Oil and Gas Industry Gears Up to Help Friendly Candidates
Saturday, February 26, 2011
The American Petroleum Institute (API), Big Oil’s chief lobbying operation, has decided to start contributing to political candidates, and that’s good news for the Republican Party.
With funding from corporations like ExxonMobil and Chevron, API will begin contributions this year—at a time when Congress will consider President Barack Obama’s plan to eliminate $46 billion in federal subsidies to the oil industry. The lobbying group is determined to keep the subsidizing intact.
Last year, industry executives and employees donated $27.6 million to congressional campaigns, mostly to Republican candidates. The favoritism towards the GOP mirrors that of another oil lobby, the Independent Petroleum Association of America, which gave about 77% ($19.6 million) of its total contributions for 2009-2010 to the Republican Party.
Oil Group Starts Political Giving as Congress Weighs Repeal of Tax Breaks (by Jim Snyder, Bloomberg News)
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