07.28.06
John Carter (R-ExxonMobil) gains $15K to $23K in one day
The Wall Street Journal is reporting that “Exxon Mobil Corp. reported its second-highest quarterly profit ever, a result likely to intensify political anger at the oil industry at a time when many U.S. consumers are paying more than $3 a gallon for gasoline.”
As EOW has previously reported, based on required House personal financial disclosure statements, John Carter owns between 28,621 and 43,604 shares of XOM. The news of Exxon’s staggering profits sent shares of the Irving, Texas, corporation $0.53 higher. That results in a one-day increase in value of between $15,169 and $23,110.
During the 12 months ending June 30, Exxon has earned a net of $39.4 billion. The company is keeping most of that, $36.7 biilion, in the bank as cash on hand. While it is admirable for a corporation to efficiently serve its market, compete fairly and innovate in order to turn a profit, Exxon enjoys tax breaks, freedom from regulatory burden and most likely engages in anti-competitive behavior. The WSJ, true to form, blames critics who only want to punish Exxon for its success:
Exxon stands as the tallest lightning rod for critics who say the oil industry is profiting at consumers’ expense, and parting payments to its former chairman and chief executive, Lee Raymond, have provoked criticism. Exxon officials said they don’t expect the political anger toward the industry to let up soon. Citing coming midterm congressional elections, Kenneth Cohen, Exxon’s vice president for public affairs, said: “It seems as if in some of the tight races some of the candidates are trying to run against us instead of their opponent.”
To protect its tax loopholes, avoid anti-trust and environmental regulators in the years ahead, Exxon needs to spread some of that cash to the campaign funds of its political allies in Washington. Take John Carter, for example. He has already received $1,000 from Exxon’s corporate PAC this campaign cycle, and more is expected in the coming months, as he faces a brisk challenge from Democrat Mary Beth Harrell. According to MoveOn.org:
Since 1990, Big Oil has given more than $190 million to members of Congress and 75% ($142,635,314!) of those donations have gone to Republicans. Those donations guarantee an energy policy that serves the oil industry’s interests over the public interest.
Our dependence on oil and the corporations that bring it to us is why the United States fights in the Middle East. It is why global climate change threatens our very way of life. And it threatens to make those who don’t own Exxon stock into peasants, beholden to the oil lords who hold title to our property and dreams.
Yes, this is a post about how rotten it is that John Carter votes for his own financial interest ahead of the interests of his constituents. To break free of this servitude, however, we must do more than eject all the oily sycophants in Congress. We must face up to our addiction to oil and take immediate, drastic steps to reduce our consumption. How many miles do you drive each month? How fuel efficient are the vehicles you drive? What steps do you take to conserve?
Eye on Williamson » John Carter (R - Exxon Mobil) Update said,
February 2, 2007 at 9:22 am
[...] I’m all for making money but when a corporation is making a profit like that it’s obvious they no longer need tax breaks. Our previous reporting on this issue can be read here. [...]
Eye on Williamson » The Latest From Rep. John Carter (R - Exxon Mobil) said,
June 29, 2007 at 11:27 am
[...] believe global warming doesn’t exist. Yes it’s hard to believe that someone with the amount of Exxon Mobil stock he has would be promoting policies beneficial to Big Oil [...]
Eye on Williamson » Brian Ruiz And Rep. John Carter’s (R-Exxon Mobil) Cirlce said,
December 10, 2007 at 4:49 pm
[...] oil in general. It’s not surprising that our Congressman whose circle of friends includes his large stake in Exxon-Mobil would vote against an Energy Bill proposing to do just that. Although the oil corporations may no [...]
Eye on Williamson » AAS Blasts Carter For His Vote Against Energy Bill said,
December 21, 2007 at 2:42 pm
[...] good job of pointing that out, U.S. acts on energy; Carter says ‘no’. Though they never mention his stake in big oil. Congress and President Bush have finally passed long overdue energy legislation, a breakthrough [...]
Eye on Williamson » Whatever You Do, Don’t Blame The War said,
April 21, 2008 at 12:40 pm
[...] John Cater (R-Exxon Mobil) will do anything to keep from mentioning oil corporation profits when talking about high gas [...]
Eye on Williamson » My Congressman The Oil Man said,
June 19, 2008 at 10:49 am
[...] no secret, or at least it shouldn’t be, that TX-31 Republican Congressman John Carter has a large stake in Exxon-Mobil. That he is an oil man, and is calling for more drilling – which is a fraud and will do nothing to [...]
Eye on Williamson » Is Oil Exploration In 2008 What Immigration Was In 2006? said,
July 8, 2008 at 11:39 am
[...] the opinion of Rep. John Carter (R-Round Rock) when it comes to energy it must always be noted that he has a considerable stake in one of the largest oil corporations on the planet, Exxon Mobil. Therefore it’s no surprise that Carter recently said this. U.S. Rep. John Carter, in an [...]
Eye on Williamson » Carter, Oil, & Hair Of The Dog said,
July 21, 2008 at 12:10 pm
[...] the weekend Rep. John Carter (R-Exxon Mobil) said some pretty bizarre stuff at a hotel in the Arboretum area in North Austin over the weekend. [...]
Eye on Williamson » John Carter’s ExxonMobil holdings valued at $2.0 to $3.4 million said,
September 25, 2008 at 11:05 am
[...] transparency and hiding potential conflicts of interest. However, EyeOnWilliamson.org has been following the story of John Carter’s sizeable inheritance for more than two years. The fluctuations in [...]
Eye on Williamson » There he - John Carter - goes again said,
March 19, 2009 at 9:43 am
[...] Next Carter starts whining about Obama’s policies on energy. Anything Carter says on this topic should be taken with a grain of salt. He’s sees everything on this topic through his Exxon-Mobil colored glasses. [...]