More than a dozen Democratic members of Congress critical of oil companies have investments in the industry, according to a review of lawmakers’ financial assets.

At least 14 Democratic members of the House and one senator have holdings ranging from several thousand dollars to hundreds of thousands of dollars in companies such as Exxon Mobil Corp. and Chevron Corp. or partnerships such as Schlumberger and Hornbeck Offshore Services.

Democrats argue that their criticisms of the oil industry show they are willing to do what is best for Americans despite their own financial interests.

“I always vote against the companies I own,” said Rep. Steve Cohen (D-Tenn.). “I don’t give a damn.”
Cohen owns $15,000-$50,000 of stock in Chevron, $50,000-$100,000 in Exxon Mobil, and $15,000-$50,000 in Schlumberger, a highly profitable oil-services company that provides technical expertise and equipment.

While many Republican lawmakers also have investments in the oil and gas sector, Democrats have generally been much more critical of the role oil companies have played in rising gas prices.

Sen. John Kerry (Mass.), the 2004 Democratic nominee, has blasted his colleague John McCain (Ariz.), the expected Republican presidential candidate, in recent days for pursuing policies that he says benefit the oil industry.

When Kerry ran for president four years ago, he criticized President Bush’s “energy policy of Big Oil, by Big Oil, and for Big Oil.”

Kerry has tens of thousands of dollars invested in those same companies, but an aide to the senator said the investment is held in trust and Kerry has no control over it.

Kerry’s financial disclosure reports show two investments in Exxon Mobil worth between $65,000 and $150,000 combined. He also showed a stake in BP worth between $15,000 and $50,000.

In the House, Rep. Carolyn Maloney (D-N.Y.) has criticized the industry for not investing more in production capacity and questioned whether companies have manipulated prices.

Maloney owns assets in BP and Exxon Mobil of $50,000-$100,000 and $100,000-$250,000, respectively.

BP earned about $17 billion in profit last year, giving Maloney dividends worth between $1,000 and $2,500, according to her financial disclosure report. Exxon earned $40 billion in profits, earning Maloney between $1,000 and $2,500 in dividends.

“I take positions that I believe are in our nation’s best interest,” said Maloney in a statement when asked about the investments. “While I am a strong supporter of American business, I have never hesitated to champion reforms that would benefit the American people.”

Although some Democrats accuse oil companies of “gouging” consumers, who now have to pay over $4 for a gallon of gas, Cohen said he does not want to make money off the backs of other Americans.
“I didn’t buy them to gouge people, I bought them because they had a dividend or made some money.”

Cohen made between $1,200 and $3,900 in oil company dividends in 2007, according to his financial report.

Several other Democrats have criticized the industry or supported legislation strongly opposed by the industry while holding investments in oil companies.

Tyson Slocum, director of Public Citizen’s energy program, said it was inconsistent for Democrats to criticize companies but also invest in them.