April 26, 2006

Big Oil Profits Under Bush: $250,000,000,000.00

On the subject of Bush and oil prices, Arianna Huffington is well worth a read today:
All this huffing and puffing about manipulated markets and record gas prices scream of a blatant attempt to inoculate Republicans from consumer rage over the massive earnings oil companies are scheduled to announce this week. Industry analysts predict that ExxonMobil will report first-quarter earnings of only $9.1 billion on Thursday -- down from the record $10.7 billion posted in the fourth quarter of 2005. With profits like that, Lee Raymond’s $400 retirement package is starting to look a little stingy. Except to those paying through the nose at the pump.

The most honest comment on the gas price crisis came from Scott McClellan (freedom’s just another word for nothing left to lose, eh, Scottie?) who said: “This is not something we got into overnight.” Exactly. These levels of oil company profits took years of careful lobbying and planning to orchestrate.

Our oil-man president may want us to think that he’s shocked, shocked by the “large cash flows” of the oil companies, and the sticker shock drivers are experiencing at the pump, but even before Team Bush was dreaming of toppling Saddam, it was laying the groundwork for the gargantuan windfall the oil industry is seeing -- starting with Dick Cheney’s secret Energy Task Force.

It’s not a coincidence that the oil and gas industries donated over $25 million to Congressional campaigns in 2004 (with 80% of that money going into Republican coffers), and another $7.2 million so far in the 2006 cycle (with 84% going to the GOP). They also doled out over $4.5 million to Bush’s 2000 and 2004 presidential runs.

And what did they get for their largess? According to Public Citizen, the top five oil companies have pocketed over a quarter of trillion (that’s with a “T”) in profits since Bush took office. Talk about a return on investment. That’s a gusher!


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