Select your ExxonMcCain '08 Edition:

DNC Rapid Response Team

Donate

Support the DNC Rapid Response Team

 

Download the ExxonMcCain'08 Logo

Make your own t-shirts, bumper stickers, buttons and lawn signs.



Answers For Big Oil Companies

McCain has a plan for a $4 billion tax cut for oil companies, nothing for drivers

McCain’s Tax Plan Will Cut Taxes For Oil Companies by Nearly $4 Billion—Including $1.2 Billion for Exxon. A study by the Center for American Progress Action Fund noted that the corporate tax rate cut included in the McCain tax plan $ldquo;would deliver a $3.8 billion tax cut to the five largest American oil companies”—ExxonMobil, Chevron, ConocoPhillips, Valero Energy, and Marathon. According to their analysis of Exxon’s financial statements, the company would receive a tax savings of $1.2 billion under the McCain plan. [$ldquo;The McCain Plan to Cut Oil Company Taxes by Nearly $4 Billion,” Center for American Progress Action Fund, 3/27/08]

Locking Up the Crucial Oil Executive Vote

McCain Called For Dissolving The Ban On Offshore Drilling; Houston Chronicle Headline: “Most Oil Execs Respond Favorably As He Touts Policy And Raises Funds In Campaign Trip Here.” “The oil industry generally approved Tuesday as Republican presidential candidate John McCain charted his policies on energy with a speech in Houston. … McCain said the federal government should ease regulations on offshore oil drilling and refinery construction and expand the use of nuclear energy, but press for eventual reliance on alternate energy sources such as wind and sunlight. …. As promised, he called for dissolving the federal ban on offshore oil drilling on the Pacific and Atlantic coasts and some parts of the eastern Gulf of Mexico.” [Houston Chronicle, 6/18/08]

Summer Gas Tax Gimmick Was a Sham

McCain Has Called For Suspending The Federal Gas Tax For The Summer. $ldquo;McCain called for a summer gas-tax holiday that would suspend the 18.4¢ federal gas tax and 24.4¢ diesel tax.” [BusinessWeek, 4/15/08]

More Than 200 Economists Sign Letter Opposing Gas Tax Holiday Saying It Would Generate More Profits For Oil Companies Instead Of Significantly Lowering Prices For Consumers. More than 200 economists $ldquo;including four Nobel Prize winners, advisers to past presidents, and Republicans, as well as Democrats… signed a letter rejecting the candidates’ plans for the summertime tax relief. They say it would simply generate more profits for the oil companies, instead of significantly lowering prices for consumers.” [CNN, 5/6/08]

FactCheck.org: McCain Gas Tax Holiday Will Not Drive Prices Down; Would “Give Federal Funds To Oil Refineries.” “But economists say that the proposal is unlikely to actually lower the price of gasoline. McCain's plan would essentially give federal funds to oil refineries…But the nonpartisan American Association of State Highway and Transportation Officials estimates that the total savings for the average American motorist works out to about $28; for a two-car household, that would be $54. That’s IF prices actually dropped 18.4 cents per gallon. However, there’s every indication that they wouldn’t. Here’s why: According to the basic principles of supply and demand, cutting the price of an item causes people to buy more of it. That’s why stores put items on sale. But when something is priced too low, consumers will buy it faster than it can be manufactured, which leads to shortages. [Factcheck.org, 5/2/08]