Please note!

This fact brief was originally published as an experiment to test the concepts behind fact briefs.

Readers should be aware that while there is still a lot of useful information in fact briefs like this one, not all of them reflect Gigafact's current methods and standards for fact briefs. If you come across any that you feel are out of date, don't hesitate to contact us at support@gigafact.org.

FACT BRIEF

Do some members of Congress invest in fossil fuels?

Tuesday, March 22, 2022

By Lisa Freedland

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YES

At least 28 Senators and 100 members of the House are invested in fossil fuels, according to Sludge, a news outlet that reports on money in politics.

Fifty-nine of the House members were Republicans while 41 were Democrats. The 10 members of Congress most invested in fossil fuels were Republican. Some of these legislators sit on committees related to climate and the environment. Their investments include "corporate stocks, oil wells, and shares in energy industry funds."

Over the past decade, fossil fuel investments have lost roughly $123 billion in value, nearly 20%, while clean energy investments have gained $77 billion in value. In 2021, senators collectively held $12.6 million in fossil fuel investments, down from $14.5 million in 2019. Sludge has not published 2021 figures for the House, but in 2019 House members reportedly held as much as $78.2 million.

Congress is expected to vote on legislation banning members from trading stocks later this year.

This fact brief is responsive to conversations such as this one.

Sources

Sludge At Least 100 House Members Are Invested in Fossil Fuels

Reuters Fossil fuel shares drop in value compared with clean energy, think tank says

CNBC Congress moves to ban members from trading stocks as Pelosi drops opposition

ABOUT THE CONTRIBUTOR

Gigafact

Between 2020 and 2022, under close editorial supervision, Gigafact contracted a group of freelance writers and editors to test the concepts for fact briefs and provide inputs to our software development process. We call this effort Gigafact Foundry. Over the course of these two years, Gigafact Foundry writers published over 1500 fact briefs in response to claims they found online. Their important work forms the basis of Gigafact formats and editorial guidelines, and is available to the public on Gigafact.org. Readers should be aware that while there is still a lot of relevant information to be found, not all fact briefs produced by Gigafact Foundry reflect Gigafact's current methods and standards for fact briefs. If you come across any that you feel are out of date and need to be looked at with fresh eyes, don't hesitate to contact us at support@gigafact.org.

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About fact briefs published on Gigafact

Fact briefs are short, credibly sourced summaries that offer “yes/no” answers in response to claims found online. They rely on publicly available, often primary source data and documents. Fact briefs are created by contributors to Gigafact —a nonprofit project looking to expand participation in fact-checking and protect the democratic process. See all fact briefs here.