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

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.

“These profit reports show big oil is making big bucks from high gas prices at the pump,” Denver-based Checks and Balances Deputy Director Matt Garrington said in a release. “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.”

Lamborn last month voted against ending royalty relief for offshore drilling companies and has been hammering on Interior Secretary Ken Salazar for policies limiting drilling on federal lands. Salazar fired back that oil and gas companies aren’t coming close to utilizing all the leases they currently hold on public lands around the nation.

Like this story? Steal it! Feel free to republish it in part or in full, just please give credit to The Colorado Independent and add a link to the original.

Got a tip? Story pitch? Send us an e-mail. Follow The Colorado Independent on Twitter.



About the Author

David O. Williams

is an award-winning reporter who has covered energy, environmental and political issues for years. His work has appeared in the New York Times, Chicago Tribune and Denver Post. He's founder of Real Vail
and Real Aspen.

Leave a Response

Your email address will not be published.

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong>