Finally, Inflate 'Em All proves that McSame is in the pocket of Big Oil™!
Well, not really.
It bears repeating, as we've reminded readers before, that oil companies themselves don't make donations. It's illegal under federal law for corporations to donate directly to candidates and has been since 1918. The ad refers to donations from executives and employees of oil companies, given either directly or through company-sponsored political action committees, or PACs.
Both candidates accept donations from individual employees of oil companies. In fact, when Obama claimed in an ad last March that "I don't take money from oil companies," we criticized him for being a little too slick. The CRP puts Obama's total from oil and gas donors at $394,465.
Based on CRP's figures, McCain's oil and gas donations account for just 0.9 cents out of every $100 he's raised. Obama's oil and gas total comes to 0.1 cents per $100. That's a significant difference between the two candidates, and it's clear that the industry is favoring McCain with its donations. Whether that puts him "in the pocket" of the industry is a judgment we'll leave to our readers.
Oh, and Team Obama might wanna think through that Windfall Profits Tax™ -- they don't work out so well.
Comments (5)
They will simply add the le... (Below threshold)1. Posted by btenney | August 7, 2008 1:20 PM | Score: 1 (1 votes cast)
They will simply add the levy to the price of the final product along with 35% to pay for collecting taxes and to provide a small profit margin.
I'ts called doing business.
1. Posted by btenney | August 7, 2008 1:20 PM |
Score: 1 (1 votes cast)
Posted on August 7, 2008 13:20
2. Posted by jpm100 | August 7, 2008 1:53 PM | Score: 2 (2 votes cast)
Government regulates an industry into a near shortage.
Government regulates an industry into a handful of companies which have little competitive pressure because they're little different each can do.
Companies reap reward of a non-competative environment.
Government moves in and takes most of that reward.
Welcome to one aspect European Socialism.
2. Posted by jpm100 | August 7, 2008 1:53 PM |
Score: 2 (2 votes cast)
Posted on August 7, 2008 13:53
3. Posted by Oyster | August 7, 2008 3:28 PM | Score: 3 (3 votes cast)
Conversely, someone could make an ad decrying that Obama is in the pocket of lawyers and law firms. He's gotten quite the tidy sum donated to his campaign to the tune of over $20.7M. McCain's $1.3M from oil looks paltry in comparison.
3. Posted by Oyster | August 7, 2008 3:28 PM |
Score: 3 (3 votes cast)
Posted on August 7, 2008 15:28
4. Posted by iurockhead | August 7, 2008 5:39 PM | Score: 0 (0 votes cast)
You mentioned royalties paid to the feds (specifically the Minerals Management System, the MMS), but you didn't put a number to it. In 2006, at $60 oil, the feds collected about 5 billion dollars in royalty payments (80% of it from offshore production). Assuming roughly level rates of production, with oil now at $120, that would be double for this year. So add $10 billion to the federal governments profit from the domestic oil industry.
4. Posted by iurockhead | August 7, 2008 5:39 PM |
Score: 0 (0 votes cast)
Posted on August 7, 2008 17:39
5. Posted by ravenshrike | August 8, 2008 10:53 AM | Score: 0 (0 votes cast)
The author's an idiot, he should not be doing anything by rates concerning donative amounts. That more money has been given to the Obama campaign in total is a completely irrelevant variable to the significance of any money the oil companies have given to either campaign.
5. Posted by ravenshrike | August 8, 2008 10:53 AM |
Score: 0 (0 votes cast)
Posted on August 8, 2008 10:53