Governor Abbott celebrates record number of Fortune 500 companies, while Beto O'Rourke calls out "the Abbott tax".

Euri Giles | Clareifi

In a recent statement, Texas Governor Greg Abbott celebrated the fact that Texas is home to more Fortune 500 companies than any other state in the US. This is a major accomplishment that speaks to the business-friendly environment that Abbott has fostered in Texas. However, his opponent Beto O'Rourke has accused Abbott of creating a "tax" that has led to Texans paying more for energy. O'Rourke says that Texans will be paying more for energy for decades to come because of the policies put in place by Abbott.

Governor Abbott shared on Twitter, "Fantastic news! Texas leads the nation as home to the most Fortune 500 companies. Businesses are drawn to the endless economic opportunities in the Lone Star State".

According to the article that Abbott cited, "as many as 53 highly profitable businesses—from Exxon Mobil to AT&T to the recently relocated Tesla and Hewlett Packard Enterprise—choose to hang their hat in the Lone Star State, beating New York and California".

Texas Governor Greg Abbott Celebrates Record Number of Fortune 500 Companies, While Opponent Beto O'Rourke Calls Out 'The Abbott Tax'

Economically, this is great news for the state of the business environment in Texas. Governor Abbott's political challenger for this Novembers gubernatorial election has taken issue with what he says is, "Abbott putting donors before the needs of Texans". Beto O'Rourke has called out Abbott for what he's dubbed, "the Abbott tax".

In an article from The Texas Tribune, Beto is quoted as saying, "We're paying more for energy than we should be right now. We will continue to pay more for energy for decades to come because of the policies that have been put in place by this governor and his allies in the Legislature".

The "Abbott Tax" Beto is referring to, is a result of Senate Bill 17 which deregulated the Texas electricity market. The article goes on to say that Beto believes, "the long-term effects of deregulation will be higher electric bills for Texas consumers".

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Austin, Texas - June 7, 2022: ERCOT (Electric Reliability Council of Texas)Photo by University of College / shutterstock.com

What Beto is saying makes sense when you look at the numbers. According to the Electric Reliability Council of Texas, "the average residential customer's monthly electric bill has increased about $30 since 2002 – an increase of about 50 percent".

This is a lot of money for Texans who are already struggling to make ends meet. Inflation is at an all-time high in and is not expected to slow down anytime soon.

Whether or not Beto can use this issue to gain traction in his campaign against Abbott remains to be seen. However, it is clear that Beto is not afraid to take on the incumbent governor and call out his policies.

What do you think, Texas?

Do you think Beto O'Rourke has a chance of unseating Greg Abbott in the upcoming election?

Let us hear your feedback and comments below.

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Euri Giles covers lifestyle content, politics, and news near you in Texas.

El Paso, TX
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