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Big Oil buys Sacramento
Key Excerpts from Article on Website of Los Angeles Times
Posted: May 25th, 2007
http://www.latimes.com/news/printedition/asection/la-oe-cour...
Who's afraid of Big Oil? Apparently, California's elected officials. Gasoline prices are stuck well above last year's record highs and about 50 cents above the national average. Yet state politicians are not saying or doing a thing, except for raking in political cash from the oil companies and flying around the world on their dime. Gov. Arnold Schwarzenegger ... once claimed that he was so rich he did not need anyone else's money. Yet as gasoline prices were breaking last year's record of $3.38 a gallon, Schwarzenegger collected a $100,000 check May 1 from Chevron, the West's largest refiner. Just three days earlier, it reported a $4.7-billion first-quarter profit, up 18% over the same period last year. The contribution brought Schwarzenegger's take from Chevron to $665,000 (making it his 15th largest donor) since 2003, and his total political tribute from the energy industry is now $4 million. According to a recent Schwarzenegger fundraising solicitation, Chevron's $100,000 buys the company special briefings with the governor. Refiners such as Chevron have discovered that they can make more money by producing less gasoline. So they do. They have, over more than 20 years, deliberately reduced their capacity. Chevron refined 22% less oil in the U.S. during the first quarter of this year than in the same quarter of 2006. Yet its total profit on U.S. refining increased 66%. Making less gasoline, it made much more money. Oil companies poured $90 million into California political campaigns during the 2006 election cycle. This display of sheer political muscle deters even well-meaning politicians from clashing with Big Oil. Democrats take Big Oil's millions too. The state Democratic Party accepted $50,000 from Chevron just last week.
Note: If above link fails, click here. So is it one person equals one vote in elections or one dollar one vote?
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