Posted on 07/01/2008 7:45:58 PM PDT by smithone
More than a dozen Democratic members of Congress critical of oil companies have investments in the industry, according to a review of lawmakers’ financial assets.
At least 14 Democratic members of the House and one senator have holdings ranging from several thousand dollars to hundreds of thousands of dollars in companies such as Exxon Mobil Corp. and Chevron Corp. or partnerships such as Schlumberger and Hornbeck Offshore Services.
These lawmakers have accused oil companies for making record profits, manipulating prices, benefiting from unnecessary tax breaks and trying to gobble up federal lands.
Democrats argue that their criticisms of the oil industry show they are willing to do what is best for Americans despite their own financial interests.
“I always vote against the companies I own,” said Rep. Steve Cohen (D-Tenn.). “I don’t give a damn.”
Cohen owns $15,000-$50,000 of stock in Chevron, $50,000-$100,000 in Exxon Mobil, and $15,000-$50,000 in Schlumberger, a highly profitable oil-services company that provides technical expertise and equipment.
While many Republican lawmakers also have investments in the oil and gas sector, Democrats have generally been much more critical of the role oil companies have played in rising gas prices.
Sen. John Kerry (Mass.), the 2004 Democratic nominee, has blasted his colleague John McCain (Ariz.), the expected Republican presidential candidate, in recent days for pursuing policies that he says benefit the oil industry.
When Kerry ran for president four years ago, he criticized President Bush’s “energy policy of Big Oil, by Big Oil, and for Big Oil.”
Kerry has tens of thousands of dollars invested in those same companies, but an aide to the senator said the investment is held in trust and Kerry has no control over it.
Kerry’s financial disclosure reports show two investments in Exxon Mobil worth between $65,000 and $150,000 combined. He also showed a stake in BP worth between $15,000 and $50,000.
In the House, Rep. Carolyn Maloney (D-N.Y.) has criticized the industry for not investing more in production capacity and questioned whether companies have manipulated prices.
Maloney owns assets in BP and Exxon Mobil of $50,000-$100,000 and $100,000-$250,000, respectively.
BP earned about $17 billion in profit last year, giving Maloney dividends worth between $1,000 and $2,500, according to her financial disclosure report. Exxon earned $40 billion in profits, earning Maloney between $1,000 and $2,500 in dividends.
“I take positions that I believe are in our nation’s best interest,” said Maloney in a statement when asked about the investments. “While I am a strong supporter of American business, I have never hesitated to champion reforms that would benefit the American people.”
Although some Democrats accuse oil companies of “gouging” consumers, who now have to pay over $4 for a gallon of gas, Cohen said he does not want to make money off the backs of other Americans.
“I didn’t buy them to gouge people, I bought them because they had a dividend or made some money.”
Cohen made between $1,200 and $3,900 in oil company dividends in 2007, according to his financial report.
Several other Democrats have criticized the industry or supported legislation strongly opposed by the industry while holding investments in oil companies.
Tyson Slocum, director of Public Citizen’s energy program, said it was inconsistent for Democrats to criticize companies but also invest in them.
“I would definitely say that it’s not consistent, because if these companies were engaging in the bad things that you are alleging then one would assume you would divest yourself,” he said.
But Slocum also noted that these Democratic lawmakers, as shareholders, would bear the burden of such proposals as taxes on companies’ windfall profits.
Rep. Pete Stark (D-Calif.), who has criticized “needless tax breaks for giant oil companies” and accused oil companies of deliberately decreasing capacity to boost profits, has one of the biggest oil investments. He owns assets in Richey Oil Company of Houston worth between $250,000 and $500,000, according to his financial disclosure report. He earned royalties worth $50,000-$100,000 from that investment in 2007.
His office did not respond to requests for comment.
Rep. Charlie Wilson (D-Ohio) owns stock worth $1,000-$15,000 in Exxon Mobil and $15,000-$50,000 in Chevron. Last week he criticized industries for “raking in record profits” while “sitting on 68 million acres of oil-rich federal land that they are not drilling.”
Wilson told The Hill that he doesn’t let his investments interfere with decisionmaking.
“Bringing down gas prices will help families, businesses and our entire economy,” Wilson said in a statement. “It’s my top priority right now. Obviously, bringing down gas prices will hurt Big Oil’s bottom line, and you could argue that works against my own financial self-interest as a shareholder.
But my duties as a member of Congress come first, and I think it’s important to speak out and encourage the oil companies to do the right thing.”
Rep. Lloyd Doggett (D-Texas) has spoken out on “unjustifiable tax breaks for Big Oil” and the “astronomical earnings report of Exxon Mobil.”
He owns Exxon Mobil stock worth between $100,000 and $250,000 and Chevron stock worth between $50,000 and $100,000. He purchased additional stock in those companies last year.
Rep. David Price (D-N.C.) and his wife own shares of Chevron worth between $15,000 and $50,000 and Exxon Mobil worth between $250,000 and $500,000.
His spokesman, Paul Cox, said Price inherited the Exxon stock in 2000.
“Given Rep. Price’s voting record in opposition to the industry, I bet Exxon wishes it had fewer stockholders like David Price,” said Cox.
Rep. Joe Sestak (D-Pa.) has $15,000 to $50,000 worth of Exxon Mobil holdings and $1,000 to $15,000 invested in Conoco Phillips.
Sestak, who has told constituents he wants to eliminate $16.1 billion worth of tax benefits for oil and gas companies, said his financial holdings are “totally irrelevant” to his stance on energy issues. He said he inherited the Exxon stock from his father and would likely pass it along to his daughter.
Democratic Reps. Patrick Kennedy (R.I.), Carolyn McCarthy (N.Y.), Heath Shuler (N.C.), and Howard Berman (Calif.) also have investments in oil companies. They have each taken public stands against policies favored by the oil industry.
Rep. Jim Oberstar (D-Minn.), whose wife owns $50,000 to $100,000 worth of Exxon stock, has touted his efforts to fight oil companies’ manipulation of gas prices. Oberstar’s spokesman, John Schadl, said his boss does not tell his wife how to invest her money.
Rep. Zoe Lofgren’s (D-Calif.) spouse has retirement investments ranging from $1,000 to $15,000 each in BP and Chevron. Lofgren, who does not accept political contributions from the oil industry, said she asked her husband to request that his money managers steer clear of oil and tobacco companies.
Rep. Ron Klein (D-Fla.), an outspoken opponent of drilling off Florida’s coast, has an investment worth between $1,000 and $15,000 in Hornbeck Offshore Services. The company provides assistance on deepwater drilling projects, according to its website.
“This particular minor investment is one of several managed by outside financial advisers, and as is the case with all of his investments, has absolutely no bearing on Congressman Klein’s decisionmaking process or policy positions,” said Klein’s spokeswoman.
Reps. Rubén Hinojosa (D-Texas) and Charlie Melancon (D-La.) each own investments worth between $15,000 and $50,000 in Exxon Mobil. They have not criticized the industry as their colleagues have.
Andrea Fuller and David Matthews contributed to this report.
Just far-left liberal hypocrisy mixed with their rabid hate for America -— a real sickness upon our country.
In other news, dog bites man.
In other news, dog bites man.
Twice, even.
No liberal would ever let their appalling hypocrisy prevent their appalling self-righteous idiocy.
Their not worried about their stock dividends ... their worried about their lobbyist dividends flowing in on time!
Not unlike their positions on earmarks and corruption.
They have done so much to drive up the price of oil it figures that they would profit from the consequences of their official actions.
‘RATS love being rich capitalists as long as no one knows about it and they can continue posing as “fighters” for the “poor and trodden down.”
If you like $5/gal, Thank Congress in NOV.
Pray for W and Our Troops
We should implement a windfall profit tax on Congressmen who own stock in companies that made a profit.
I would not at all be surprised if the folks in Congress are using their power to manipulate stock prices in their favor.
“Kerry has tens of thousands of dollars invested in those same companies, but an aide to the senator said the investment is held in trust and Kerry has no control over it.”
Another trust funder/tax shelterer who has no damned idea what the average Joe is going through with energy prices.
The Democrats will never do that. If the GOP has the nads to take this bull by the horn, they will win virtually every election walking away. People are going to be screaming, "drill for oil in my bathroom if you think there might be oil there and it will stabilize and lower the price of gasoline and any product affected by the price of gasoline.
Nice work friends on the Hill :) Americans need to know a lot more about Democrat hypocricy.
More bullshit! They won’t hurt “big oil” but they’ll let the people think they will to get votes. Libbers are liars, period.
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