How much do members of Congress own oil and gas companies?
Nearly 30 members of congressional committees overseeing oil and gas companies held personal assets in the industry totaling $9 million to $14.5 million late last year. That included up to nearly $1 million in the three companies at the heart of the Gulf of Mexico oil-drilling disaster.
Which energy stocks do Democrats own?
Democrats who have key roles shaping energy policy reported holding or trading shares of Exxon Mobil, Dominion Energy, and Chevron, among others. Menu icon A vertical stack of three evenly spaced horizontal lines. Search icon A magnifying glass. It indicates, "Click to perform a search". Insider logo The word "Insider". 0 Email icon An envelope.
Which members of Congress own the most fossil fuel stocks?
Fellow Texas Republican Rep. John Carter owns between $1.1 million and $5.3 million worth of stock in ExxonMobil, which is headquartered a few hours north of Carter’s 31st Congressional District. Carter is by far the biggest congressional investor in ExxonMobil. Overall, members of Congress from Texas have the most fossil fuel stock.
How much Duke Energy stock does big oil own?
Electric companies and Big Oil Sen. John Hickenlooper, who serves on the Energy and Natural Resources Committee, reported owning up to $500,000 worth of Duke Energy stock during 2020.
Who owns the most stock in oil?
10 Biggest Oil Companies#1 Saudi Arabian Oil Co. (Saudi Aramco) (Tadawul: 2222)#2 PetroChina Co. Ltd. (PTR)#3 China Petroleum & Chemical Corp. (SNP)#4 Exxon Mobil Corp. (XOM)#5 TotalEnergies SE (TOT)#6 BP PLC (BP)#8 Marathon Petroleum Corp. (MPC)#9 Valero Energy Corporation (VLO)More items...
Who makes the most money from oil?
The top five oil companies alone—Shell, ExxonMobil, BP, Chevron, and ConocoPhillips—brought in more than 200 percent more in profits than in the first quarter of 2021. That is a total of more than $35 billion in profits in just three months.
What is the name of the interest group that represents the oil and gas industry?
"Fossil fuels lobby" is a term used to label the paid representatives of corporations involved in the fossil fuel industry (oil, gas, coal), as well as related industries like chemicals, plastics, aviation and other transportation.
Who owns the gas companies?
The ownership of oil and natural gas companies may not be what people commonly think it is or expect it to be. The fact is that over 80% of the ownership of oil and gas companies in America is held by private individuals, either in their individual names or through their IRA, mutual fund or pension fund.
Who is Exxon owned by?
As of March 2019, ExxonMobil's largest shareholders include The Vanguard Group (8.15%), BlackRock (6.61%), and State Street Corporation (4.83%). ExxonMobil is one of the largest of the world's Big Oil companies....ExxonMobil.TypePublicHeadquartersIrving, Texas , U.S.Area servedWorldwideKey peopleDarren Woods (chairman & CEO)17 more rows
Who controls the price of oil today?
The price of oil fluctuates according to three main factors: current supply, future supply, and expected global demand. Members of OPEC control 40% of the world's oil.
Who controls OPEC?
The Organization of the Petroleum Exporting Countries (OPEC) is an intergovernmental organization of 13 countries: Algeria, Angola, Congo, Equatorial Guinea, Gabon, Iran, Iraq, Kuwait, Libya, Nigeria, Saudi Arabia, United Arab Emirates and Venezuela.
Which US state produce the most oil?
The Top Oil-Producing StatesTexas. Total barrels annually (2020): 1.78 billion2. ... North Dakota. Total barrels annually (2020): 434.89 million2. ... New Mexico. Total barrels annually (2020): 370.40 million2. ... Oklahoma. Total barrels annually (2020): 171.74 million2. ... Colorado. Total barrels annually (2020): 167.83 million2. ... Alaska.
Is OPEC a monopoly?
In the economic literature, the Organization of the Petroleum Exporting Countries (OPEC) is usually treated as a monopoly and a cartel. The dominant firm model is one of the variants of the cartel model. As a matter of fact, a large number of microeconomic texts use OPEC as an example of the dominant firm.
Who are the 6 oil families?
In the maritime industry, a group of six companies that control the chartering of the majority of oil tankers worldwide are together referred to as "Oil Majors". These are: Shell, BP, ExxonMobil, Chevron, TotalEnergies and ConocoPhillips.
Who controls big oil?
If we simplistically look at proven oil reserves, the answer is obvious: mostly OPEC and Russia. According to BP, the global authority on the subject, this collective group of 16 countries owns 1.35 trillion barrels of proven oil reserves, or nearly 80 percent of the world's total.
Who owns most of US oil?
In 2021, Canada was the source of 51% of U.S. gross total petroleum imports and 62% of gross crude oil imports.The top five sources of U.S. total petroleum (including crude oil) imports by percentage share of total petroleum imports in 2021 were:Canada51%Mexico8%Russia8%Saudi Arabia5%Colombia2%
Electric companies and Big Oil
Sen. John Hickenlooper, who serves on the Energy and Natural Resources Committee, reported owning up to $500,000 worth of Duke Energy stock during 2020. He sold up to $250,000 worth of Chevron stock in late October 2021, and he reported up to $1 million in capital gains from Exxon Mobil stock he no longer owns.
Legacy stockholders
In a few cases, Democrats pinned their association with energy companies on deceased family members.
LCV scorecard's limits
Emily Samsel, LCV's national press secretary, described her organization's scorecard as "the nationally accepted yardstick" for rating lawmakers' records on environmental, public-health, and energy issues. But Samsel acknowledged that it "does not provide a holistic look at their record outside of the House or Senate floor."
How much do the Democratic members of the House Energy and Commerce Committee own?
Seven Democratic members of the House Committee on Energy and Commerce's Energy and Environment subcommittees, as well as the ranking member, and/or their spouses, own at least $2.3 million worth of investments in oil and gas companies or companies that provide products or services to the industry.
Did John F Kennedy sign the fossil fuel pledge?
Kennedy, a member of the Congressional Progressive Caucus but not among the chamber’s most progressive members, according to a GovTrack analysis, signed the No Fossil Fuel Money Pledge, a commitment to “not knowingly accept any contributions over $200 from the PACs, executives, or front groups of fossil fuel companies,” on Dec. 14. The Green New Deal plan depends on the creation of a new select committee to devise a climate change plan, and if Kennedy sticks to the pledge, he’ll be eligible to join it.
How much do members of Congress own fossil fuel companies?
As of Dec. 13, 2019, 134 members of Congress and their spouses own as much as $92.7 million worth of stock in fossil fuel companies and mutual funds, according to an analysis ...
How much money does Ted Cruz have invested in oil?
Fourteen Texas representatives (10 Republicans and four Democrats) and one senator, Republican Ted Cruz, have between $14.5 million and $35 million invested in the oil, gas, and coal industries.Rep. Greg Gianforte (R-Mont.), a former tech executive, has over $4.8 million in fossil fuel stocks.
How much money do fossil fuels have in Congress?
The Biggest Fossil Fuel Investors in Congress. As of Dec. 13, 2019, these members of Congress have as much as $1 million or more invested in fossil fuel stocks. House.
Who is the second richest member of Congress?
McCaul is the second-richest member of Congress, worth an estimated $113 million, according to CQ Roll Call. His wife, Linda McCaul , is the daughter of the founder of Clear Channel Communications, which is now called iHeartMedia. ×. The Biggest Fossil Fuel Investors in Congress.
Who introduced the Conflicted Trading Act?
Senators Sherrod Brown (D-Ohio) and Jeff Merkley (D-Ore.) have introduced the Ban Conflicted Trading Act, which would prohibit members from buying and selling individual stocks and from serving on corporate boards, something that’s already banned in the Senate but not in the House.
Who is the Green New Deal sponsor?
Some members of Congress, including Green New Deal resolution sponsors Rep. Alexandria Ocasio-Cortez (D-N.Y.) and Sen. Ed Markey (D-Mass.), are gravely concerned about the mounting threat, but overall, Congress has not met the crisis with the urgency that scientists say is necessary to avoid global tragedy. Emblematic of federal lawmakers’ lack of ...
Who owns ExxonMobil?
Fellow Texas Republican Rep. John Carter owns between $1.1 million and $5.3 million worth of stock in ExxonMobil, which is headquartered a few hours north of Carter’s 31st Congressional District. Carter is by far the biggest congressional investor in ExxonMobil.
Energy & Commerce Investors
This year, the House Energy and Commerce Committee held markups of major energy legislation, taking up bills on methane emission standards and pipeline security in June and the Biden administration’s signature Build Back Better Act in September, including its Subtitle D on Energy-related measures like the proposed Clean Electricity Performance Program, later dropped from the package..
Texas Republicans Top the List
Reps. Mike McCaul (R-TX) and Rep. Michelle Steel (R-CA) arrive for a news conference following a House Republican caucus meeting at the U.S. Capitol on October 20, 2021.
Pipeline Stock Pickups
Several of the members with the largest fossil fuel investments purchased more shares in energy companies throughout 2021, especially in pipeline firms and fossil gas companies.
A Few Stock Sales
Rep.
A Divestment
Two years ago, Sludge found that the spouse of Rep. Ro Khanna (D-Calif.) owned up to $7.5 million worth of fossil fuel company stocks.
Misc. Findings
Speaker Nancy Pelosi’s spouse holds an investment of up to $50,000 in Clean Energy Fuel Cells Corp., a California-based company that is developing liquid gas fueling stations for long-haul trucks to compete with diesel.
Methodology
For the past three years, Sludge and data scientist Andy Friedman have been developing software to scrape the House and Senate financial disclosure portals and extract entries from the thousands of documents to create a machine-readable dataset of congressional financial information.
Which administration was responsible for the oil price collapse?
Democrats have presided over periods of very high prices, as in the Carter years and most of the Obama Administration, whereas the Reagan Administration is often blamed for the 1986 oil price collapse.
Why were many in the oil industry appalled at the Gulf War?
More prominently, many in the industry were appalled at Gulf War II, fearing that U.S. war against an Arab/Muslim nation would create a backlash against them and that their postwar ‘access’ to Iraqi oil would be worth little, given a likely una ttractive fiscal system and high political risk.
Why did Saudi oil production collapse in the 1980s?
As the figure below shows, Saudi production was collapsing in the 1980s because prices were too high; a cut in prices became essential. Although it might seem that Democrats have usually produced more favorable environments for the petroleum industry, much of that is correlation without causality.
Who owns oil and gas companies?
Instead, they are owned by millions of ordinary Americans and foreigners, often through their retirement savings.
Why are oil and gas taxes so high?
Higher oil and gas industry taxes means less investment in the industry and fewer employment opportunities for workers in the industry.
What does higher oil and gas taxes mean?
Higher oil and gas industry taxes means less investment in the industry and fewer employment opportunities for workers in the industry. Moreover, higher oil and gas taxes are passed along to consumers in the form of higher prices. Consumers suffer many times when oil and gas prices rise both through their direct purchases ...
Did Obama raise taxes on oil and gas?
Even so, the Obama administration proposed raising taxes on domestic oil and gas producers in its fiscal 2013 budget. Such taxes would, if approved by Congress, harm the economic performance of the industry and encourage investment overseas.
How much money did Crenshaw get from oil companies?
Representative Crenshaw has received $200,000 from oil and gas companies. But when Congress was preparing to bail out businesses during the coronavirus crisis, Crenshaw stood up for his donors. He led a delegation which requested that oil and gas companies pay reduced royalties to the Interior Department.
How much money did the Texas senator get from the NRA?
The Texas senator received almost $60,000 in funds from the NRA. But his other big donors include Koch Industries in 2014, which runs multiple businesses in Texas. These businesses include oil refineries and a cattle ranch.
How much money did the Arkansas senator receive from the NRA?
The Arkansas senator who believed the coronavirus was a Chinese bioweapon, received a total of $1.9 million from the NRA in his career. He has also received donations from Koch Industries.
How much money has McConnell taken from the NRA?
McConnell has taken more than $1.2 million from the NRA. According to the Louisville Courier-Journal, the senator has big donors in the energy and oil industries. One of his biggest donors is the Devos family, which is also the family of Secretary of Education Betsy Devos.
How much money did Thom Tillis get from the NRA?
The other Republican North Carolina senator has also received major windfalls from the NRA. Tillis received over $4 million from the gun rights advocacy group. CEOs of major energy and pharmaceutical companies have also lined Thom Tillis’ coffers.
How much money did Bill Cassidy get from the NRA?
Bill Cassidy. Flickr/Gage Skidmore. The Louisiana senator received $2.8 million in funding from the NRA. But he also received $200,000 from oil and gas companies, according to the Center for Responsive Politics.
Did the Republican House Minority Leader receive donations from oil companies?
He has also received a substantial amount of donations from pharmaceutical companies and insurance companies.
