Chevron, owners of a refinery that exploded over the summer resulting in possible criminal charges, decided to make a strategic investment that it clearly hopes will prevent future, similar headaches.
Chevron’s donation accounts for the bulk of the $3.1 million the group raised between Oct. 1-17, according to a filing with the Federal Election Commission released Thursday.
California-based Chevron, in a statement, said it “exercises its right to participate in the political process through various contributions” and emphasized that all of the company’s political giving is fully disclosed. …
The Chevron donation appears to be the largest by a publicly traded company since the Supreme Court’s 2010 Citizens United v. FEC decision, according to Public Campaign Action Fund, a group that promotes the public financing of elections.
The lucky PAC, the Congressional Leadership Fund, has spent $4.1 million against Democratic candidates so far this cycle. Here’s one of the ads it funded, dinging a Democratic incumbent on cap-and-trade.
If Chevron’s donation sounds like a lot of money, this should put it into perspective. Last year, Chevron earned $26.9 billion in profits. This donation is .009 percent of what it earned in profits alone last year. As if you were to donate $4.64 on after-tax income of $50,000.
Here’s a tip. If you donate four bucks to a Congressional candidate, don’t expect a quick call back.