INSTITUTE INDEX: As oil prices crash, a beholden Congress scrambles to aid a faltering industry
Current price of a barrel of oil: just over $30
Last time oil prices were this low: 2003
Price to which Goldman Sachs has warned a barrel of oil could sink: $20
Year through which investment analysts anticipate oversupply of offshore drilling rigs, which could possibly last longer if oil prices remain depressed: 2018
Number of workers oil and gas companies have laid off globally amid the slide: more than 250,000
Week that Senate Energy and Natural Resources Committee Chair Lisa Murkowski (R-AK) and House Energy and Commerce Chair Fred Upton (R-MI) will meet to discuss energy legislation to include expediting natural gas exports, upgrading infrastructure to move energy to market more quickly, and loosening environmental regulations: 1/18/2016
Rank of Murkowski among top Senate recipients of oil and gas industry contributions: 2
Total amount Murkowski's campaign has received from the industry, surpassed only by contributions to presidential candidate and U.S. Sen. Ted Cruz (R-TX): $388,200
Rank of Upton among top House recipients of oil and gas industry contributions: 5
Total amount Upton's campaign has received from the industry, surpassed only by contributions to former House Speaker John Boehner (R-OH), Kevin McCarthy (R-CA), Steve Scalise (R-LA) and Charles Boustany (R-LA): $145,700
Total amount the oil and gas industry spent on contributions to congressional candidates in the 2014-2015 election cycle alone: $18.9 million
Amount the oil and gas industry spent on federal lobbying in 2015 alone: $97,312,188
For every $1 the industry spends on campaign contributions and lobbying, amount it gets back in the form of subsidies: $103
Number of members of Congress who are personally invested in oil and gas companies: 120
(Click on figure to go to source.)
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Sue Sturgis
Sue is the former editorial director of Facing South and the Institute for Southern Studies.