In difficult economy, ConocoPhillips rolls in cash (and donates to Republicans)

A BUZZFLASH NEWS ALERT
by Amy Weiss

In its second quarter earnings statement released Wednesday, Houston-based ConocoPhilips revealed a significant profit increase due to high gas prices. The AP reported:

Record crude prices helped oil giant ConocoPhillips' second-quarter profit climb 13 percent from adjusted results a year ago, beginning what is expected to be a string of robust earnings announcements from major oil companies.

While ConocoPhillips executives rejoice in today's announcement that their profits soared 13 percent over the same quarter last year, the American consumer has nothing to celebrate. We are not opposed to companies making money, but are opposed to them doing so on the backs of hard-working Americans as the cost of living continues to break records. Big Oil rakes in billions in profits, but refuse to drill on 68 million acres they already lease from the government, including Alaska's National Petroleum Reserve, or to make significant investments in producing clean and affordable alternative fuels here in America. Nevertheless, Bush-McCain Republicans continue to reward them with unnecessary giveaways and tax breaks.

ConocoPhillips CEO Jim Mulva and his wife Miriam each contributed the maximum $2,300 to Sen. John McCain's presidential campaign. CFO John Carrig made several contributions to the Republican National Committee.

According to the Center for Media and Democracy's Source Watch, the ConocoPhillips Spirit Political Action Committee (PAC) contributed $313,000 to candidates in the 2005-2006 election cycle -- 90% to Republicans. Reports for the 2007-2008 cycle indicate similar patterns so far.

A BUZZFLASH NEWS ALERT

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