Becuase Everything Else Sucks

Oil Industry Leans Toward McCain, But Big Producers Favor Obama

By Manila Ryce
Published Sunday, August 10th, 2008, 3:00 am
Filed under: World Issues, US Politics

Despite saying he doesn’t take money from oil companies, FactCheck.org reports that Barack Obama has actually accepted more than $213,000 from individuals and spouses of individuals who work for oil and gas companies. Additionally, two of Obama’s bundlers are top oil executives who’ve raising between $50,000 and $100,000 for his campaign.

Doesn’t seem like much of “a break from the politics of the past” to me, but I’m one of those crazy anti-corporate, anti-empire commies that Democrats hate for killing their buzz. I wonder if Obama’s decision to back offshore drilling had more to do with pleasing the will of his corporate coffers than to simply reach a compromise with Republicans and their coffers (as if both parties have different masters with competing interests to please). OpenSecrets.org has more to say:

Much has been made of Barack Obama’s TV ad this week that accuses John McCain of being “in the pocket” of the oil industry, and yesterday the Democratic Party launched a website pairing McCain and Exxon Mobil as running-mates. While McCain has raised considerably more money from this unpopular industry, CRP was surprised to notice that it’s actually Obama who has received more from the pockets of employees at several of Big Oil’s biggest and most recognizable companies. Tallying contributions by employees in the industry and their families, we found that Exxon, Chevron and BP have all contributed more money to Obama than to McCain.

Through June, Exxon employees have given Obama $42,100 to McCain’s $35,166. Chevron favors Obama $35,157 to $28,500, and Obama edges out McCain with BP $16,046 vs. $11,500. McCain leads the money race with nearly every other top giver in the oil and gas industry, though – Koch Industries, Valero, Marathon Oil, Occidental Petroleum, ConocoPhillips, the list goes on. (You can see detail on all these companies in the spreadsheet linked below.) McCain also has a big edge with Hess Corp. — $91,000 to Obama’s $8,000 — which has gotten some attention. And, overall, McCain’s campaign has gotten three times more money from the industry than Obama’s has — $1.3 million compared to about $394,000.

Comparing Obama’s and McCain’s financial ties to the oil industry, there’s no question that McCain has benefited more from the industry’s contributions, just as his Republican Party has for years and years. But Obama’s edge with the oil producers Americans know best — and might be cursing most these days — makes it harder for him to continue to tar McCain as the industry’s darling. Still, this chart shows vividly how the industry’s support for McCain’s candidacy has surged in the last few months. It’s been pointed out that giving shot up after the presumptive Republican nominee announced his support for offshore drilling, but you’ll see that the trend started months before that.

So, has oil money gushed toward McCain because he recently became a supporter of offshore drilling, or is the industry giving to him now because other Republican candidates, whom the industry preferred, dropped out? Ask your neighborhood oil executive, who may turn out to be an Obama supporter.

3 Responses to “Oil Industry Leans Toward McCain, But Big Producers Favor Obama”

  1. “I wonder if Obama’s decision to back offshore drilling had more to do with pleasing the will of his corporate coffers than to simply reach a compromise with Republicans and their coffers.”

    But additionally, a Rasumussen poll show that 42% of Americans favour off-shore drilling, to ’solve’ the problem of high gas prices, which to be honest, for me is the bigger factor in Obama’s decision (and a poor decision at that) to back off-shore drilling, to gain in ratings and improve his election chances.

    Despite the fact that experts have said it will take more than ten years for any off-shore drilling to actually impact prices at the pump, what we’ve seen in the news and from both candidates are claims that it will take a few years, to a couple years down to months… I think the Daily Show offerred a brilliant sketch on this: http://www.truthdig.com/avbooth/item/20080807_the_drilling_debate_gets_dumber_by_the_minute/

    But I think the bigger crime is, rather than sticking to stances of any sense what-so-ever, the sense to say that off-shore drilling is not going to make the slightest bit of difference to the price at the pump, rather than educate the people, the media has gone in the complete opposite direction, and the candidates seemingly for the sake of improving their chances come November have done so as well. It just breeds further ignorance and stupidity.
    Credit where it’s due, Obama did make common sense suggestions like keeping your engine tuned and inflating tyres to the correct level (at his own detriment in the media), placing a part of the reduction of gas usage in the hands of those responsible, the American consumers, but to turn around and support a useless scheme for a polling bump tells you the state of this election. It would be interesting to see the impact of this change of stance on his favourability ratings.
    For me thought, this is a sign of the terrible state democracy is in, where politicians will say or do anything to get elected and hold nothing but contempt for the voters and their responsibility to them.

  2. I can always count on Manila to clear the air. Anybody that thinks Obama is the only hope for America hasn’t scratched the tip of any surface. The Republican ads though are pulling out the big guns here in Vegas. Taxes, Taxes, Taxes and changed their “celebrity” ad to show Obama on the covers on magazines and newspapers.

    While we still fight on!

    Light and Love all the day long.

    Danielle
    Modern Musings

  3. I think Wall Street takes running bets on who will produce the most gridlock, since gridlock keeps regulation at bay and allows business to pretty much conduct themselves without unforeseen changes and much modification.

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