2011-08-26 / Top Stories

Dems: Turner Making Fortune On Oil

Records Show $725K In Energy Stocks
By Howard Schwach

The special election in the 9th District to replace the disgraced Anthony Weiner has become a battleground for the major parties because the seat is vital for control of the House of Representatives.

Both national parties have been pouring money and expertise into the race and the Democrats have upped the ante by looking closely at Republican Bob Turner’s finances.

According to the Democrats, an examination of Turner’s personal financial disclosure reveals that his pledge to protect tax breaks for Big Oil companies making record profits is an effort to protect his own bottom line. They say that what Turner doesn’t mention in interviews and in local forums and debates is that he is personally sharing in those record profits.

According to the disclosure forms, in 2010 alone, Turner’s investments in oil and gas companies increased in value by more than $80,000.

With the nation running huge deficits and drivers paying too much for gas, Turner’s plan is to cut spending on programs like Medicare and Social Security so he can protect tax breaks to prop up his own oil profits, a Democratic official says.

“This earthshaking development puts Bob Turner’s misguided priorities on full display. Despite all of his pandering, Republican Bob Turner’s real agenda is to force seniors to pay more for their health care so the big oil companies in which he has invested hundreds of thousands of dollars can continue to receive taxpayer handouts,” said Josh Schwerin, Northeast Press Secretary at the Democratic Congressional Campaign Committee. “Bob Turner’s plan provides a stark contrast for voters: should their Representative be more concerned about protecting Medicare and Social Security or his own financial investments?”

According to official documents, Turner made more than $80,000 off Big Oil stocks since 2010.

According to his 2011 personal financial disclosure report, Turner owned $724,166 of stock in oil and gas-related firms, as of July 28, 2011 – an $80,275 increase from his previous holdings of $643,891 as noted on his 2010 report. The companies in which he has stock include a number of energy companies, Chevron, Exxon Mobil and Royal Dutch Shell. His energy stocks total nearly $725,000, according to the records.

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