Now don’t worry, I wouldn’t ask you to listen to the whole podcast, but if you listen to the first few minutes of the following from Virginia Foxx’s interview on “Focus on the Foothills” on Christian Radio Station 3WC on April 3rd 2008.
Representative Foxx is obviously extremely pro drilling for oil. Why? Is it really just an ideological differentiation? Is there merit to the idea of drilling in ANWR? Will drilling for oil in our own country reduce our dependence on foreign oil? Perhaps her ideology is based on something that is a bit closer to home. Her pocketbook.
According to financial disclosure records, Foxx has owned between $15,001 and $50,000 of stock in Chevron Corporation since 2004. She has also accepted campaign contributions from the Petroleum Marketers Association of America as well as Exxon Mobil.
Roy J. Carter, who is facing Foxx this November, had this to say when questioned about Foxx’s personal and political ties to big oil:
“Under normal circumstances, investing in an oil company is a person’s prerogative, but when an elected official directly profits from the oil industry and then gets on her soapbox to protest against the unfairness of high gas prices, it just rings untrue and is remarkably hypocritical. Until she sells her shares in Chevron, I don’t think anyone should take my opponent seriously. While gas prices rise, cost of prescription drugs climb, and health insurance remains unaffordable, my opponent continues to show her unending support for the Bush administration and the companies that profit off of the backs of hard working North Carolinians. I call upon my opponent to join my pledge not to accept money from big oil, pharmaceutical, or health insurance companies. I further demand that she sell her stock in Chevron and give back every dime that she has accepted from those corporations. Congress is elected to represent the people, not big oil. Accepting this kind of PAC money is a betrayal to the hard working people of the fifth district. My opponent has demonstrated by her voice, vote, investments and associations that she stands for big oil and record profits at the expense of everyday Americans. I do not. We won’t see real change in our gas prices until we invest in alternative energies and get the oil folks out of Washington.”
Foxx lists on her personal financial record investments in the Transamerica Annuity whose top 10 holdings include:
• Exxon Mobil Corp
• AT&T Inc
• Bank Of America Corp.
• American International Group, Inc
• J P Morgan Chase & Co
• Chevron Corp.
• Pfizer, Inc
• General Electric Co
• Citigroup Inc
• Conoco Phillips
Her personal stock holdings in Chevron, Bristol Myers Squibb, GE, Bank Of America, Hartford, Microsoft, Walgreen’s, Wachovia and Proctor & Gamble seem to be just the tip of the iceberg when one glances at the corporations that are involved in the mutual funds she’s invested in.
The interesting fact is that not only is Foxx personally invested in these companies, they all either donate directly to her or to the PACs that donate to her. I imagine it must be difficult to serve the hard working people of her district and the interests of these large oil, pharmaceutical, insurance and banking corporations. I guess it is obvious why she would co-sponsor the American Energy Independence and Price Reduction Act, the question that remains is not whether or not she will gain personal profit off bills like these but exactly how much she’ll make.