Oil's Washington juggernaut-oil industry is spending record amounts on influence in Washington.

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Oil's Washington juggernaut
Under fire for high gas prices, the industry is spending record amounts on influence in Washington. Plus: How it's playing in the presidential race.

By Steve Hargreaves, CNNMoney.com staff writer
Last Updated: August 19, 2008: 11:28 AM EDT


NEW YORK (CNNMoney.com) -- As angry voters spark a barrage of energy bills in Congress, the oil industry is spending record amounts of money protecting its interests.

In what may be surprising to some, the most recent figures from the Center for Responsive Politics show that the oil industry gives a relatively small sum to individual political campaigns - it's 16th on a list of top 50 industries.

But when it comes to lobbying - and spending money that goes toward researching, writing and convincing lawmakers to vote its way - the industry ranks fifth. If the spending continues at the current pace, the industry is set to break last year's $83 million record.

The amount spent on lobbying by the industry, along with lobbying money in general, has been setting records since 2005.

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http://money.cnn.com/2008/08/19/news/economy/oil_money/index.htm?eref=rss_topstories