Video: Oil Corporations Spend $3 Million on Misleading Ads to Protect Multi-Billion Dollar Tax Breaks

| by Michael Allen

The American Petroleum Institute, a trade association for the oil and natural gas industry, has spent $3 million on TV ads to protect the oil industry’s $4 billion annual tax breaks.

ThinkProgress.org reports that $600,000 of the TV ads target specific senators, who are all up for reelection in 2014. Any senator who dares to end the enormous corporate welfare for oil companies is accused of supporting "job-killing energy taxes," a phrase coined by Frank Luntz, a pollster Fox News and GOP political consultant.

This ad (video below) was aimed at Sen. Mark Warner (D-VA) and says: "He can choose economic growth and American jobs, not slow them with job-killing energy taxes. Let’s take advantage of America’s energy resources to power growth. American energy, not higher taxes on energy, will create jobs."

However, Factcheck.org says ‚Äúnonpartisan congressional analysts and industry experts say higher taxes would have little or no effect on gasoline prices.‚ÄĚ

In fact, Exxon, Shell, and BP cut 17,500 jobs while getting low tax rates and earning record profits.

Last year, ExxonMobil paid a 13 percent tax rate in 2011, which is less than the average American.