Campaign 2010

Nov 01, 2005

Slick Deals: How Republican Leadership Pads The Profits Of Big Oil

DCCC Press

Nov 1, 2005

Slick Deals: How Republican Leadership Pads The Profits Of Big Oil

Oil Companies Are Reporting Record Profits and the Republican Leadership is Greasing the Wheel for Their Interests in Congress

$2,298,702 Combined donations from big oil and big energy to the Republican Leadership: Hastert, Blunt and DeLay.

Fighting for Big Oil – Three Simple Steps:

* Pass a $14.5 billion giveaway to the energy industry [HR 6, 7/28/05].

* Pass a $2 billion giveaway to the oil refinery industry [HR 3893, 10/7/05].

* Block an effort to crack down on price gouging [HR 3893, 10/7/05].

"The Republican leadership's rhetorical interest in battling high gas and energy prices does not match reality. As these big corporations are posting record oil profits, they are forcing Americans to pay more to fill up their cars and heat their homes," said Bill Burton, communications director for the Democratic Congressional Campaign Committee. "With winter right around the corner and gas prices still at astronomical levels, middle class families deserve relief as oil prices create fears of record home heating costs. As conservative Republicans are looking for places to cut come budget time, they should first look to the billions that they've handed out in giveaways to their energy and oil company contributors."

More Than A Little Elbow Grease:

The biggest oil companies are reporting bigger profits than ever. They've raked in a combined $254 billion since Bush was elected president in 2001.

  • ExxonMobil: $89 billion (Including $9.92 billion in third quarter profits alone.)
  • Shell: $60.7 billion
  • BP: $53 billion
  • ChevronTexaco: $31 billion
  • ConocoPhillips: $20 billion

    House Republicans want to cut spending by $50 billion, including massive cuts to Medicaid, student loans, child support and a program to help local employers compete with unfair trade practices.

    Since 1994, the well-connected energy industry has given the Republican Party more than $220 million in campaign contributions. [www.opensecrets.org]

    Rather than cutting efforts to help students, cutting help for American manufacturers, cutting job creation programs, cutting efforts to bring down the rising challenge of paying for college, the GOP might instead consider cutting the following giveaways to their friends in the energy industry:

  • $6 billion in subsidies and tax breaks given to the oil and gas industry provided in the 2005 energy bill.
  • $9 billion in subsidies and tax breaks given to the coal industry in the 2005 energy bill.
  • $12 billion in subsidies and tax breaks given to the nuclear industry as part of the 2005 energy bill.
  • $1.2 billion in tax breaks to big polluting power plant owners.
  • $2 billion in giveaways to the oil refinery industry in the 2005 energy bill 2.

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