Chevron

From FTCR:

Chevron's record- breaking third-quarter profit puts the lie to its threats that California oil production would decline if Proposition 87, the Clean Energy Initiative, were passed in the Nov. 7 election, said the Foundation for Taxpayer and Consumer Rights.

San Ramon-based Chevron crowed today over its surprising quarterly 40% profit jump to $5 billion. Then, when talking to analysts about its record-breaking wealth, a Chevron executive complained that a proposed clean-energy initiative in California could, at current profit levels, cost Chevron "on the order of $200 million." In a similar vein, the Chevron-funded ads against Proposition 87, the clean energy measure on the Nov. 7 ballot, threaten that this cost will make oil companies cut back on pumping oil in California and import "foreign oil" instead. Given Chevron's high profits from its California operations, that argument is false, said FTCR. [...]

FTCR noted that Chevron has thought nothing of pouring at least $46 million in political contributions into California's current election cycle alone. That includes $44 million on ballot initiatives, the bulk of it against Proposition 87. Chevron is also the largest funder of the campaign against Proposition 89, the Clean Elections Initiative, which would diminish the political power of Big Oil and other immensely wealthy lobbies in Sacramento.

Chevron's third-quarter profit percentage increase beat all the other major oil companies in part because of its major presence in California. During much of the summer gasoline price spike, which topped out at over $3.38 in the state, Californians were paying up to 50 cents more per gallon than the national average. Chevron pumps an average of 212,000 barrels of crude per day in California, according to federal data, much of it to supply its two California refineries, which process an average of 503,000 barrels of oil a day, nearly 25% of the state total, according to the California Energy Commission. If even half of that crude oil were made into gasoline, the resulting 50-cent a gallon "Chevron tax" on California motorists this summer would have been up to $5 million a day, about $150 million a month, said FTCR ( 21 gallons of gasoline refined per barrel of crude, 10 million gallons total, times 50 cents).

Time for 89.

Another 8 Figure Day of Money

I think the LA Times deserves a great deal of credit for creating their Mother's Milk feature that allows citizens to easily track the flow of money during the most expensive election ever. Yesterday was another huge day with $10,913,935 moving hands. The year-to-date total is now $435,579,979.

$36 Million Week

Can you say most expensive election ever? From Mother's Milk: $36,599,254 moved last week, bringing the year-to-date total to $389,969,822.

Most Expensive Election Ever

This get's crazier every week. Mother's Milk says that yesterday $17,275,310 was contributed, bringing the year to date total to $371,897,778.

Most Expensive Election Ever

California's 2006 election will be the most expensive in the history of our state. The ship-load of special interest money dominating the debate have already pushed TV ad rates up 50% and may double rates during the final two weeks of the election.

Every time you see a negative political ad, remember why we need to enact Proposition 89. There is only one item on the ballot that will reform the way the rest of the election is being bought.

The LA Times' Mother's Milk online feature reveals that Friday was another huge day, with $6.4 million in pocket-stuffing bringing the year-to-date total to $362, 224,913.

There are two ways for voters to deal with this year's record-setting negative ads wars. Option one is to buy a Tivo and I wouldn't be surprised if this cycle is a boom for DVR sales in California. The other option is to vote Yes on Proposition 89.

2006 California State Treasurer Race

One of my new favorite "first read" internet sites is the LA Times' Mother's Milk, which has this graphic posted today.

Bill Lockyer has 35 times as much money as Claude Parrish.

Who do you think will win?

This isn't even a real race. There is no real debate about the role of the office. There probably won't even be a single public debate. Claude Parrish has already lost, he can't afford the ante necessary to introduce himself to voters. Right now, the Parrish campaign is so broke that they can't even seem to afford a website and you can put up a website for free. I don't know if the Parrish campaign even has enough cash on hand to pay attention.

Under Proposition 89, this would be a far different campaign. There would be a level playing field when it comes to financing, allowing the Parrish campaign the resources necessary to talk to voters. Also, one requirement of public financing is for candidates to agree to publically debate. Under Prop 89, this would be a campaign instead of a blowout.

Big Oil Throws Down Against Proposition 89

The Chevron Corporation -- formerly known as Standard Oil of California -- wrote a $250,000 check to a special interest group opposing Proposition 89, the California Clean Money and Fair Elections Act.

Chevron has extensively funded the negative attack ads against Proposition 87, the Clean Energy initiative also on the November ballot.

A chronological view of Chevron's $19 million in contributions contains seven checks written over a nine month period.

The company has a storied history of buying results. In 1984, Chevron's merger with Gulf Oil was the largest merger that had ever occured. Chevron also gobbled up Texaco, Unocal, and Sacramento politics.

On September 2, 2004, Tom Chorneau reported for the AP:

Gov. Arnold Schwarzenegger's ambitious plan to reorganize almost every aspect of state government was influenced significantly by oil and gas giant ChevronTexaco Corp., which managed to shape such key recommendations as the removal of restrictions on oil refineries.

Many corporations and interest groups participated in the governor's reform plan -- known as the California Performance Review -- but state records and interviews with the participants show Chevron enjoyed immense success in influencing the report through its array of lobbyists, attorneys and trade organizations.

And few corporations have spent so much political cash on the governor, either. Since Schwarzenegger's election last October, the San Ramon company has contributed more than $200,000 to his committees and $500,000 to the California Republican Party.

Chevron, whose officials acknowledge they lobbied hard to get their ideas in the report, is one of about 20 companies that paid to send the governor and his staff to this week's Republican National Convention in New York. On Wednesday, Schwarzenegger attended a closed-door meeting in New York with representatives of those companies, including Chevron. And just three weeks after the Governor's Office released the 2,700-page reorganization report, the company gave $100,000 to a Schwarzenegger-controlled political fund.

At the time that was a lot of money. Richard Holober, Executive Director Consumer Federation of California, explained what has happened since then:

Since 2004, Chevron gave $3 million in political contributions in California. For a company that made a record $14 billion in profits last year, it was money well spent. Despite public indignation, big oil crushed a proposed state tax on windfall oil profits.

Chevron has proven successful in the current system. The company has spend millions and ensured they make record billions.

Under Proposition 89, Chevron would be able to contribute $10,000 against each initiative, removing almost twenty-million dollars in negative ads. Chevron employees would be able to contribute, but Proposition 89 would create a system where political issues aren't decided like an auction.

Clean Money -- public financing of campaigns -- has proven successful in Maine and Arizona. Included in Proposition 89 are the best practices from those systems, adapted for California. The initiative also includes are review process that will allow regular refinement.

$9,862,001

That is how much the LA Times' Mother's Milk feature says was raised on Tuesday. This brings the year-to-date total to an astonishing $330,231,293.