Oil companies spend big on Republicans to keep profits booming

Oil companies have pumped nearly $30 million into Republican campaigns this election cycle with House minority leader Kevin McCarthy alone getting nearly half a million dollars. Oil executives are publicly stating that they’re keeping supply low to reward investors.

OpenSecrets has reported that $28.4 million dollars have gone to Republicans which is 83% of all campaign contributions from the oil and gas sector.

This summer, the House Committee on Energy & Finance reported, “While gas prices have begun to fall, the letters come as drivers continue to bear the burden of higher-than-average fuel costs at the same time as the four major oil companies announced quarterly earnings of nearly $50 billion combined. Exxon alone reported a profit of $17.9 billion – the highest quarterly profit reported by any oil company in history – while Chevron reported $11.6 billion, Shell reported $11.47 billion, and BP reported $8.45 billion. These are record-shattering figures for the companies and the result of them reaping enormous profits on the backs of hardworking families.”

GOP donations already paying off for big oil.

Big oil is definitely getting its money’s worth out of Republicans. When Democrats presented a clean bill to stop price gauging at the pump, every single Republican voted against it.

Sources

House.gov: Record oil company profits

OpenSecrets: Oil campaign donations to Republicans