Democrats bash drilling yet invest in oil and gas stocks

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Winningreen ENERGY Alert

Democrats bash drilling yet invest in oil and gas stocks

By Gretchen Randall

July 7, 2008

Issue: The Hill newspaper lists more than a dozen Democrat congressmen who have routinely bashed Republican efforts to open more areas oil and gas exploration yet own considerable amounts of stock in oil and gas companies. For example, Rep. Pete Stark (D-CA), who has accused oil companies of deliberately trying to keep supply low so their profits rise, owns stock in Richey Oil Company of Houston worth from $250,000 to $500,000 according to his financial disclosure statement. His 2007 income from the stock was between $50,000 and $100,000.

Rep. Ron Klein (D-Fl) opposes opening off-shore areas off the coast of Florida to exploration yet owns between $1000 and $15,000 in stock in Hornbeck Offshore Services whose work involves deep-water drilling projects.

Others who own stock in companies they routinely bash:

Rep. Carolyn Maloney D(-NY): $50,000 -$100,00 BP stock & Exxon Mobil stock worth between $100,000 and $250,000.
Rep. David Price (D-N.C.): owns between $15,000 and $50,000 of Chevron; $250,000-$500,000 of Exxon Mobil
Rep. Steve Cohen (D-TN): $15,000-$50,000 Chevron; $50,000-$100,000 Exxon; $15-50,000 Schlumberger
Rep. Jim Oberstar( D-MN): his wife owns $50,000-$100,000 of Exxon stock
Rep. Joe Sestak (D-PA): $15,000-$50,000 of Exxon and $1000-$15,000 of Conoco Phillips
Rep. Charlie Wilson (D-OH): (not the movie’s Charlie Wilson) $1000-$15,000 Exxon; $15,000-$50,000 Chevron
Rep. Lloyd Doggett (D-TX): $100,000-$250,000 Exxon; $50,000-$100,000 Chevron
Rep. Zoe Lofgren (D-CA): $1000-$15,000 BP; $1000-$15,000 Chevron
Sen. John Kerry (D-MA): $65,000-$150,000 Exxon; $15,000-$50,000 BP

Response 1: Besides the hypocrisy these congressmen have displayed, the question is how, on a government salary, they amassed such large dollar amounts of investments. Certainly these figures show most are not “of the people” they say they serve.

Response 2: Could it be that Democrats actually understand the importance of energy but are pandering for environmental votes at the expense of the country? Shocking !

Note: Under congressional rules, the financial disclosure statements of those in Congress have a wide dollar range on their assets so it is difficult to ascertain the exact dollar amount of the investment.

Contact: Gretchen Randall
Winningreen LLC
3712 N. Broadway – PMB 279
Chicago, IL 60613
Phone: 773-857-5086