As Obama calls for end to oil company tax breaks, new report links surging profits to lobbying efforts – Real Vail 05/03/11

2011-05-3

David O. Williams | May 3, 2011 | Reposted from Real Vail

With Congress and the White House increasingly railing against record oil company profits, a study late last week linked those windfalls to millions spent on lobbying and direct campaign contributions.

The nonprofit Checks and Balances Projectlast week 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.

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