John McCain? More of the same. He’s voted with Bush to help the special interests, not working families. Now he wants to give even MORE tax breaks to Big Oil.
Enough! It’s time to fight back.
Since President Bush took office, gas prices have risen from $1.47 a gallon to more than $4. Bush’s administration has done all it can to protect Big Oil’s profits—in fact, the top five oil companies have made $525 billion in profits under Bush. Last year alone, ExxonMobil made $40 billion in profits—the largest single-year profits ever made by a U.S. company.
And John McCain is right in lockstep with Bush:
- McCain’s tax plan would give $3.8 billion in tax cuts to the five largest American oil companies.
- Like Bush, McCain protects Big Oil’s profits. Last year, McCain was the only senator to miss a vote on the energy bill repealing tax subsidies for oil companies. In 2005, he voted against a temporary windfall profits tax on oil companies to fund tax credits for working families. Previously, he opposed ending tax breaks for oil and natural gas companies related to depletion and drilling costs.
- McCain has received $723,777 in campaign contributions from oil and gas industry PACs and employees—almost twice as much as Barack Obama or Hillary Clinton.
While all this is going on, working families are struggling with stagnant wages, soaring health care costs, home foreclosures and disappearing jobs as well as impossible gas prices.
But Big Oil execs are raking it in. Take a look at some of their 2007 pay packages: ExxonMobil’s CEO Rex Tillerson got $21.7 million. Occidental Petroleum Corp. CEO Ray Irani got $34.2 million. Anadarko Petroleum Corp. CEO James Hackett got $26.7 million. And ConocoPhillips CEO Jim Mulva got $15.1 million.