Campaign 2010

Jul 22, 2010

The Real Richard Hanna: In the Pocket of Big Oil Special Interests

Republican Richard Hanna Pushes "Drill, Baby, Drill" Agenda, Gets Paid off Oil Investments, Then Tries to Pull a Fast One on New Yorkers

Republican Richard Hanna (NY-24) has long been a proponent of off-shore drilling and the reason why is clear: he’s in the pocket of big oil special interests.  Though he’s now trying hide from his record, the facts tell a clear story about Hanna’s allegiance to big oil special interests and their “Drill, Baby, Drill” agenda.

The truth: Richard Hanna supports off-shore drilling because it serves his bank account well.  Hanna is invested in oil company stocks to the tune of over $1.5 million and has made thousands off of  his investments.  Hanna is even heavily invested in Anadarko Petroleum, a part owner of the rig on the Macondo Prospect oil field whose executives are testifying on Capitol Hill today regarding their liability in the gulf oil spill.  And his history of supporting the Republican "Drill, Baby, Drill" is so well documented that New Yorkers aren’t buying his flip-flopping.

"Richard Hanna has long supported off-shore drilling because it serves his bank account well. Richard Hanna has even made money off of investments in Anadarko Petroleum, the company whose role in the Gulf oil spill finds their executives testifying on Capitol Hill today, and that investment only reinforces how committed to off-shore drilling he really is," said Shripal Shah, Regional Press Secretary for the Democratic Congressional Campaign Committee.

"Richard Hanna can’t hide from his loyalty to the Republican ‘Drill, Baby, Drill,’ agenda despite how hard he tries."

Background:

Hanna is heavily invested Anadarko Petroleum, whose executives are testifying on Capitol Hill today, which partially owns the oil well that caused the Gulf oil spill.  Anadarko "has a 25 percent non-operating stake in the Macondo oil well gushing in the Gulf of Mexico," and is refusing to pay the $272 million in oil spill related costs that it was billed for in June. [Houston Chronicle, 7/10/10; Wall Street Journal, 7/9/10]

Richard Hanna is heavily invested in multiple oil companies to the tune of at least $1.5 million. According to Richard Hanna’s most recently filed personal financial disclosure, he is heavily invested in oil and natural gas companies.  [Richard Hanna Personal Financial Disclosure form, 2008]

 

Company

Sector

Value of Asset

Current Year Income (Source)

Previous Year Income

Anadarko Pete Corp (5200 Shares)

Oil

$250,000-$500,000

$1,000-$2,500 (Dividends)

$1,000-$2,500

Chesapeake Energy (10,000 Shares)

Nat Gas

$500,000-1,000,000

$2,501-5,000 (Dividends)

$2,501-5,000 (Dividends)

Chevron (4175 Shares)

Oil

$250,000-500,000

$5,000-15,000 (Dividends)

$5,000-15,000 (Dividends)

ConocoPhillips (9680 Shares)

Oil

$500,000-1,000,000

$15,001-50,000 (Dividends)

$15,001-50,000 (Dividends)

Hess Corporation (1800 Shares)

Oil

$100,000-250,000

$201-1,000 (Dividends)

$1,001-2,500 (Dividends)

Marathon Oil (3000 Shares)

Oil

$100,000-250,000

$2,501-5,000 (Dividends)

None

Occidental Petroleum (200 Shares)

Oil

$15,000-50,000

$201-$1000 (Dividends)

$201-$1000 (Dividends)

Petroleo Brasileiro (1070 Shares)

Oil

$50,000-100,000

$1-200 (Dividends)

$1-200 (Dividends)

Sunoco (715 Shares)

Oil

$15,000-50,000

$201-1,000 (Dividends)

None

Tesoro (3000 Shares)

Oil

$50,000-100,000

$1,001-2,500 (Dividends)

None

Total ADR (735 Shares)

Oil

$50,000-100,000

$1,000-2,500 (Dividends)

$1,000-2,500 (Dividends)

Transocean (1103 Shares)

Oil

$100,000-250,000

None

None

Whiting Petroleum (1000 Shares)

Oil

$100,000-250,000

None

None

 

 

 

 

 

TOTAL OIL: $1,580,000 - 3,400,000

 

 

 

 

TOTAL OIL AND GAS: $2,050,000 - 4,400,000

 

 

 

 

 

 

 

 

[Personal Financial Disclosure, 6/30/08]

Hanna has long been a proponent of the Republican “Drill, Baby, Drill” agenda. [Utica Observer Dispatch, 6/15/2008; WKTV, 8/29/2008; Utica Observer Dispatch, 7/3/2008]

Since the Gulf oil spill, Hanna is now singing a different tune on off shore drilling. [Auburn Citizen, 7/20/10; Rome Sentinel, 6/16/10]