Johnson Kept Big Oil Investments a Secret While He Defended Big Oil (7/12/10)

Jul 11, 2010

Opposes BP fund for the victims of the gulf oil spill, Doesn’t Tell Voters about Financial Stake in Big Oil

MADISON — Multimillionaire U.S. Senate Candidate Ron Johnson delayed the release of personal investments in the oil industry for a month while he defended Big Oil and British Petroleum after the worst oil spill in American history.

Johnson’s personal financial stake in Big Oil includes up to $315,000 in BP stock.  Johnson also has as much as $100,000 in Exxon stock and $50,000 in Occidental Petroleum stock, as well as, various funds that contain additional BP and Big Oil investments. 

Yet Johnson kept his Big Oil investments a secret while he repeatedly defended Big Oil and BP after the Gulf oil spill, telling national right-wing talk radio host Ed Morrissey: “This is not the time to be beating up on those guys, quite honestly.”

Johnson also announced his support for drilling in national wildlife areas and his opposition to more caution before undertaking new oil-drilling projects in the wake of the BP oil spill in the Gulf.

In addition, Johnson stated his opposition to the BP compensation fund for the victims of the Gulf oil spill, but he failed to reveal that he had more than $300,000 in investments in BP.

“We now know why Ron Johnson has been a cheerleader for Big Oil. He is not only their biggest defender, he is a big-time investor who has a financial stake in the profits of BP and other Big Oil interests,” said Mike Tate, Chair of the Democratic Party of Wisconsin. “The fact is Ron Johnson has not been open and honest with the people of Wisconsin about his Big Oil investments while he has defended Big Oil. He isn’t shooting straight with voters and can’t be trusted to stand up to Big Oil special interests in Washington.”