What 5 Oil Companies Did With Their $375M In Daily Profits

http://thinkprogress.org/climate/2012/07/24/574161/what-five-oil-companies-did-with-profits/

Millions in Political Contributions and Lobbying

Despite ranking as some of the most successful companies in the world, big oil and gas companies continue to receive $4 billion in tax breaks each year.

The oil and gas industry has already given over $30.5 million in federal campaign contributions this year, with a whopping 88 percent going to Republicans.

Big Oil has spent an additional $37 million on lobbying Congress this year, with the top spenders being Exxon, Shell, Chevron, Koch Industries and BP.

Their efforts are paying off. This is the most anti-environment Congress in history, with the House of Representatives averaging one anti-environment vote per day, or a total 247 votes through mid-June. The biggest beneficiary of these votes has been Big Oil. The House voted to enrich the oil and gas industry 109 times, a total 44 percent of its anti-environment votes.

The House is on track to collect a record amount of oil industry contributions this cycle, having already reached 2008 and 2010 levels. And these are direct donations only — it does not include Super PAC spending or other campaign assistance.

Outside Interests and Big Oil Allies Spending Tens of Millions More to Influence the Energy Debate

Fueled by Koch Industries and other Big Oil interests, the industry is spending hundreds of millions to fund false ads in this year’s elections. According to the Annenberg Public Policy Center, 85 percent of the dollars have funded false ad, during a season where most advertising have focused on energy.

Pro-Romney outside interest groups spent $24.6 million on energy ads through June 24, according to Kantar Media CMAG data. This is more than ten-times the amount spent by pro-Obama groups, which spent $2.3 million on energy spots.

American Energy Alliance, Americans for Prosperity, American Future Fund, and Crossroads GPS – the top outside pro-oil and pro-Romney interest group spenders – have spent a total $24.9 million on deceptive ads, many of them energy-related, according to the Annenberg Public Policy Center.

Koch-backed Americans for Prosperity has devoted more than 90 percent of its ad spending to energy ads. Two of the Americans for Prosperity ads pushed patently false claims — roundly debunked by fact checkers — that the stimulus funded jobs overseas.

Fact checkers have thoroughly debunked these anti-clean energy ads. Both Politifact and the Washington Post Fact Checker have given the ad their worst ratings of “pants on fire” and four Pinocchios, respectively. Politifact found all three examples used to be false, with the ad stringing together “alarming” soundbites that are “ultimately ridiculous.”