FOR IMMEDIATE RELEASE: July 10, 2008
CONTACT: Josh Dorner, 202.675.2384
         David Willett, 202.675.6698
 
         Big Oil Rakes In $610 In Profits For Each American Driver
 
 
      Obama Offers Plan for Real Relief from Pain at the Pump, Energy
                               Independence;
 
 
   McCain, 'Grand Oil Party' Receive Over $5 Million from Oil Industry,
                         Propose More of the Same
 
 
Washington, D.C.----Newly released campaign finance records coupled with
John McCain's misguided and dangerous energy proposals demonstrate that
McCain and his allies in Congress are only interested in more of the same:
more drilling; more expensive, dirty, and dangerous nuclear power; and more
schemes designed to pad Big Oil's bottom line while denying consumers real
relief at the pump.  Meanwhile, American families are suffering as gas
prices--and oil company profits--surge to new records.
 
 
"Having Big Oil's best friends in the White House has crippled our economy
and hardworking Americans are suffering," said Cathy Duvall, Sierra Club
National Political Director.  "Barack Obama went to Detroit and told the
automakers what they needed to hear--that they must make cars that get
better gas mileage; John McCain went straight to Houston and told the oil
industry what it wanted to hear--that he strongly supported their desire to
begin the wholesale, unfettered 'exploitation' of our coasts. It's clear
that America simply cannot afford another president from the 'Grand Oil
Party.'"
 
 
Big Oil Raking in Record Profits at the Expense of American Drivers
 
 
An analysis of the record--breaking 2007 profits of just the five biggest
oil companies--ExxonMobil, BP, Chevron, Shell, and ConocoPhillips--shows
that they made an astonishing $123,300,000,000 last year alone.  With
approximately 202 million American drivers on the road, that means Big Oil
is raking in about $610 in profits for each and every driver.  As oil and
gas prices continue to surge, the amount every driver is paying to pad Big
Oil's bottom line will only keep increasing.
 
 
"Big Oil has American consumers over a barrel," said Duvall.  "We literally
cannot afford to continue the failed policies of the Bush administration,
but it seems unlikely that a campaign full of oil industry lobbyists and
awash in millions made at the expense of American consumers is going to
stand up to Big Oil and deliver the kind of change we need.  By contrast,
Barack Obama has stood up to special interests and has a plan to help
Americans get through today's crisis, while putting us on the path to
energy independence in order to rid us of Big Oil's chokehold once and for
all."
 
New Campaign Finance Reports Show Big Oil Has Funneled over $5 million to
McCain and the Republican Party
 
Campaign finance reports filed June 30, 2008 and analyzed by the
non--partisan Center for Responsive Politics show that John McCain has
received $1,001,668 from the oil and gas industry, while the Republican
Party has separately raked in an astonishing $4,002,662.  These new reports
show that McCain hauled in nearly $210,000 from the industry in the month
of June alone--a month in which he flip--flopped on offshore drilling and
held numerous fundraisers in Big Oil's backyard.
 
Additional analysis of past campaign records by Campaign Money Watch
underscores McCain and Big Oil's mutual embrace.  From 1989--2006, McCain
received a total of $305,277 from oil and gas interests----despite running
for president in 2000 and occupying the high--profile position of Senate
Commerce Committee Chairman.  Big Oil has already poured nearly three times
that much into his campaign in just the past few months alone.
 
"It looks like the Big Oil fat cats in Texas gave John McCain more than
just a couple standing ovations after he flip--flopped on offshore drilling
and gave them exactly what they wanted," noted Duvall.  "And is it just a
coincidence that the Republican Party hauled in over $4 million from Big
Oil and then turned around and bought $3.4 million worth of false and
misleading attack ads riddled with blatant lies about Barack Obama's energy
plan?"
 
Lobbying disclosure forms also indicate that at least 22 lobbyists who
lobby on behalf of some of the biggest oil companies in the world are
involved in John McCain's campaign.
 
John McCain v. Barack Obama on Gas Prices and Breaking Big Oil's Chokehold
on America
 
Obama's Plan for Real Short--Term Relief v. John McCain's Gas Tax Gimmick
   Obama wants a second round of stimulus checks for consumers and an
   additional $1000 tax cut for working and middle--class families to offer
   Americans short--term relief from crippling energy prices and the
   skyrocketing cost of food and other goods.  Obama would pay for this tax
   credit by repealing billions in taxpayer--funded giveaways to Big Oil
   and by imposing a windfall profits tax on oil companies that fail to
   invest their excess profits in clean energy. (Source: Bloomberg,
   05/01/2008)
   John McCain has proposed a gimmick: a so--called gas tax holiday that
   would do absolutely nothing to lower prices at the pump, but would pad
   Big Oil's bottom line with an extra 18 cents a gallon and potentially
   bankrupt the highway trust fund at a time when our infrastructure is
   already crumbling.  His misguided plan has been denounced by over 200
   leading economists--including 4 Nobel Prize winners. (Source: Bloomberg
   News, 05/05/2008)
 Obama's Plan for 50 MPG Cars v. John McCain's $300 Million Giveaway Gimmick
   Obama knows that the long--term solution to high gas prices is making
   sure we have cars that get better gas mileage.  He fought hard to pass
   the first increase in fuel economy in more than 30 years.  Now he wants
   to go further and give American automakers the tools they need to double
   fuel economy to 50 miles per gallon. (Source:
   www.barackobama.com/issues/energy)
   John McCain didn't even bother to show up for any votes on last year's
   landmark fuel economy/energy bill.  And he has had a spotty record on
   the issue in the past.  Instead of providing the real leadership we need
   right now and putting forth a real plan, McCain proposed a $300 million
   gimmicky giveaway to grab headlines. (Sources: Washington Post,
   05/13/2008; New York Times, 05/12/2008; 2007 Senates Votes #208, #225,
   #226, #416, #425, #430; Detroit Free Press, 07/09/2008)
 
 
Obama's Plan on Speculators v. McCain's Empty Rhetoric
   Obama knows that Wall Street speculators are gaming the system and
   running up the price of oil at the expense of hardworking American
   consumers.  He supports the Consumer--First Energy Act of 2008 (S.3044),
   which would crack down on speculators and put in place other measures to
   protect consumers, make sure oil companies are paying their fair share
   on their record profits, and encourage the development of renewable
   energy. (Source: Associated Press, 06/10/2008)
   John McCain says he wants to take on speculators, but has refused to
   support the Consumer--First Act.  One of the biggest loopholes exploited
   by speculators--the so--called "Enron Loophole"--was put into law by one
   of McCain's closest campaign advisers, former Senator Phil Gramm, who
   also blocked efforts to close the loophole in 2002. (Sources: Associated
   Press, 06/10/2008; Dallas Morning News, 06/29/2008)
 
Obama's Plan to Make Big Oil Pay Its Fair Share v. McCain's Texas--Sized
Tax Cut for Big Oil
   Obama wants to end the billions in subsidies and giveaways that the oil
   industry receives each year--at taxpayer expense.  He also wants to make
   sure Big Oil is paying its fair share on its tens of billions in record
   profits.  He would impose a windfall profits tax on oil companies that
   fail to invest their excess profits in the clean energy technologies we
   need to end our addiction to oil and fight global warming. (Source:
   Reuters, 06/09/2008)
   John McCain has mocked Obama over his proposal for a windfall profits
   tax--even though McCain himself said he was open to the idea just two
   months ago. Meanwhile, he has proposed a tax plan that would offer a
   $3.8 BILLION tax cut to the five largest American oil companies alone.
   This plan would cost a stunning $1.7 trillion overall and put any hope
   of balancing the budget well out of reach.  (Sources: New York Times,
   06/17/2008; Grist, 05/16/2008; Center for American Progress Action,
   05/27/2008,
   http://www.americanprogressaction.org/issues/2008/pdf/oil_tax.pdf)
 
Offshore Drilling Reality v. Rhetoric
   John McCain flip--flopped on offshore drilling and gave the oil industry
   exactly what it's wanted for 30 years. (Source: Politico, 06/18/2008)
   McCain claims that the Bush--McCain drilling plan would offer Americans
   "psychological" relief. (Source: ABC News, 06/24/2008)
   Even the Bush Administration admits that drilling offshore won't do
   anything to lower gas prices today, tomorrow, or even a decade from now.
   (Source: Energy Information Administration)
   Oil companies currently hold leases on 41,000,000 acres offshore, but a
   mere 8,123,000 of those acres are actually in production. (Source: House
   Natural Resources Committee)
   More than 80 percent of the total oil available offshore is in areas
   that are already open to leasing. (Source: House Natural Resources
   Committee)
  
*Profits per driver were calculated using 2006 figures (the most recent
available) for the number of licensed drivers in each state and the 2007
profit figures for the five largest oil companies: ExxonMobil, BP, Chevron,
ConocoPhillips, and Shell.
                                                                                                                                                
                                                                            
 Paid for by the Sierra Club Political Committee,                           
 http://www.sierraclub.org/, and not authorized by any candidate or         
 candidate's committee.