Texas Democratic Senate hopeful James Talarico described capitalism as an "oppressive system" that, along with white supremacy and climate change, needed to be dismantled during a September 2020 forum with Sierra Club activists. Talarico, who was then running for his second term in the Texas state legislature, also predicted that the state's dominant fossil fuel industry was "not gonna last."

During the virtual meeting, Talarico responded to a question about how communities of color are affected by climate change. "I'm so thankful that you asked this question and also thankful that young activists have really drawn the link between climate change and white supremacy and capitalism in our country," Talarico stated, according to comments first reported by CNN. "And I think only understanding the ways that all three of those oppressive systems work together are we going to be able to begin the process of dismantling them."

In the same forum, Talarico downplayed the significance of the oil and gas industry in Texas, which produces a substantial portion of the nation's crude oil. "We all know that Texas has been a leader in oil and gas, but in many ways that's like being the leader in cassette tapes in the 1980s. That industry is not gonna last," he said. Talarico argued that Texas needed to "be ahead of the curve" to ensure an economy that would benefit future generations.

Despite these remarks, Talarico's campaign stated that he is "a proud capitalist" and supports the oil and gas industry. A campaign spokesperson told CNN that Talarico "believes in an all-of-the-above energy strategy that protects Texas oil and gas jobs." The campaign also highlighted Talarico's voting record in favor of the oil industry and his stated goal of maintaining and extending Texas's energy dominance.

Republicans have previously targeted Talarico for his views on social issues. The Talarico campaign is currently holding a narrow lead over Republican Texas Attorney General Ken Paxton in polling aggregates. Paxton has faced his own controversies, including impeachment proceedings and charges of securities fraud.