• Oil Industry Influence: Personal Finances

    “My name is Daniel Plainview and this is my son and partner H.W. Plainview. I’m an oil man.” Ok, ok, there won’t be blood, but there will be money made from oil profits. Over the last two weeks, gas prices and oil industry influence have been a key focus in both the media and here on this blog.

    Last week, I looked at campaign contributions from the oil industry to a group of Republicans staging a pro-oil industry protest on the floor of the House. There are other ways to look at the economy of influence using publicly available data. For one, members of Congress must disclose their assets in personal financial disclosure forms. In this case, I want to look at stocks, in particular oil stocks. Thanks to Open Secrets’ personal financial disclosure database, I was able to put together the nifty chart below.

    This chart shows stock holdings in the leading oil companies by members of the House of Representatives. If you aren’t familiar with personal financial disclosures, they require lawmakers to list assets in a range (i.e.: $15,001-$50,000). In the chart you will see a low estimate, a high estimate, and an average. In some cases, lawmakers list the actual value - not a range - and that is listed in this color.

    So, who’s going to make money if Congress passes pro-oil industry legislation:

    Top 25 Congressmen with Holdings in Leading Oil Companies
    Congressman Low Estimate Average/Actual High Estimate
    Hayes, Robin (R-NC) $3,645,012 $8,572,506 $13,500,000
    Carter, John (R-TX) $1,000,001 $3,000,001 $5,000,000
    Freylinghuysen, Rodney (R-NJ) $950,008 $1,500,004 $2,050,000
    Sensenbrenner, James (R-WI) $1,133,985 $1,458,984 $1,783,983
    Marchant, Kenny (R-TX) NA 429,148 NA
    Sessions, Pete (R-TX) $215,003 $382,502 $550,000
    Whitfield, Ed (R-KY) $200,002 $350,001 $500,000
    Upton, Fred (R-MI) $195,005 $347,503 $500,000
    Maloney, Carolyn (D-NY) $151,003 $258,002 $365,000
    Price, David (D-NC) $130,003 $240,002 $350,000
    Doggett, Lloyd (D-TX) $116,003 $215,502 $315,000
    Berkley, Shelley (D-NV) NA $165,751 NA
    Goode, Virgil (R-VA) $100,002 $150,001 $200,000
    Buchanan, Vern (R-FL) $81,014 $148,007 $215,000
    Capito, Shelley Moore (R-WV) $66,003 $115,502 $165,000
    Cohen, Steve (D-TN) $65,002 $107,501 $150,000
    McCaul, Michael (R-TX) $46,004 $105,502 $165,000
    Knollenberg, Joe (R-MI) NA $92,500 NA
    Bono Mack, Mary (R-CA) $22,008 $88,504 $155,000
    Moran, Jerry (R-KS) $51,002 $83,001 $115,000
    Camp, Dave (R-MI) $32,004 $81,002 $130,000
    Oberstar, James (D-MN) $50,001 $75,001 $100,000
    Duncan, Jimmy (R-TN) $30,002 $65,001 $100,000

    (Source: Open Secrets)

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