Tuesday, August 19, 2008

US industry is facing a real menace...

As angry voters spark a barrage of energy bills in Congress, the oil industry is spending record amounts of money protecting its interests.

In what may be surprising to some, the most recent figures from the Center for Responsive Politics show that the oil industry gives a relatively small sum to individual political campaigns - it's 16th on a list of top 50 industries.

But when it comes to lobbying - and spending money that goes toward researching, writing and convincing lawmakers to vote its way - the industry ranks fifth. If the spending continues at the current pace, the industry is set to break last year's $83 million record.

The amount spent on lobbying by the industry, along with lobbying money in general, has been setting records since 2005.

With record gas prices, a contentious fight over energy legislation and a huge election on the horizon it's not surprising the industry spent so much on lobbying this year.

Dozens of bills have been introduced in Congress. Generally, Democrats and environmentalists have favored a strategy heavy on taxing oil companies and funding renewables, while Republicans and the oil industry have pushed for more drilling.

But so far, no major energy bills have been passed. Is it possible all this money has been spent to maintain the status quo?