Study: Oil and gas profits connected to lobbying, political expenditures – The American Independent 05/2/11

David O. Williams | May 2, 2011 | Reposted from The American Independent

The nonprofit Checks and Balances Project today released an analysis of the skyrocketing profits of the nation’s top five oil and gas companies in the wake of near-record gas prices and compared those profits to lobbying expenditures and political contributions in 2010.

ExxonMobil reported first quarter 2011 profits of $10.7 billion compared to $6.3 billion in 2010, a 69.8-percent increase. The nation’s largest oil and gas company spent $12.45 million on lobbying in 2010 and made $928,959 in political contributions to Republicans and $109,500 to Democrats.

Chevron, which reported Q1 profits of $6.2 billion in 2011 compared to $4.55 billion in 2010, spent more on lobbying in 2010 ($12.89 million) but less on political contributions ($473,000 to Republicans and $122,000 to Democrats).

[Read more.]

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