Trump Owns Stock in Dakota Access Parent Company
Donald Trump has direct and indirect business interests in the oil industry, which could pose some problems for him during his term as President.
The Hill reports:
President-elect Donald Trump owns stock in the company building the Dakota Access Pipeline, according to a Friday report from the Associated Press, and critics say it could pose a conflict of interest when he is in office.
The AP found that Trump’s 2016 financial disclosure form showed that he owned between $15,000 and $50,000 in Energy Transfer Partners, a Texas company that is the parent of Dakota Access.
The president-elect also owns between $100,000 and $250,000 in Phillips 66, a company that owns a quarter of Dakota Access.
The pipeline has been the subject of intense protests from Native American tribes and their supporters, who are concerned that it could endanger the local water supply and disrupt sacred land.
Kelcy Warren, the CEO of Energy Transfer Partners, told the AP that he believes Trump will help expedite the process, which has stalled under the Obama administration.
“Do I think it’s going to get easier? Of course,” Warren said. “If you’re in the infrastructure business, you need consistency. That’s where this process has gotten off track.”
During the election, Warren donated $3,000 to the Trump campaign, $66,800 to the Republican National Committee and $100,000 to a committee that backed Trump’s candidacy.
House Natural Resources Committee ranking member Raul Grijalva (D-Ariz.) told the AP the investment was a “disturbing” development in Trump’s presidential transition.
“You have climate deniers, industry lobbyists and energy conglomerates involved in that process,” Grijalva said. “The pipeline companies are gleeful. This is pay-to-play at its rawest.”
Photo credit: Gage Skidmore/Flickr.