Opinion: Big Oil Gets Their Guy in Missouri as Todd Akin Announces Senate Run

by the Democratic Senatorial Campaign Committee
Big Oil will surely be celebrating today as Todd Akin, the GOP’s 5th or 6th choice in the Republican primary, is expected to announce that he is running for Senate in Missouri. But while his candidacy may be great news for Big Oil special interests, there’s nothing Missouri families would celebrate about Akin’s record. In Congress, “Big Oil” Todd voted six times to protect Big Oil tax breaks, all while taking $47,000 in campaign cash from the oil and gas industry. Meanwhile, Big Oil companies have been raking in billions in profits while prices at the pump skyrocket.

“Big Oil special interests are probably popping bottles of champagne now that they have their candidate in the race, but there’s nothing about ‘Big Oil’ Todd’s record that Missouri families would ever celebrate,” said Matt Canter, spokesman for the Democratic Senatorial Campaign Committee. “When he has to choose between his campaign contributors and doing what’s right for Missourians, Big Oil Todd will choose the special interests every single time. Missouri deserves a senator with the independence and courage to stand up for taxpayers and end the billion dollar paydays for Big Oil.”

BACKGROUND:

Todd Akin Has Accepted $47,750 From The Oil And Gas Industry. Since beginning his congressional career, Akin has accepted $47,750 from the oil and gas industry. [Center for Responsive Politics, accessed 5/17/11]

Akin has repeatedly voted to protect Big Oil tax breaks. Earlier this month, Akin voted to block a vote on a motion to repeal the Section 199 domestic manufacturing tax credit for the five largest oil companies. [Vote 293, 5/05/11]

Akin voted to protect tax breaks for Big Oil companies earlier this year…In March 2011, Akin voted against a measure that would have repealed oil and gas production tax breaks for major integrated oil companies for the proposed two week period in the House budget continuing resolution. Rep. William Keating, who offered the motion to recommit, said, “Our alternative is an alternative of sensible spending cuts. Let’s stop sending taxpayer money to the most profitable companies in the world.” The motion failed, 176-249. [CQ Today, 3/01/11; HJR 44, Vote #153, 3/01/11]

…And again in 2008. In 2008, Akin voted against considering the rule to allow the House to vote on the Renewable Energy and Energy Conservation Tax Act and allow for the House to vote on the legislation. The bill comprehensively invested resources into wind, solar, and geothermal energy systems. Furthermore, it extended tax credits to producers of cleaner burning bio-diesel and cellulosic alcohol based fuels. The legislation also eliminated a manufacturing tax deduction for larger oil and gas companies. The motion passed, 224-186. [Release, Majority Whip Jim Clyburn, 2/27/08; HR 5351, Vote 78, 2/27/08]

…And again. In 2008, Akin voted against a motion to end debate on the Renewable Energy and Energy Conservation Tax Act and allow for the House to vote on the legislation. The bill comprehensively invested resources into wind, solar, and geothermal energy systems. Furthermore, it extended tax credits to producers of cleaner burning bio-diesel and cellulosic alcohol based fuels. The legislation also eliminated a manufacturing tax deduction for larger oil and gas companies. The motion passed, 214-189. [Release, Majority Whip Jim Clyburn, 2/27/08; HR 5351, Vote 80, 2/27/08]

Akin also opposed a plan to repeal tax breaks for Big Oil in 2007. Akin voted against shifting certain revenue from royalties and tax incentives from oil and gas companies into a reserve fund for alternative and renewable energies. The bill would require current offshore fuel producers who are not paying federal royalties to agree to pay royalties when fuel prices reach certain thresholds or pay fees based on how much fuel they produce. The bill passed 264-163. [New York Times, 1/19/07; Speaker Pelosi Press Release, 1/18/07; CQ Floor Votes, 1/18/07; HR 6, Vote 40, 1/18/07]

Akin also opposed removing tax breaks for Big Oil in 2006. Akin voted against a motion to instruct conferees negotiating H.R. 4297, the Tax Reconciliation Bill. The motion would instruct House conferees to 1) accept three bipartisan provisions from the Senate that would remove subsidies and close loopholes for large integrated oil companies, so that big oil companies would pay their fair share of taxes, and 2) strike the extension of the capital gains and dividend tax cuts. The total for these two proposals was $51 billion. In 2005, the top five oil companies reaped more than $100 million, three times their profits in 2002. The motion failed 190-232. [McDermott Talking Points, “Republicans Fight for Big Oil Subsidies and Loopholes”; HR4297, Vote 109, 4/27/06]