Wednesday, December 05, 2012
Admiration For Susan Rice's Energy Company Investments
Although these are very modest investments in the multi-trillion dollar energy sector, it still provides an excellent example for other African Americans in gaining an ownership stake in energy companies.
Rice's personal net worth—estimated in 2009 to be between $23.5 million and $43.5 million—is invested in Canadian oil producers, pipeline operators, and other energy companies. Financial disclosure reports further show that Rice has between $300,000 and $600,000 invested in TransCanada, the company that is seeking the permit from the State Department to build the Keystone XL Pipeline (shortcut) from Edmonton, Alberta, Canada to Port Arthur and Houston, Texas.
For 2009, Open Secrets listed Rice's energy assets:
AES Corp ($15-$50,000)
Canadian Natural Resources ($15,000-$50,000)
Cenovus Energy ($1,251,000-$1,515,000)
Devon Energy ($15-$50,000)
Emerson Electric ($16,000-$65,000)
Hong Kong Electric ($15-$50,000)
Imperial Oil ($600,000-$1,250,000)
Murphy Oil ($65,000-$150,000
Royal Dutch Shell ($15-$50,000)
Suncor Energy ($50,000-$100,000)
Sunpower Corp ($1,000-$15,000)
TransCanada Corp ($300,000-$600,000)
Traditional environmentalists will oppose her nomination to be Secretary of State (if she is nominated) because of her fossil energy investments, particularly TransCanada Corporation. AAEA, through its parent the Center for Environment, Commerce & Energy, is seeking an ownership stake in the pipeline and is working with its partner, S.L. Siebert Management and Construction, Inc to get pipeline construction contracts for portions of the Texas line.
We would like to see more aggressive black participation in the energy sector. Obtaining leases on public lands is an excellent point of entry. However, the significant front-end capital requirements to development these resources are challenging. The Congressional Black Caucus and President Obama should examine the feasibility of facilitating such participation in developing energy resources on public lands (including offshore) (Center For Responsible Politics)