Good news drivers of the world! That small fortune you've been handing over every time you buy a tank of gas has reached those most in need: Big Oil. Exxon reports a record $10.7 billion profit this quarter, beating their previous third-quarter record by nearly a billion. Guess they'll have even more cash on hand to pour into campaign coffers this year on top of the $400,000+ they've already given.*
You're probably paying somewhere around $3 a gallon for gas, about a buck more per gallon that last year (if you live in, say, California or Hawaii go ahead and double that number...) which is helping Exxon and their Brothers in Big Oil amass the kind of money they need to invest heavily in the next President, and next Congress. The oil and gas industry has already given over $9 million thus far in the 2008 fundraising cycle and based on what we've seen in previous years they'll easily double that by the time November rolls around.
Those campaign contributions are just their way of saying thank you for years of legislation that benefits the industry, like the energy bill passed this year that preserved $14 billion in tax breaks for oil companies while slashing initiatives promoting alternative energy.
*all campaign contribution data courtesy of the Center for Responsive Politics