Home Energy and Environment Why Mitt Romney Loves High Gas Prices

Why Mitt Romney Loves High Gas Prices


Mitt Romney profits twice from high gas prices – Mitt can pander to your anger, then his Big Oil friends pump the money you pay at the gas station right back into Mitt’s tank. That’s according to an op-ed in Politico today by the League of Conservation Voters’ Gene Karpinski & Priorities USA Action’s Bill Burton:

Record profits now give oil executives even more cash than usual to spend on advancing their political agenda – and that begins with electing Romney. In fact, Big Oil executives pledged more than $200 million to aid Romney’s campaign and defeat Obama.

What does Big Oil get in return for its $200 million investment in Romney? It gets to keep its billions in special tax breaks every year. So middle-class families pay twice – high gas prices when they fill up the tank and $4 billion in taxpayer-funded subsidies for an industry where the top five companies combined made $137 billion in profits last year.

At the same time, Big Oil gets one of its own dictating Romney’s energy policy. Harold Hamm, Romney’s top energy adviser, is a billionaire oil executive who says clean energy is a “magical fantasy” and wants high gas prices. He admitted as much when he declared in 2009 that cheap oil would be a “disaster.”

Mitt Romney’s magical gas price prescription: More drilling! And Virginia GOP Senate candidate George Allen is just as deeply snuggled in Big Oil’s back pocket. But here’s the problem – even Romney’s own economic team knows that wouldn’t lower gas prices or help the economy.

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