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Archive for the ‘Big Oil’ Category

Posted at  09:04 AM ET, 04/17/2012

The Washington Post

By

Despite recent signs that gas prices may be about to fall, the Obama team harbors very real fears that pain at the pump could very well deprive him of credit for the recovery. It could impose additional financial hardships on swing voters who might otherwise be inclined to accept the premise that things are improving.

So today, the White House will unveil a new proposal designed to reframe the debate. The Associated Press reports:

Under pressure to take action on rising gasoline prices, President Barack Obama wants Congress to strengthen federal supervision of oil markets, increase penalties for market manipulation and empower regulators to increase the amount of money energy traders are required to put behind their transactions.

The White House plan, which Obama was to unveil Tuesday, is more likely to draw sharp election-year distinctions with Republicans than have an immediate effect on prices at the pump. The measures seek to boost spending for Wall Street enforcement at a time when congressional Republicans are seeking to limit the reach of federal financial regulations.

Details in the link. The move seems like an effort to take hold of a gas-prices narrative that has mostly eluded the White House’s control. Previously, Obama and Dems had sought to deflect public anger over high gas prices by highlighting GOP protection of oil industry subsidies; by pointing out that Big Oil interests are pumping big money into ads attacking them; and by picking a sustained fight with the oil billionaire Koch brothers.
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Politico 44

By GLENN THRUSH|

3/23/12 9:39 AM EDT

Mitt Romney has been slamming President Obama over the spike in gas prices, and will (presumably) deliver a Keystone-themed blistering attack on the administration this morning at a Louisiana oil and gas exploration company, QEP Resources.

Romney has been touting his understanding of the industry on the trail, but his ties to Big Oil – and a handful of wealthy investors who have made cash on the rise in oil prices — could come back to bite him. And it will certainly, I am told, be a big part of the Obama team’s counterattack, hitting Romney on his connections with rich guys they consider to be gas-spike profiteers.

I reached out to a Democratic source, who passed along a list of potential problems. Two jumped out. The first was none other Romney’s top energy adviser, Harold Hamm, who promised to provide “a stark alternative to President Obama’s goal of driving prices higher” in a statement published in the Tulsa World around the time of his appointment.

But in 2008, when gas was hitting $4/a gallon, Forbes put the self-made billionaire on its list of “petro princes” whose “fortunes… are driven higher every time you feel pain at the pump.”

A year later, however, when the global recession pushed per-barrel prices down about 70 percent, Hamm was touting a different line, and urged state and federal authorities to blame Canada, and probe whether Canadian producers were glutting the market – which was good for consumers but poison for his business.

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Paul Ryan with wife Janna and family

Paul Ryan And His Family To Benefit From The $45 billion In Subsidies For Big Oil In His Budget

Think Progress

By Joe Romm on Jun 17, 2011 at 12:41 pm

Paul Ryan’s budget, which means austerity for most Americans, turns out to mean prosperity for Ryan and his family.

That budget, which the GOP-led House adopted as its blueprint, slashes funding for everyone from seniors to the disabled to students while preserving $45 billion in tax breaks and subsidies for Big Oil over the next 10 years, as has been widely reported.

But what we have only just learned from Ryan’s financial disclosure forms for Congress (here) that were made public this week is “he and his wife, Janna, own stakes in four family companies that lease land in Texas and Oklahoma to the very energy companies that benefit from the tax subsidies in Ryan’s budget plan,” as The Daily Beast reported today.

Ryan’s father-in-law, Daniel Little, who runs the companies, told Newsweek and The Daily Beast that the family companies are currently leasing the land for mining and drilling to energy giants such as Chesapeake Energy, Devon, and XTO Energy, a recently acquired subsidiary of ExxonMobil.

These energy giants stand to profit directly from the $45 billion in subsidies and tax breaks.  How cozy!

MORE HERE

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