Tumblr Icon RSS Icon

BP Buys Congressional Influence To Serve Its Own Interest

By Rebecca Leber  

"BP Buys Congressional Influence To Serve Its Own Interest"

Share:

google plus icon

BP lobbied Congress on the Deepwater Horizon disaster to torpedo bills that would hurt the company’s self interest, even as it faced penalties for causing the spill itself. The Huffington Post writes the story “underscores how even the most embattled company often sees Congress as a worthy investment. BP spent $8.43 million in 2011 on efforts to influence legislation. While that total fell far short of the nearly $16 million it spent on lobbying in 2009 — much of it on working to defeat cap and trade legislation — it represented a $1 million uptick from 2010 levels. It was also about .0324 percent of the company’s $26 billion in profits from last year: a small price to pay to ensure the preferred legislative outcomes for the firestorm it ignited.” Now, the company’s lobbying appears to have paid off as BP is now one of the most active drillers in the Gulf.

Tags:

‹ North Dakota’s Bakken Shale Boom Is Visible From Space

Clean Energy Investments Hit Record Highs in 2011, U.S. Clean Tech VC Funding Jumps 30% ›

Comments are closed.