Study links soaring oil and gas profits to lobbying, political expenditures

[kpete]

Source: The Colorado Independent

Study links soaring oil and gas profits to lobbying, political expenditures

By David O. Williams | 04.29.11 | 4:26 pm


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).

While citing a growing number of Republicans on the record backing an end to oil and gas subsidies – including House Speaker John Boehner – Checks and Balances points out key Republican committee members continue to block such efforts, including House Natural Resources Committee subcommittee Chairman Doug Lamborn of Colorado.


Read more: http://coloradoindependent.com/86377/study-links-soaring-oil-and-gas-profits-to-lobbying-political-expenditures?utm_campaign=twitter&utm_medium=twitter&utm_source=twitter

[GKirk]

1. Not to the soaring cost

of a barrel of oil? OK.

[Rosa Luxemburg]

2. pity there weren't more electric cars?

I would like to see CEOs of oil companies put out on the street.

[Liberal Gramma]

3. And in a related study, water found to be wet.

[freshwest]

5. Not sure. Have you seen emergency kits with pouches of water? MIght be dehydrated.

:rofl:

[freshwest]

4. They get a wonderful return for their lobbying dollars, don't they?

[Stuttgart77]

17. Somehow I think it's more than lobbyists, speculators and big oil - it's Obama

I'm not sure why he is deflecting higher prices to others.
It's what he wants and he's been successful in getting prices raised.
So why not take credit?


Obama on camera:

http://www.youtube.com/watch?v=CNSZ62xiD4M



Administration blocks more Bush-era oil shale development leases

http://articles.latimes.com/2009/feb/26/nation/na-oil-shale26


Top 3 Myths in Obama’s Lecture on Gas Prices

http://www.americansolutions.com/drill/2011/03/top-3-myths-in-obamas-lecture-on-gas-prices.php


Facts Don't Support Claims on Gulf of Mexico Oil Production

http://blog.energytomorrow.org/2011/03/facts-dont-support-claims-on-gulf-of-mexico-oil-production.html


Rising Gas Prices Linked to Obama Drilling Ban in Just 1% of Evening News Stories

http://www.mrc.org/bmi/articles/2011/Rising_Gas_Prices_Linked_to_Obama_Drilling_Ban_in_Just__of_Evening_News_Stories.html


Obama administration reverses Bush wilderness policy

http://www.reuters.com/article/2010/12/24/us-usa-wilderness-idUSTRE6BN0BJ20101224


Energy in America: EPA Rules Force Shell to Abandon Oil Drilling Plans

http://www.foxnews.com/us/2011/04/25/energy-america-oil-drilling-denial/


Obama Halts Offshore Drilling

http://www.baltimorereporter.com/?p=6220


Obama’s Energy Sec. wants $7 to $9 Unleaded gas prices

http://www.redstate.com/williamjameson/2011/01/20/obamas-energy-sec-wants-7-to-9-unleaded-gas-prices/

[Firebrand Gary]

6. I have campaign fever.

I am ready for our party to pull its head out of the dirt and start connecting the dots. You can sure as shit bet that if the Democrats were in power right now the people would not be paying these ridiculous prices.

They would be too afraid of the consequences.

[dreamnightwind]

8. ???

We have 2 of the 3 branches of government. When we had all 3 for a couple of years little was done in the way of investigations such as this issue would require. If you're talking about REAL Democrats, OK, I agree, but if you're just talking about anything with a D after its name, far too often they represent corporate interests at our expense.

[defendandprotect]

7. kr

[golfguru]

9. figures do not confirm

Oil companies made 7 cents on each gallon of gasoline sold.
Taxes on each gallon average 48 cents. Something does not compute.

May be some one has better numbers?

[plumbob]

10. You forget that the 7 cents is assigned to the gasoline by the vertically

integrated company.

They produce oil at a certain cost, sell it to themselves for more, and make money there.
They refine the oil, producing gasoline and other products, and sell it wholesale to themselves, and make money there.
They then retail the gasoline and other products to the public and assign 7 cents of the sale as profits, forgetting to mention all the other money made at all other steps, including interest on credit cards, candy bar sales at horrid prices at stations and so on.

Because nobody disputes the 70% or so increase in profits, which cannot be explained by the visible and politically charged, gasoline number.

Worked in the production end of the business for a decade. These bastards are professional poor-mouthers, moaning all the way to the bank.

[golfguru]

14. That is the explanation I was looking for! Thanks!!

As they say "Figures don't lie but liers figure?"

[Trajan]

11. Really ? ... Oh SHIT !

only 7 cents per gallon ?

No wonder they are so poverty stricken ! ...

Sounds like they would just as soon let the government take over by nationalizing their poorly performing operations ....

The poor bastards cannot even make a THIN DIME on a gallon of gas ! .... Poor poor megabilliondollar oil company ...

Where can I send the canned food donations ?

My kids college fund ?

The fucking shirt off my back ?

*wipes away tear* ....

[Hubert Flottz]

12. Bribery and Graft TRUMP we the people...

The bastards are doing the same thing the organized crime syndicate has done for years and years. Buying crooked government parasites.

[MichiganVote]

13. K&R

[mysterysoup]

15. Exxon makes $10B in Q1 & politicians only get $1M?

It just goes to show what cheap whores they are.

[meow2u3]

16. Not to mention the probability of insider trading

just to jack up oil, gas, and food prices. How else would they get all that money for lobbying Congress while our elected representatives puppets for Big Oil look the other way while we're being gouged?

[Stuttgart77]

18. Maybe, but very difficult to prove.

[Enrique]

19. i have a theory about this

the oil companies know this and that's why they give the money. :shrug: