The CEOs from the five major oil companies — which together booked $36 billion in profits in the first quarter of 2011 alone — went to the Senate yesterday to try to justify the $4 billion in tax giveaways they’re receiving this year. It’s a head-smackingly obvious example of how broken Washington is that there’s even a question about this. These companies don’t need and don’t deserve taxpayer money — especially with a budget deficit to close and gas prices at or near record highs. Even worse is the fact that when the Senate tries to strip these oil company giveaways, it’s likely that a minority of senators will block a vote from happening. And even if the Senate manages to pass a bill eliminating the giveaways, there’s little chance it will be brought up for a vote in the House. Here’s why: These five companies are expert manipulators of the money-for-influence game in Washington that the President is working to change. It’s simple math — they spent more than $145 million last year on nearly 800 lobbyists whose job is to defeat bills like this one. The $4 billion they’ll likely get to keep as a result represents a 2,700% return on their investment.
