NEW AD: Romney's Big Oil Trail
New Priorities USA Action TV Ad Traces Mitt Romney’s Big Oil Trail
WASHINGTON, D.C—Priorities USA Action today released a television ad “Romney’s Big Oil Trail” to expose the true motivations of big oil’s attacks on President Obama—to elect Mitt Romney who stands to protect big oil’s profits at the expense of middle class Americans.
“While President Obama is taking serious action to make America less dependent on dirty and dangerous sources of Middle East oil and create clean energy jobs here at home, Mitt Romney and the oil companies bankrolling his campaign are profiting from high gas prices politically and financially,” said Paul Begala, Senior Advisor for Priorities USA Action. “How can the American people trust Governor Romney to bring down gas prices when he and his biggest backers benefit so much from gas prices being so high?”
The ad will run both on television and online in Colorado, Florida, Iowa, Michigan, New Mexico, Nevada, Ohio and Virginia.
Watch the ad at www.prioritiesusaaction.org.
Script: “ROMNEY’S BIG OIL TRAIL”
Who’s behind this ad smearing President Obama?
Big Oil, that’s who.
The money they make from high gas prices – is going right into Mitt Romney’s campaign.
Big oil executives have pledged two hundred million to help him.
And Mitt Romney’s pledged to protect their record profits – and their billions in special tax breaks too.
These guys all profit. You pay the price.
Priorities USA Action is responsible for the content of this advertising.
Charles and David Koch and their allies are tied to the $3.5 million dollar ad campaign criticizing the President on gas prices. According to Politico, “The group launching a $3.6 million ad campaign hitting President Barack Obama on gasoline prices has deep ties to the billionaire libertarian industrialists Charles and David Koch. The American Energy Alliance is the political arm of the Institute for Energy Research, and sources tell POLITICO that both groups are funded partly by the Koch brothers and their donor network. The groups are run by Tom Pyle, a former lobbyist for Koch Industries. Pyle regularly attends the mega-donor summits organized by the Koch brothers, including the 2012 winter summit in Indian Wells, Calif., where the Kochs raised more than $150 million to be directed to groups ahead of the general election.” [Politico, 3/29/12]
Oil Companies Profit From High Gas Prices. According to the Center for American Progress, “While higher oil prices are bad news for the economy and families, oil price increases over the past decade have helped grow profits for the big five oil companies: BP, Chevron, ConocoPhillips, ExxonMobil, and Shell. It's not a coincidence that these five oil companies set profit records in 2008, the same year that oil reached its all-time high of $147 per barrel. When oil prices crashed in 2009, so did profits.” [Center for American Progress, 2/28/12]
Higher gas prices increase oil companies’ profits. According to ExxonMobil, “Here’s a simple fact of economics that’s getting everyone in Washington pretty excited this week: When prices increase for a commodity like oil, companies that produce and sell that commodity earn more money.” [ExxonMobil Perspectives, 4/27/11]
Koch Brothers Have Pledged $200 Million Before Election to Defeat Obama and Democrats. According to Politico, "The billionaire industrialist brothers David and Charles Koch plan to steer more than $200 million — potentially much more — to conservative groups ahead of Election Day, POLITICO has learned… at the latest installment of the twice-a-year gatherings of major donors sponsored by the Koch brothers’ privately owned oil, chemical and consumer products company, Koch operatives signaled they “are going to focus a great deal on the presidential race,” according to someone who attended the meeting." [Politico, 10/10/11]
The Koch brothers control Koch Industries, an oil and gas business. According to the New Yorker, "With his brother Charles, who is seventy-four, David Koch owns virtually all of Koch Industries, a conglomerate, headquartered in Wichita, Kansas, whose annual revenues are estimated to be a hundred billion dollars. The company has grown spectacularly since their father, Fred, died, in 1967, and the brothers took charge. The Kochs operate oil refineries in Alaska, Texas, and Minnesota, and control some four thousand miles of pipeline." [New Yorker, 8/30/10]
Mitt Romney said he would sign the House budget authored by Paul Ryan. ABC News reported that “On health care, Romney responded ‘yes’ when asked if he would sign the plan written by Rep. Paul Ryan that would restructure Medicare if it reached his desk as President, but quickly added that he would be offering his own plan.” [ABC News, 6/2/11]
Romney Endorsed 2012 Version of Ryan Plan. Politco wrote, “To ensure the plan landed well nationally, Ryan personally reached out to presidential candidates to brief them on it. Romney endorsed the plan this week.” According to the Los Angeles Times, “Paul Ryan's new budget plan drew praise from GOP presidential front-runner Mitt Romney, and an attack from President Obama's reelection campaign Tuesday. The House Republicans' fiscal blueprint for 2013 would slash federal spending, lower tax rates and substantially overhaul Medicare in an effort to free the nation "from the crushing burden of debt," Ryan wrote in a document outlining the plan.” [Los Angeles Times, 3/20/12; Politico, 3/22/12]
Newsweek: 2011 Ryan Protects Tax Breaks for Oil, Gas and Mining While Cutting Medicare. According to an article by Newsweek’s White House Correspondent Daniel Stone, “When House Budget Committee Chairman Paul Ryan unveiled the GOP blueprint for cutting government spending, he asked Americans to make sacrifices on everything from Medicare to education, while preserving lucrative tax subsidies for the booming oil, mining and energy industries.” The article pointed out that Ryan could personally benefit from his continuation of tax breaks for oil and gas companies. [Newsweek/The Daily Beast, 6/17/11]
2012 Ryan Plan Protects Tax Breaks and Subsidies for Big Oil. According to the Center for American Progress, “American families have been plagued by higher oil and gasoline prices over the past several years despite a significant increase in domestic oil production and rigs, and decline in consumption. But while high prices threaten the economy and family budgets, they enrich American oil companies with huge profits. Yet it appears that House Budget Committee Chairman Paul Ryan’s (R-WI) proposed FY 2013 budget resolution would retain a decade’s worth of oil tax breaks worth $40 billion. And his budget would cut billions of dollars from investments to develop alternative fuels and clean energy technologies that would serve as substitutes for oil and help protect middle-class families from volatile energy prices as well as create jobs. In short, the Ryan budget compounds the cost of high oil and gasoline prices on the middle class.” [Center for American Progress, 3/20/12]
Oil tax breaks cost American taxpayers $4 billion a year. According to National Journal, “In fact, Republicans have long opposed President Obama’s call to roll back the $4 billion in tax breaks enjoyed annually by the oil industry, and Republicans frantically tried to scramble away from the remarks. Privately, Republican aides complained Boehner was painted into a corner by a question that rhetorically set up the tax breaks as indefensible.” [National Journal, 4/27/11]
Romney Opposed Proposal to End Oil Company Tax Breaks. According to the New York Times, "In a written response to questions about his energy positions, Romney said Friday, ''Now is not the right time to raise taxes on our oil companies.'' He expressed doubt about requirements to reduce carbon-dioxide emissions." [New York Times, 11/28/07]
In the same year that crude oil prices hit record highs, ExxonMobil set a record for profit earned by a U.S. company. According to CBS News, “Exxon Mobil Corp. on Friday reported a profit of $45.2 billion for 2008, breaking its own record for a U.S. company, even as its fourth-quarter earnings fell 33 percent from a year ago. The previous record for annual profit was $40.6 billion, which the world's largest publicly traded oil company set in 2007. The extraordinary full-year profit wasn't a surprise given crude's triple-digit price for much of 2008, peaking near an unheard of $150 a barrel in July. Since then, however, prices have fallen roughly 70 percent amid a deepening global economic crisis.” [CBS News, 2/11/09]