The 'Ville Voice header image 1

KDP Calls Northup Out for Big Oil Hypocrisy

May 22nd, 2008 by jake · 8 Comments

Residents of Kentucky’s Third Congressional District are no stranger to Anne Northup. And right now, they’re no stranger to Anne Northup’s campaign ad where she talks about how terrible high gas prices are and how she’s going to do something about it.

So… dun dun dun… the KDP got something right! They just put out a press release calling Northup out for her hypocrisy. Because, to put it simply, the woman owns between $500,002 and $1,050,000 in big oil stock according to her latest financial disclosure. Companies like Andarko Petroleum, Devon Energy, Exxon, Chevron, Royal Dutch and Schlumberger.

Northup has also taken more than $312,000 from the oil and gas industry PACs and employees, which you can research yourself here. In 2005 she voted for $85 billion worth of subsidies and tax breaks those industries [HR 6, Vote #445, 7/28/05] and in 2004 she voted against an amendment to the energy and water funding bill to increase renewable energy funding by $30 million [HR 4614, Vote #321, 6/25/2004].

Northup’s Holdings in Big Oil, Gas & Energy Companies

  • Anadarko Petroleum: $50,001-$100,000
  • Devon Energy: $100,001-$250,000
  • Exxon Mobil: $50,001-$100,000
  • Chevron: $50,001-$100,000
  • Royal Dutch: $100,001-$250,000
  • BP PLC: $50,001-$100,000
  • Schlumberger: $100,001-$250,000

Anne may be a nice woman and a great mother, but let’s get real here. This is first-rate hypocrisy and proves she’s way more out of touch with Louisville residents and everyday Kentuckians than anyone could ever imagine.

Tags: Anne Northup · Congress · John Yarmuth · Politics

8 responses so far ↓

  • 1 ReformedPatriot // May 22, 2008 at 3:23 pm

    Big Oil really isn’t that profitable. Their profit margins are about 8% at the end of the day and your average water utility is at 10%.

    I don’t really think Northup has the right idea on how to handle fuel prices. Part of the major problem is Government. With the Fed pumping billions into the market inflation causes the value of the dollar to go down, which in turn causes the price to go up. There are other factors, but government and military intervention seems to be the main problem. As far as I am concerned she should just keep her hands out of this one except to help drilling in Alaska and helping to end the moratorium on exploration and let the market seek alternatives.

    What I see here isn’t so much hypocrisy as it is investing in a product that people actually want. And why wouldn’t you invest your personal money into this particular sector?

    Besides, is the cost of gas really so outrageous? Here is an interesting take:

    “First, we need to take into account inflation. The result of the Federal Reserve printing too much money is a loss of purchasing power of the dollar: something that cost $1.00 in 1950 would cost about $8.78 today. As for gas prices, in 1950 the price of gas was approximately 30 cents per gallon. Adjusted for inflation, a gallon of gas today should cost right at $2.64, assuming taxes are the same.

    But taxes have not stayed the same. The tax per gallon of gas in 1950 was roughly 1.5% of the price. Today, federal, state, and local taxes account for approximately 20% of gas’s posted price. Taking inflation and the increase in taxes into account (assuming no change in supply or demand) the same gallon of gas that cost 30 cents in 1950 should today cost about $3.13.”

    Read the rest of “Economics 101: The Price of Gas” here:

    http://mises.org/story/2940

  • 2 ReformedPatriot // May 22, 2008 at 3:26 pm

    Full Disclosure: Northup sucks (but so does Yarmuth).

  • 3 mgreenawalt // May 22, 2008 at 3:30 pm

    The problem is the oil speculators, not big oil. Even OPEC doesn’t set the price per barrel, as stated before it is the speculators in New York. there are over a hundred companies in the Fortune 500 with greater profit margins than the oil companies. They are ready to drill and build refineries to drop the price of gas, but the federal government stopped all thet back in 1996. Study up on the real situation rather than pointing fingers without facts.

  • 4 ReformedPatriot // May 22, 2008 at 3:45 pm

    Even if they are given permission to drill and build new refineries today, it’s going to be about a decade before they get it all begins to impact things on a large scale.

  • 5 Mike // May 23, 2008 at 4:28 pm

    Big Oil isn’t that profitable??? Huh??? Big Oil is making record profits as we speak. Last year they were brought before congress to explain why they were making record profits while everyone was paying more at the pump. Otherwise known as price gouging. A year or two ago the CEO of ExxonMoble retired with a $444mil. payout. That sounds pretty profitable to me. How much did you make last year? ;o) I read where his pay averaged out to about 160,000.00 an hour!!! YES, THAT’S PER HOUR. I mean I read all the time where people are having to choose between fuel and food, and here this clown is stealing/retiring with a $444mil. payout from his shareholders. What is a 65 year old man going to do with $444mil. anyway? Folks, this is what you get when you have deregulation. Otherwise known as the Reagan Revolution. When you leave markets to rule themselves then greed runs rampant and out of control. You would think we would have been taught a lesson after the S&L Scandals of Eighties, Enron, The Banking Crisis, etc. Oh, well….

  • 6 ReformedPatriot // May 24, 2008 at 5:38 pm

    “Big Oil isn’t that profitable??? Huh??? Big Oil is making record profits as we speak. ”

    At the end of the day, the profit margins say it all. Roughly 8% profit.

    Are you arguing that we punish people for running a successful business? That we steal money he earned in order to give it to you, and me, who didn’t have the ingenuity to do what he did? Are you sure your name is Mike and not Marx?

  • 7 Mike // May 26, 2008 at 9:58 pm

    “At the end of the day, the profit margins say it all. Roughly 8% profit”.

    Hardly…. In my first post I was illustrating what I believe was a flaw in your thinking when you said that Big Oil “was not that profitable”. I was making a point with what I thought was greed run unchecked with the 444mil. ExxonMobile C.E.O. retiree analogy. Now, you seem to be asking if I am arguing if we should punish people for running a successful business. My answer is: of course not. However, if you are asking if we should punish a greedy person who is running a company that is making record profits, while at the same time the rest of us are paying record prices at the pump (otherwise known as price gouging) then obviously my answer is HE$$ YES!!! Just trying to show the need for more regulations. ;o)

    ” That we steal money that he earned in order that we give it to you and me, who didn’t have the ingenuity to do what he did? Are you sure your name is Mike and not Marx?”

    I’m not sure what you mean by steal. But I’ll try answering your first question first. The answer is yes. When we steal money from someone and give back to you and me who didn’t have the ingenuity (read here as values) to do what he did, we call that a fine. As in “I broke the law, and now I have to pay a fine”. Sorry, couldn’t resist. ;0)

    BTW, In your first post you try to state that gas prices are about the same as they were back in 1950 after adjusted for inflation (“Is the cost of gas really so outrageous?”). Bad analogy. That is just more rightwing hocus-pocus. I believe George HW Bush Sr. termed that type of thinking as Voo-Doo Economics. :o)
    Try showing what the price of gas is, in relation to the purchasing power of the average 1950 paycheck back then. And compare it to todays. That would be far more accurate. It will show how much these oil companies bleed from the US consumer. I believe in a fair profit but Jeez.

    F.Y.I. If you were to take all the oil from the Alaska Wildlife Ref. And use it solely in the US. And the US only used that oil, it would last about 3 months. That’s it! That seems hardly worth destroying all that beautiful land and animals for a hundred + years, just so a few oil people can get rich in this country. Which is what it is really all about. It is no coincidence that oil is doing so well, while this country is being run by oilmen!!! Not using Marxism, just common sense.
    …C-ya

  • 8 Spencer // May 29, 2008 at 10:53 pm

    Well everyone is off on this subject….first and foremost the IMF and the World Bank decide what the price of a barrel of oil because they monitor and set the commodity pricing worldwide.
    But the real focus is sweet old anne…she is done,history,kaput and not in a fun way like we saw shultz on hogans heros say kaput…no… she knows nothtink nothtink…okay enough of shultz impressions…fact is Anne is crasping at straws because mr.Yarmuth is doing a great job without all the glitz and glamour and without having someone pat he on the back.
    Anne has the same haircut and the same blue power dress from the early nineties and is trying to convince everyone that there was some mistake and she desperately needs her job back…i mean her husband has been giving her the eye and dropping hits about getting that job working for some college as a political science teacher or maybe she could open her own business “Anne Northups Used Car Lot” …something i dont know its a stretch but her days in politics are over. The thrill is gone and she should show some dignity go quietly into the night.

google

couk