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Conflict of Interest: Senator Murkowski's Oil Ties Emerge as Environmentalists Speak Out

Strategic Insights

— 2 min read

Senator Frank H. Murkowski, chairman of the Senate Energy and Natural Resources Committee, is facing criticism from environmentalists for his investments in oil and timber industries, including shares in Chevron Corp. owned by his mother, which he refuses to sell. The Alaska Coalition, comprising state environmental groups, claims that Murkowski's holdings in oil and timber companies, including Chevron, represent a conflict of interest in his efforts to open the Arctic National Wildlife Refuge (ANWR) to oil and gas drilling.

Key Takeaways:

  • Senator Frank H. Murkowski owns between $1,001 and $15,000 worth of stock in Chevron Corp., which would benefit from the opening of the Arctic National Wildlife Refuge (ANWR) to oil and gas exploration.
  • The Alaska Coalition, a group of state environmental groups, claims that Murkowski's investments in oil and timber companies, including Chevron, represent a conflict of interest in his efforts to open ANWR to drilling.
  • Murkowski's mother left him the stock in Chevron, which he has refused to sell, citing a clean bill of health from the Senate Ethics Committee eight years ago.
  • The Ethics Committee has not reviewed the holding since Murkowski assumed the chairmanship of the Senate Energy and Natural Resources Committee.
  • Chevron drilled an exploratory well in ANWR in 1985-86, and environmentalists claim that Murkowski's stock in Chevron makes him a direct conflict of interest in the decision to open ANWR to drilling.
  • Several other key energy lawmakers also hold interests in gas, oil, and other energy companies, including Rep. Thomas J. Bliley Jr. (R-Va.), Sen. Don Nickles (R-Okla.), Rep. Thomas D. DeLay (R-Texas), Sen. J. Bennett Johnston (D-La.), Sen. John D. Breaux (D-La.), and Rep. William R. Archer (R-Texas).
  • Neither the House nor Senate ethics committees forbids members from holding stock in companies, and they review such holdings only if another member brings a formal allegation of conflict or the member requests a review for their own purposes.

Statistics:

  • Murkowski's stock in Chevron Corp. is valued between $1,001 and $15,000.
  • The Alaska Coalition claims that Murkowski's investments in oil and timber companies are worth over $30,000.
  • Sen. Don Nickles (R-Okla.) reported owning $27,885.69 of energy and natural resources stock, which earned $520.28 in dividends.
  • Rep. Thomas D. DeLay (R-Texas) reported assets in Exxon Corp. valued at between $50,000 and $100,000, which paid dividends of between $1,001 and $2,500.
  • Sen. J. Bennett Johnston (D-La.) received $3,121.28 in royalty payments for his miscellaneous oil property holdings in Louisiana.

Sources:

  • The Washington Post
  • Senator Frank H. Murkowski's Senate financial disclosure report for calendar year 1994
  • The Alaska Coalition's press release
  • Rep. Thomas J. Bliley Jr.'s (R-Va.) 1994 financial disclosure statement
  • Sen. Don Nickles' (R-Okla.) 1994 financial disclosure statement
  • Rep. Thomas D. DeLay's (R-Texas) 1994 financial disclosure statement
  • Sen. J. Bennett Johnston's (D-La.) 1994 financial disclosure statement
  • Sen. John D. Breaux's (D-La.) 1994 financial disclosure statement
  • Rep. William R. Archer's (R-Texas) 1994 financial disclosure statement

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