Obama's Secretary of State Candidate Has Significant Financial Stake in Tar Sands Companies

US Embassy New Delhi/CC BY-ND 2.0

President Obama hasn't even been inaugurated for his second term yet and it's already clear that his administration is going full speed ahead towards more fossil fuel development.

The latest example: As OnEarth points out, Obama's expected candidate for Secretary of State, Susan Rice (above, center) has one-third of her personal net worth invested in fossil fuel companies, pipeline operators, and Canadian energy companies. Those investments total some $1.25 million worth of stock.

In fact she has $300,000-600,000 worth of stock in TransCanada, the company developing the Keystone XL tar sands pipeline, the approval of which lies in part with the State Department.

And she has investments in Enbridge, the company described by the National Transportation Safety Board as acting like the keystone kops in its inept handling of the Kalamazoo River oil spill in 2010, in which over a million gallons of tar sands oil spilled into the Michigan river, making it the largest inland oil spill in US history.

How this all isn't a disqualifying conflict of interest escapes me.

Read more of the gory details: OnEarth

Tags: Barack Obama | Oil | Tar Sands

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