#Senators’ ownership of Big Oil #stocks raises conflict of interest concerns
By Alexis Sterling -December 1, 2023
..."eight of the ten senators are Republicans, collectively owning up to $1,106,000 of these stocks, approximately 92% of the total. This is noteworthy, considering the Republican senators’ historical stance on #climate change #legislation and their influence on committees that directly oversee #environmental #policies.
Among these senators, Jerry Moran (R-Kansas) holds the most substantial investment in Big Oil, with stocks valued between $119,006 and $360,000 in Exxon and Chevron. Moran, a member of the Commerce, Science and Transportation Committee, has a track record of opposing climate regulation and endorsing fossil fuel projects like the Keystone XL pipeline. His committee has jurisdiction over issues directly affecting climate change, such as environmental disasters and oceanic matters.
Nebraska Senator Pete Ricketts, a Republican with a diversified Big Oil portfolio, is another significant figure in this context. Owning stocks in Chevron, Exxon, Phillips 66, Valero, and ConocoPhillips, Ricketts, as a newly appointed member of the Environment and Public Works Committee, has substantial sway over environmental laws and the Environmental Protection Agency.
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The senators’ financial ties to the fossil fuel industry come at a time when crucial legislation like the IRA, aimed at mitigating the climate crisis, is being debated and passed. The consistent opposition from Republican senators against such legislation, juxtaposed with their investments in fossil fuel companies, paints a concerning picture of the influence of personal financial interests on critical policy decisions.
This scenario is not limited to the Senate. A 2020 Sludge analysis found that across Congress, members own up to $92.7 million in fossil fuel stocks, highlighting the pervasive nature of these investments in legislative circles."...
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