MEMO: ELIZABETH DOLE’S INVESTMENTS IN OIL

To: Interested Parties
From: Kay Hagan for U.S. Senate Campaign
Re: Elizabeth Dole’s latest attack ad
Date: September 10, 2008

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SUMMARY

Elizabeth Dole owns $3 million in oil stocks. Each time you buy gas, her cash register goes “ka-ching.”

But it’s not just that…

Dole’s funded her campaigns with nearly $300,000 in contributions from Big Oil.

And she’s voted to give them $17 billion in tax breaks.

Elizabeth Dole gets richer. Her campaigns get richer. Big Oil gets richer.

And working families? They’re paying the price.

UPDATE: Raleigh News and Observer on Dole’s New Ad: “Is it Accurate? No.” Scroll to the bottom for more information.

BACKGROUND

THE TRUTH ABOUT ELIZABETH DOLE AND BIG OIL

While Dole may wax poetic about the need for clean energy and ending incentives for Big Oil, back in Washington, she invests upwards of $3 million in oil companies, takes hundreds of thousands in campaign contributions from the oil and gas industry, and she votes in their favor at every turn.

DOLE INVESTED $3 MILLION IN THE OIL AND GAS INDUSTRY

Dole Has Up To $2.9 Million Invested In Oil And Gas Companies. According to Elizabeth Dole’s 2007 U.S. Senate financial disclosure report, Bob Dole has invested between $682,466 and $2,867,547 in oil and natural gas production and exploration companies. Of those funds, $275,236 to $851,550 is directly invested in publicly traded stocks, while $407,230 to $2,015,997 is invested in funds. [Dole 2007 Senate Financial Disclosure Report]

DOLE RECEIVED CAMPAIGN CONTRIBUTIONS FROM BIG OIL

Dole Has Received More Than $277,756 From The Oil & Gas Industry. Over the course of her career, Dole has received $277,756 from the oil and gas industry. [Center for Responsive Politics, 8/21/08]

Dole Took $14,000 In Oil And Gas PAC Money At The End Of June Alone. In the final days of June, Elizabeth Dole took at least $14,000 from political action committees affiliated with oil and gas companies. The contributions included $5,000 from Exxon Mobil and $4,000 from the Independent Petroleum Association of America, which seeks to maintain “a pro-oil and gas Congress.” [Dole FEC Report, 7/15/08; IPAA Website, Viewed 7/21/08]

Among Endangered GOP Senators Up For Reelection This Year, Dole Is Among Big Oil & Gas’ Favorite. According to the Center for Responsive Politics, Dole is among the top four of the GOP Senators who are considered endangered in their reelection bid this November for the amount of money she has accepted from the oil and gas industry. [Center for Responsive Politics, 8/21/08]

Dole Is One Of Exxon Mobil’s Favorite Members Of Congress. During the 2007-2008 election cycle, Exxon Mobil’s political action committee has contributed $10,000 to Elizabeth Dole’s reelection campaign, which ties her for first place among all members of Congress in the amount of money received from Exxon’s PAC this election cycle. [Center for Responsive Politics, 8/21/08]

Dole Allowed The NRSC To Accept Over $1.2 Million In Donations From The Oil And Gas Industry. During her tenure as the chair of the NRSC, Dole accepted $1,237,342 in donations from the Oil and Gas industry. [Center for Responsive Politics, 2/29/08]

Dole Accepted $25,500 From PACs In Coalition Fighting Against Bill To Regulate Oil Speculation. Since her first run for office in 2002, Dole has accepted at least $25,500 from the political action committees of organizations that have formed the Coalition to Protect Competitive Markets, which lobbies Congress against the regulation of oil speculation. Among the organizations are the Financial Services Roundtable, New York Mercantile Exchange, the Manage Funds Association, the Chicago Mercantile Exchange, and the Security Industry and Financial Markets Association. [Center for Responsive Politics, Accessed 7/25/08; Politico, 7/24/08; Chicago Tribune, 7/25/08; Dole FEC Report, 7/15/08]

In Last Quarter Alone, Dole Took $8,500 From PACs Opposing Increased Regulation Of Oil Speculation. Between April and June of 2008, Dole accepted at least $8,500 in contributions from the political action committees of organizations that were opposed to the Senate legislation to increase regulation of oil speculation. The political action committees included the Chicago Mercantile Exchange, the Security Industry and Financial Markets, and the Financial Services Roundtable. [Politico, 7/24/08; Chicago Tribune, 7/25/08; Dole FEC Report, 7/15/08]

DOLE CONSISTENTLY VOTES FOR BIG OIL’S INTERESTS

Dole Has Voted To Protect Tax Breaks Or Incentives For Big Oil At Least 8 Times. Since coming to Congress, Dole has voted at least 9 times to protect billions of dollars in tax breaks and subsidies for oil companies already reaping record profits. [Vote 146, 6/10/08; Vote 222, 6/21/07; Vote 118, 5/11/06; Vote 331, 11/17/05; Vote 332, 11/17/05; Vote 341, 11/17/05; Vote 213, 7/29/05; Vote 89, 5/11/04]

Just Three Months Ago, Dole Voted To Keep $17 Billion In Tax Incentives For Big Oil. On June 10, 2008, Dole voted against a bill to repeal tax benefits for large oil companies and, instead, invest the money into renewable energy development. [Vote 146, 6/10/08]

July 25: Dole Voted Against Lower Gas Prices By Refusing To Crack Down On Speculators. Senator Elizabeth Dole voted against legislation to crack down on oil speculation and market manipulation in energy markets. [Vote 184, 7/25/08]

June 17: Dole Voted Against $18 Billion In Incentives For Green Energy Development Twice. In June 2008, Dole sided with wealthy hedge fund managers and multinational corporations instead of voting to provide incentives for clean energy development when she voted twice against $18 billion in tax incentives for green energy development. [Vote 150, 6/17/08]

June 10: Dole Voted Against $18 Billion In Incentives For Green Energy Development Twice. In June 2008, Dole sided with wealthy hedge fund managers and multinational corporations instead of voting to provide incentives for clean energy development when she voted twice against $18 billion in tax incentives for green energy development. [Vote 147, 06/10/08]

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Raleigh News and Observer Under the Dome
Claims Dept: Dole on Hagan’s oil
Submitted by ryanteaguebeckwith on September 11, 2008 – 12:41pm.

U.S. Sen. Elizabeth Dole’s latest TV ad attacks Democratic rival Kay Hagan for her ownership of oil and gas wells and her stance on offshore drilling.

What it says: The ad shows images of Hagan, oil wells and gas pumps. Narrator: “Fibber Kay Hagan claims she’s against Big Oil, but Kay Hagan is Big Oil. Each time you buy gas, her cash register goes ‘ka-ching!’ Kay and her husband own multiple oil and gas wells in Kansas, Oklahoma, Indiana, West Virginia, Ohio. But Kay is against offshore drilling. Must not own any of those.” Dole: “I’m Elizabeth Dole and I approve this message.”

The background: According to a U.S. Senate financial disclosure form, Hagan and her husband, Chip, have stakes in five companies: Ace Midwest Partners, Psigen Sullivan Partners, Jasmine Oil Wells, Chrisjo Energy Inc. and Ergon Oil Co.

The companies operate oil and gas wells in Kansas, Oklahoma, Indiana, West Virginia and Ohio.

Though the exact amount was not disclosed, each of the investments was listed as being worth between $15,000 and $50,000. That puts the couple’s overall stake somewhere between $90,000 and $300,000.

“These are Chip’s,” said Hagan spokeswoman Colleen Flanagan. “He has investments in domestic oil wells, which are local businesses contributing to the economy.”

Both Dole and Hagan previously supported a federal moratorium on oil exploration off the North Carolina coast.

In June, Dole reversed herself, citing high gas prices. At the time, Hagan criticized her, saying the U.S. “cannot drill ourselves enough oil to solve this problem.”

But a month later, Hagan also reversed herself, saying she supports a bipartisan proposal by a group of U.S. senators that would leave the decision on offshore drilling up to North Carolina and other states, promote alternative energy and encourage conservation.

Dole has said she would also support that proposal.

Is it accurate? No. Hagan’s investments in oil and gas wells are substantial, but they hardly qualify her for membership in OPEC. Like Dole, she no longer supports a federal ban on offshore drilling in North Carolina and would leave the decision up to the state.

— Ryan Teague Beckwith

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