UPDATED: Big Oil announces skyrocketing profits, keeps politicians on the dole for big tax breaks

Denver, CO – This week, as the top five oil companies announce their first quarter profits, the Checks and Balances Project conducted an analysis of the money oil and gas corporations spent in 2010 on campaign contributions and Congressional lobbyists. The numbers tell the story that oil companies’ armies of lobbyists and contributing power give them a louder voice than American families. For example, the House of Representatives voted in March to protect Big Oil’s multi-billion dollar tax breaks and government subsidies, in spite of polling that shows Americans want them eliminated.

Company[1]

 2010 Lobbying Expenditures

2010 Political Contributions (Dem)

2010 Political Contributions (GOP)

Exxon Mobil

 $12,450,000

 $109,500

 $928,950

Chevron

 $12,890,000

 $122,000

 $473,000

Shell

 $10,370,000

N/A

N/A

BP

 $7,335,000

$31,500

$35,000

ConocoPhillips

 $19,626,382

 $90,000

 $299,000

Total

 $62,671,382

 $321,500

 $1,700,950

According to Public Campaign, the Political Action Committees for BP, Chevron, ConocoPhillips and ExxonMobil donated $285,500 to elected officials and political parties in the first quarter of 2011.

“These profit reports show Big Oil is making big bucks from high gas prices at the pump,” said Checks and Balances Deputy Director Matt Garrington. “Big Oil spent $63 million lobbying Congress and $2 million in campaign contributions last year so politicians would hand out $4 billion every year in taxpayer-funded subsidies.”

Public pressure is starting to sway GOP members of Congress. Speaker John Boehner, Denny Rehberg, Sam Graves, Mick Mulvaney, and Paul Ryan are all on record, stating the need to end oil and gas subsidies.

On the other hand, oil and gas money recipients, including Natural Resources Committee Chairman Doc Hastings (R-WA-04) and Subcommittee Chairman Doug Lamborn (R-CO-05), recently voted against ending  “royalty relief” for offshore drilling companies. Hastings and Lamborn are also leading the charge to open up even more Western lands drilling despite the fact that Big Oil and Gas has failed to develop 57 percent of public lands leased for drilling.

“If Congress is serious about addressing high gas prices, throwing taxpayer money and opening up public lands to drilling speculation won’t work,” said Garrington.

The US Department of Energy reports $3.88 is the average price of a gallon of gas. This week, the “Big Five” oil companies – Exxon Mobil, Chevron, Royal Dutch Shell, ConocoPhillips and BP – reported an average 35.6% increase in profits over first quarter 2010.

Company

 Q1 2010 Profits

 Q1 2011 Profits

Increase in Profits

Exxon Mobil

 $6,300,000,000

 $10,700,000,000

69.8%

Shell

 $4,800,000,000

 $6,300,000,000

31.3%

BP

 $5,600,000,000

 $5,480,000,000

-2.1%

ConocoPhillips

 $2,100,000,000

 $3,000,000,000

42.9%

Chevron

$4,550,000,000

 $6,200,000,000

36.3%

Total

$23,350,000,000

$31,680,000,000

35.6%

4 Responses to UPDATED: Big Oil announces skyrocketing profits, keeps politicians on the dole for big tax breaks

  1. Pingback: United Facts of America » America Needs a Change: Part I

  2. Pingback: Call Me Un-American | HYSTERICAL RAISINS

  3. Pingback: BP and Republican Senator Get Cozy Before Subsidies Hearing « The Checks and Balances Project

  4. Pingback: UPDATED: Big Oil announces skyrocketing profits, keeps politicians on the dole for big tax breaks « A Collection of Selves

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

Follow

Get every new post delivered to your Inbox.

Join 521 other followers

%d bloggers like this: