Mitt Romneys Big Oil Alliance

MITT ROMNEY’S BIG OIL ALLIANCE 1 FREE REIN FOR OIL SPECULATORS TO MANIPULATE PRICES As part of his efforts to reform Wall Street, President Obama is implementing a number of reforms to the oil futures trading market to root out cases of fraud and limit manipulation in the markets that might affect gas prices. Mitt Romney would repeal Wall Street Reform-giving speculators who would manipulate oil prices free rein. AVERAGE DAILY OPEN INTEREST IN CRUDE OIL FUTURES ON U.S. EXCHANGES in thousands GAS PRICES RISE WITH GAS PRICE OIL SPECULATION dollars per gallon 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2000- $5.00 $4.00 1500 $3.00 1000- $2.00 500 -$1.00 0- $0 As oil prices-and gas prices-rise, so too has the number of Wall Street investors who trade oil as a commodity, without any use for the oil itself. These financial speculators now make up more than 65 percent of the market, profiting while Americans pay more at the pump. 2 $2.7 BILLION | BIG TAX BREAKS FOR THE BIGGEST OIL COMPANIES Under Mitt Romney's tax plan, oil companies would receive big tax breaks on top of near-record profits-tax breaks that could have amounted to $2.7 billion in 2011 alone. HIGH GAS PRICES MEAN OIL PROFITS in billions of dollars GAS PRICE RECORD PROFITS FOR BIG OIL dollars per gallon 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 $50,000- $5.00 $40,000- E$4.00 $30,000 $3.00 $20,000- -$2.00 $10,000- $1.00 -$0 -$10,000- -$20,000 3 $4 BILLION | GOVERNMENT SUBSIDIES FOR THE MOST PROFITABLE OIL COMPANIES Mitt Romney would continue providing government subsidies to oil companies-which are currently $4 billion a year. PRESIDENT OBAMA wants to end taxpayer giveaways to an industry that's rarely been more profitable, and double down on investments in a clean energy industry that has never been more promising. $2.29 MILLION | BIG OIL'S SUPPORT FOR MITT ROMNEY Since launching his campaign, oil and gas interests have given Romney's campaign and his Super PAC $2.29 million in donations. SOURCE: OIL & GAS - $2,294,425; Romney Has Received $754,400 From The Oil & Gas Industry. [Center for Responsive Politics, accessed 3/22/121: Restore Our Future Has Received $1,540.025 From The Oil & Gas Industry. [Restore Our Future, fec.gov, accessed 3/22/12]