The nonprofit Checks and Balances Projecttoday released an analysis of the skyrocketing profits of the nation’s top five oil and gas companies in the wake of near-record gas prices and compared those profits to lobbying expenditures and political contributions in 2010. Chevron, which reported Q1 profits of $6.2 billion in 2011 compared to $4.55 billion in 2010, spent more on lobbying in 2010 ($12.89 million) but less on political contributions ($473,000 to Republicans and $122,000 to Democrats).
While citing a growing number of Republicans on the record backing an end to oil and gas subsidies – including House Speaker John Boehner – Checks and Balances points out key Republican committee members continue to block such efforts, including House Natural Resources Committee subcommittee Chairman Doug Lamborn of Colorado.
“These profit reports show big oil is making big bucks from high gas prices at the pump,” Denver-based Checks and Balances Deputy Director Matt Garrington said in a release. “Big oil spent $63 million lobbying Congress and $2 million in campaign contributions last year so politicians would hand out $4 billion every year in taxpayer-funded subsidies.”