Political Ruminations

Senate Republicans Bought and PAID for by Big Oil to the Tune of Almost $24 Million

Yesterday,  Senate Republicans along with four Conservadems, voted against ending subsidies for big oil. They did this in spite of the fact that the president made a very passionate plea for them to repeal the subsidies only an hour or so prior to the vote. Maddow Blog via Bob Cesca, emphasis mine:

The Senate on Thursday thwarted Democratic plans to strip billions of dollars in tax breaks from the largest oil companies, just an hour or so after President Obama urged the chamber to kill off the deductions.

Lawmakers voted 51-47 to block Sen. Robert Menendez’s (D-N.J.) bill. Sixty votes were needed to advance the measure.

Two Republicans — Sens. Susan Collins and Olympia Snow, both from Maine — crossed party lines and voted to repeal the tax breaks. Four Democrats — Sens. Mark Begich (Alaska), Mary Landrieu (La.), Ben Nelson (Neb.) and Jim Webb (Va.) — voted against the bill.

Today, we found out that the 47 senators who voted against the bill have received almost $24 million in contributions from oil and gas. The 51 senators who voted to repeal the big oil subsidies received only $5+ million. 

In a 51-47 vote, 43 Senate Republicans and four Democrats filibustered to protect $24 billion in tax breaks for Big Oil. Although a majority voted for Sen. Robert Menendez’s (D-NJ) bill, it fell short of the 60 needed. The only two Republicans to break rank were Sen. Susan Collins (R-ME) and retiring Sen. Olympia Snowe (R-ME).

A Think Progress Green analysis shows how oil and gas companies have funneled cash to the same senators who protected its handouts:

– The 47 senators voting against the bill have received $23,582,500 in career contributions from oil and gas. The 51 senators voting to repeal oil tax breaks have received $5,873,600.

– The senators who voted for Big Oil’s handouts received on average over four times as much career oil cash as those who voted to end them.

– Overall, Senate Republicans have taken $23.2 million in oil and gas contributions. Democrats received $6.66 million.

– Since 2011, Senate Republicans have voted seven times for pro-Big Oil interests and against clean energy three times.

Democrats who joined the Republicans in defeating the bill include Sens. Mary Landrieu (D-LA), Ben Nelson (D-NE), Mark Begich (D-AK), and Jim Webb (D-VA). Sen. Susan Collins (R-ME) and retiring Sen. Olympia Snowe (R-ME) broke ranks and voted to cut the tax breaks. Two senators, Sen. Mark Kirk (R-IL) and Sen. Orrin Hatch (R-UT) didn’t vote.

Republicans have taken an overwhelming 88 percent of oil and gas contributions this election cycle. While showering politicans with cash, the oil industry also spent over $146,000,000 on lobbying last year.

Although 55 percent of Americans want to see Big Oil welfare end, the GOP once again largely acted in-line with their Big Oil donors.

For a full list of names and dollar amounts of oil and gas contributions to the Senate, visit Think Progress.

Ouote of the Day II

Liberal blogger, Bob Cesca, on oil subsidies and  the character of Republicans in the Senate:

“Oil subsidies will continue thanks to the Senate Republicans and several conservadems[...]

But they’ll slash the hell out of social programs because it’s “fiscally responsible.” $4 billion in oil subsidies every year for companies earning record profits that could go towards reducing the budget or making sure people have healthcare. Good people.”

Morning Quote: Sen. Bob Menendez

Sen. Bob Menendez (D-NJ) to the CEOs of the nation’s five largest oil companies (Exxon Mobil, ConocoPhillips, BP America, Chevron and Shell) during a Senate hearing on Thursday regarding high gas prices (part of a Democratic effort to end subsidies for oil companies):

I find it hard to understand how you can come here before this committee and the American people and say, when you are projected to make $125 billion in profits this year, that somehow the loss of $2 billion a year, which means you only make $123 billion in profits, is somehow so punishing, somehow not part of shared sacrifice, somehow you need to go back at them at the pump to make up for it.

Win America: Multinational Corporations Clamoring for a Tax Holiday

The multinational corporations behind the Win America campaign want a tax holiday because they chose to avoid paying their fair share of taxes by stashing much of their money in offshore tax havens.

The problem with their tax avoidance arises when they want to bring that money back in to the U.S./repatriate that money, and they consequently have to pay a statutory tax rate of 35%. To avoid paying the 35% statutory rate, they then, as history has it, initiate a concerted effort to convince Congress to give them a “tax holiday”. A tax holiday which would result in a 5.25% tax rate on the repatriated funds rather than the statutory rate of 35%. That’s quite a hefty savings.

GOP Priorities Exposed

Once again, the GOP tells the American people that we don’t matter.

But tax cuts for milionaires, big oil subsidies (going to the same industry that loves to bilk us for every dime), and tax breaks for offshoring companies…….these things matter. To the GOP.

All this, even as almost every single House Republican voted to end Medicare as we know it, making 165 billion in cuts under the Ryan plan. 

Pitchforks and torches anyone?

Chart via DCCC

Morning Quote: Rep. Edward Markey

Think Progress, emphasis mine:

Fueled by intense lobbying from the nuclear industry, Republicans in the House of Representatives are ignoring the meltdown, pushing full steam ahead with billions of dollars in taxpayer subsidies for new nuclear plants, even as they zero out programs for renewable energy. The Department of Energy’s successful clean energy loan guarantee program is on the chopping block — except for nuclear power. On Face the Nation, Rep. Ed Markey (D-MA) criticized the choice to put public money on risky nuclear companies instead of clean wind, solar, and geothermal power:

Unbelievably, the nuclear industry was able, just three weeks ago, to convince the Republican House of Representatives to zero out the loan guarantee money for wind and solar and geothermal, and to put in $18 billion in taxpayer-guaranteed loan guarantees for the nuclear industry. Well, that’s ancient history, already, because it’s pretty clear that the nuclear industry as an electrical-generating part of our mix for the future is now going to meet its maker in the marketplace. It won’t be protesters. It will be Wall Street investors that are going to be raising real questions about its viability going forward.