Campaign 2010

Jun 26, 2008

Hackett: More Concerned with Stock Portfolio Than Reducing Gas Prices

Chris Hackett was recently asked if he would consider selling his Big Oil stock holdings and take a stand against special interests. His spokesman responded for him, stating clearly "Not gonna happen," (Wilkes-Barre Times Leader, 6/25).

 

"As gas prices are rising, it is clear that Chris Hackett would rather keep his thousands in Big Oil stocks than stand up for Pennsylvania's middle class families. Prioritizing personal investments seems to be Chris Hackett's top priority and is the type of business as usual mindset that has taken us in the wrong direction," said Doug Thornell, spokesman for the Democratic Congressional Campaign Committee. "Instead of buckling down and focusing on real energy solutions, Chris Hackett is busy arranging his financial portfolio, investing thousands of dollars in Big Oil, while they rake in billions in record profits. How can we trust Chris Hackett to stand up to Big Oil special interests when he is in their back pocket?"  

BACKGROUND:

  • Chris Hackett's 2006-2007 financial disclosure statement shows investments between $31,000 and $115,000 in Big Oil companies, including ExxonMobil, Conoco Phillips and Chevron (Wilkes-Barre Times Leader, 6/25).
  • According to his campaign finance reports, Chris Hackett has taken $7,500 from the oil and gas industry. [Center for Responsive Politics] This includes a $1,000 contribution from a Vice President at Exxon Mobil. [Congressional Quarterly Money Line]
  • Meanwhile, Big Oil rakes in billions in record profits.
  • Exxon Mobil 1st Quarter Profits increased 17% (setting a company record), the second highest in the company's history. [US News and World Report, 5/1/08; Associated Press, 5/1/08]
  • ConocoPhillips' 1st Quarter Profits increased 16%. [Associated Press, 5/1/08]
  • Chevron Corp.'s 1st Quarter Profits increased 9.6%. Chevron's 1st Quarter Profits for 2008 increased by 9.6%, for a net income total of $5.17 billion and beat analysts' mean estimates by $219 billion. [Wall Street Journal, 5/3/08]