Spending by oil and gas companies lobbying politicians on Capitol Hill jumped a whopping 57% between 2007 andย 2008.
The oil and gas sector paid out a total of $128.6 million in 2008, compared to only $82 million in 2007. According to research we compiled using OpenSecrets.orgโs database, this is an unprecedented rise in US lobbyist expenditures by the oil and gasย sector.
In terms of lobbyist expenditures, the top 5 companies accounted for $72.6 million of this spending in 2008. In the year previous the top 5 spent only $38.76 million – a 53% increase in spending in a singleย year.
Hereโs a breakdown of the lobbying expenditures by top 5 oil and gasย companies:
1. ExxonMobil (NYSE: XOM) – spent $29 million in 2008, up from $16.9 milion inย 2007.
(click image toย enlarge)
2. Koch Industries Inc. – spent $15 million in 2008, up from $4.3 million inย 2007
If youโve never heard of Koch Industries Inc., you can check out a profile on the company that weโve compiled here: Koch Industriesย Inc.
3. BP America (NYSE: BP) – spent $10.45 million in 2008, up from $4.6 million inย 2007
4. Chevron Corporation (NYSE: CVX) – spent $9.8 million in 2008, up from $8.9 million inย 2007
5. Conoco Phillips (NYSE: COP) – spent $8.4 million in 2008, up from $4 million inย 2007
One Washington, DC insider says this unprecedented rise in lobbying activity is due the oil and gas industry feeling that theyโre in an โend gameโ with Congress considering a nationwide cap and trade policy and President Barack Obama turning his attention to alternative energyย policies:
In late February of this year the Center for Public Integrity released a report findingย that:
This month weโre giving away FREE copies Keith Farnishโs new book Times Up: an uncivilized solution to a globalย crisis.
Go here to find out more details about DeSmogBlogโs monthly bookย give-away.
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