BP to Pull the Plug On Political Donations

Bloomberg News

Oil giant BP said it will halt all political contributions worldwide, dropping donations amid increasing public scrutiny of corporate influence in governing.

London-based BP, which earns about half its $174-billion annual revenue in the U.S., has been criticized by environmentalists for backing a plan to drill for oil in the Alaskan wilderness.

BP ranked fourth among contributors in the oil and gas industry for the 2000 elections at $1.1 million, according to the Center for Responsive Politics.

BP’s shares rose 8 cents to $49.81 on the New York Stock Exchange.