Simply Politics & News

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SPECIAL INTEREST ANNIVERSARY - BUSH STYLE

One year ago this month, President Bush signed the Republican energy bill, giving $8 billion in tax breaks to energy companies. Since then, the American people continue to struggle just to fill up their gas tanks (Yikes! gas prices are up 65% since Bush's second inauguration.) One year after passing the Republican energy plan, America is no closer to becoming energy independent. Adding insult to injury, now we hear about British Petroleum's (BP) closure of a key Alaskan oilfield due to infrastructure problems. Seems Republican oversight of our critical resources is severely lacking. Once again, Republicans in Washington are favoring their special interest friends over the American consumer. It's a kick to the gut just as millions of American families are hoping to take a summer's vacation before the kids return to school.

Energy companies, which have given generously to the Bush White House and rubber stamp Republican Congress, have raked in record profits. In fact, this year, three of the largest oil companies reported nearly $30 billion in income, and their CEOs made millions. And don't forget that the oil industry helped write the Republican energy bill. The White House still refuses to reveal who was part of the Bush-Cheney Energy Task Force - doesn't that say it all?

Who is standing up for the American consumer? Democrats have a plan to make America energy independent by 2020 that includes investment in alternative fuels and energy conservation.

Record Prices...
Since Bush's 2nd Inauguration, Gas Prices Have Risen $1.20, a 65 % Increase. According to the Energy Information Administration (EIA), the price of regular, unleaded, gasoline has risen by $1.20, or 65%, since Bush's 2nd inauguration. On January 17, 2005, just before Bush's second inauguration, the average price of gasoline was $1.84 a gallon. As of August 7, 2006, the average price of gasoline is $3.04 per gallon. And Since Bush's 1st Inauguration, Gas Prices Have Doubled. [Energy Information Administration, www.eia.doe.gov]

...And Record Profits
ExxonMobil, ChevronTexaco and ConocoPhillips Reported Net Income of $27 Billion for First Half of 2006. ExxonMobil reported net income of $18.76 billion for the first half of 2006, with second quarter earnings of $10.36 billion. ConocoPhillips reported second-quarter net income of $5.186 billion, bringing its net income for the first six months to $8.48 billion. ChevronTexaco reported second quarter net income of $4.35 billion, bringing its six month total to $8.35 billion. [ConocoPhillips Press Release, 7/26/06; ExxonMobil Press Release, 7/27/06; Chevron Texaco Press Release, 7/28/06]

...And Record CEO Salaries
ConocoPhillips CEO Received Nearly $31 Million in Bonuses and Stock Options. ChevronTexaco CEO Received Nearly $9 Million in Bonuses and Stock Options. ExxonMobil CEO Received Nearly $4 Million in Bonuses and Stock Options. [Forbes, accessed 8/8/06]

...And Bush Is in the Oil Companies' Pockets
Energy Bill Rewards Bush Fundraisers. According to the Washington Post, the 2004 Republican energy bill, nearly identical to the current one, provided billions of dollars in benefits to companies run by at least 22 executives and their spouses who were either "Pioneers" or "Rangers," as well as to the clients of at least 15 lobbyists and their spouses who have achieved similar status as fundraisers. The energy bill provides industry tax breaks worth $23.5 billion over 10 years aimed at increasing domestic oil and gas production, and $5.4 billion in subsidies and loan guarantees. [Washington Post, 11/24/05]

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