Big oil taking political beating ahead of earnings

By Anna Driver

HOUSTON (Reuters) - Eye-popping profits earn respect on Wall Street but the billions big oil companies reaped in the fourth quarter are raising the wrath of U.S. presidential candidates trying to cater to voters' pocketbooks.

Large oil companies have long been a target of politicians -- mostly Democrats, who blame them for gouging consumers at the gasoline pump during periods of high crude oil prices.

The rhetoric, which in years past has resonated with middle-class voters, will get louder in coming weeks as the majors publish stellar earnings results during the heart of the primary season for the U.S. presidential election.

Executives from big oil companies "better get very thick brown bags to put on their faces when they go out in public," said Fadel Gheit, analyst with Oppenheimer & Co.

The situation intensified this week as crude oil prices briefly climbed to a record $100 per barrel on the New York Mercantile Exchange. And that jump in crude did not go unnoticed on the campaign trail.

Democratic presidential contender John Edwards waged an attack on soaring oil company profits while campaigning in Iowa on Wednesday.

Exxon Mobil Corp's (XOM.N) "profits last year were at record numbers," he said. "At the same time, all of you know what you are paying for gasoline at the pump, and it's not getting better."

The tactic is familiar to industry experts who see little coming of the headline-grabbing calls for more regulation.