With up to $23 Million in Big Oil Stock, Robin Hayes Profits from North Carolinians Paying Record Prices at the Pump

Hardworking North Carolinians may question why Congressman Robin Hayes sides with Big Oil and against them as they struggling to pay record-high gas prices.

Financial reports released this week could explain why -- Robin Hayes owns up to $23 million in Big Oil stock, meaning that Hayes actually profits off of North Carolinians struggling with record prices at the pump.

While Hayes makes money on his millions in investments when Big Oil makes record profits, he also voted to give Big Oil $85 billion in taxpayer-funded subsidies. Big Oil has thanked him with nearly $175,000 in campaign contributions.

“Robin Hayes is actually getting richer from the record-high gas prices working North Carolina families are paying at the pump,” said Kyra Jennings, Southern Regional Press Secretary at the DCCC. “Robin Hayes financial interests and campaign contributions show the voters of his district exactly why Hayes sides with Big Oil over North Carolinians.”

Background

• Personal Financial Disclosures filed by Robin Hayes on May 15, 2008 and made public this week show that Hayes owns between $6,880,016 and $23,050,000 in Andarko Petroleum, BP, Exxon, Chevron, Conoco Phillips, Royal Dutch Shell, and Sunoco stock [see chart below].

• Hayes has taken more than $174,855 from the oil and gas industry. [Center for Responsive Politics, www.opensecrets.org; Accessed: 6/19/08]

• Hayes is sponsoring legislation to allow Big Oil to drill off North Carolina’s coast. [H.R. 6108]

• In 2006, Hayes voted against a motion to remove subsidies and close loopholes for large integrated oil companies, so that big oil companies would pay their fair share of taxes [HR4297, Vote #109, 4/27/06]

• In 2005, Hayes voted for $85 billion worth of subsidies and tax breaks for most forms of energy – including oil and gas [HR 6, Vote #445, 7/28/05]

• In 2005, Hayes voted against an alternative energy plan that would have brought immediate relief to consumers at the pump, increased the nation’s investment into renewable fuels and energy efficiency and cracked down on price gouging. [HR 6, Vote #118, 4/20/05]

• Drivers in North Carolina are paying an average of $3.98 for a gallon of gas – an increase of $1.05 from the same time last year. [AAA Fuel Gauge Report, Accessed: 6/19/08]