil and gas industry, gave $2.5 million.

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