McCain Would Save Oil Companies With No-Bid Iraqi Oil Contracts Over $1.7 Billion

Posted on  

"McCain Would Save Oil Companies With No-Bid Iraqi Oil Contracts Over $1.7 Billion"

Today, the New York Times reported that large Western Oil companies, including Exxon Mobil, Shell, Total, BP and Chevron, are in talks with Iraq’s Oil Ministry for “no-bid contracts to service Iraq’s largest fields.”

Two of these companies, Exxon Mobil and Chevron, are incorporated in the United States and would save $1.7 billion in corporate taxes under McCain’s proposed cuts to the corporate tax rate, according to a recent report from the Center for American Progress Action Fund.

McCain's Oil Company Savings

These companies would likely save additional millions from McCain’s proposed loophole for corporate expensing.

McCain’s campaign has at least 22 former oil lobbyists as advisers and fundraisers, at least ten of whom (by our count) lobbied for the companies now set to win no-bid Iraqi oil contracts.

The campaign has also enjoyed a recent influx of money from Big Oil, with 74% of his lifetime contributions from oil and gas companies since he announced his candidacy for president in 2008.

McCain Oil & Gas Contributions

The contracts for Iraqi oil currently under negotiation are for 1-2 year terms, but they are reportedly a “‘foothold’ in Iraq for companies striving for more lucrative, longer-term deals.” John McCain has said he would be willing to have U.S. troop presence in Iraq for “100 years,” and is open to permanent bases.

As Spencer Ackerman writes, “The Iraq War wasn’t just about oil…But it wasn’t not about oil, either.

« »

By clicking and submitting a comment I acknowledge the ThinkProgress Privacy Policy and agree to the ThinkProgress Terms of Use. I understand that my comments are also being governed by Facebook, Yahoo, AOL, or Hotmail’s Terms of Use and Privacy Policies as applicable, which can be found here.