Wednesday, April 09, 2008

Big Oil execs testify before big shareholder

Hawaii Reporter:
The ranking Republican on the House Select Committee on Energy and Global Warming has owned $1.2 million in stock in the oil and gas companies whose executives testified this week before the panel. Rep. James Sensenbrenner of Wisconsin reported at least $100,000 of his own money in each of four of the five companies represented at Tuesday's hearing -- Exxon, BP, Chevron and ConocoPhillips, but not Royal Dutch Shell -- according to his most recent personal financial disclosure form, for 2006.

Sensenbrenner, who CRP estimates to be the House's 16th wealthiest member with a net worth of at least $21 million, also owns stock in Halliburton and El Paso Energy. One other member of the committee, Democrat Earl Blumenauer, reported between $50,00and $100,000 invested in a natural gas company in his home state of Oregon.

As Democrats lambasted the oil executives Tuesday for collecting tax breaks while earning record profits, Sensenbrenner gave them credit for pursuing alternative energy sources. "Any reasonable energy policy must recognize that we need affordable supplies of energy, and that oil and gas must continue to play a dominant supply role for the foreseeable future," he said in his opening statement.
That's our guy. Taking Care of Business, as Elvis used to say.

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