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The truth about Big Oil™ and John McCain

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.


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Comments (5)

They will simply add the le... (Below threshold)
btenney:

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.

Government regulates an ind... (Below threshold)
jpm100:

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.

Conversely, someone could m... (Below threshold)
Oyster:

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.

You mentioned royalties pai... (Below threshold)
iurockhead:

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.

The author's an idiot, he s... (Below threshold)
ravenshrike:

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.




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