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congressional race

July 5, 2008

In 10th, verbal jabs over oil

Hackett’s stocks attacked. GOP’s rep fires back, ripping Carney for ties to industry, anti-oil exploration votes.

By Andrew M. Seder aseder@timesleader.com
Times Leader Staff Writer
Andrew M. Seder on Facebook   |   @TLAndrewSeder on Twitter

As oil prices skyrocket, U.S. Rep. Chris Carney and his Republican opponent, Chris Hackett, are in a war of words over their financial interests in the oil industry. Carney, D-Dimock Township, is the freshman incumbent from the 10th Congressional District.

Carney campaign manager Vincent Rongione is urging Hackett to sell the stock he owns in oil companies. Hackett’s 2006-2007 financial disclosure statement shows the Kingston Township resident has investments between $31,000 and $115,000 in ExxonMobil, Conoco Phillips and Chevron.

Rongione said Hackett’s campaign promise to work on reducing oil costs goes against what the challenger is banking on for his own financial gain.

“It’s disappointing that once again, Chris Hackett says one thing and does another,” Rongione said. “He wants policies that support his own bank account, not the American people. Hackett stands to gain a great deal with his oil company stocks with offshore drilling, his personal dividends continue to grow at the expense of record-high gas prices. This is a guy who only looks out for himself and his own money.”

Rongione said Hackett should “end the hypocrisy and sell his stock in big oil.”

Hackett campaign spokesman Mark Harris said his boss has no plans to sell his stocks.

“It’s not gonna happen,” Harris said Tuesday.

Harris said Hackett shouldn’t be taking any heat for doing what millions of Americans do – invest in profitable companies for their retirement plans.

“The same with millions of other Americans, he’s trying to make sure he’s got a nest egg when he retires,” Harris said.

He fired back at Carney, criticizing his past and current ties to oil companies and votes on measures regarding oil exploration. He points out the mutual funds Carney invested in while a professor at Penn State University includes oil company holdings. Carney’s financial interest statements back those assertions.

“Again Washington politician Chris Carney is using inside-D.C. gimmicks to distract voters from the fact that he has repeatedly blocked legislation that would increase domestic oil exploration. He has placed himself with the far-left liberal interests against the average American who is now paying more than $4 a gallon at the pump,” Harris said. “Because Chris Carney has failed at doing his job he’s throwing up this smoke screen.”

Rebecca Gale, a Carney campaign spokeswoman, said there’s no comparison between the two situations. Hackett, she said, specifically purchased stock in big oil whereas Carney, like other participants in the pension funds available for state employees, has his money invested by financial services manager TIAA-Cref.

Andrew M. Seder, a Times Leader staff writer, may be reached at 570-829-7269.

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