Michael Whatley
Two Republicans competing in marquee Senate races appear to be financially benefiting from the war in Iran.
Maine Sen. Susan Collins and North Carolina Republican Michael Whatley have both seen their stock portfolios soar since the war began on February 28, largely because of their investments in oil and gas.
American-produced oil shot up in value after the war disrupted the global oil trade. This has led to a surge in gas prices and increased profits for some oil and gas companies.
The U.S. and Iran entered a two week ceasefire agreement on March 7, but it is unclear if the plan will stabalize the oil market.
Leo Mariana, a research analyst at Roth Capital Partners, told The Guardian that the war has been a “windfall” for energy investors.
Among those investors are Collins and her husband, who reported owning up to $115,000 in natural gas stock on her campaign finance disclosures. This includes shares of ConocoPhillips, that hit a 52-week high on March 26.
Between the start of the war and April 1, Collins profited by up to $24,480 from these investments.
Whatley also owns shares of ConocoPhillips, along with Chevron, Exxon Mobil, Devon Energy, and Shell. His total oil and gas investments are worth up to $1.39 million.
With the help of the war, Whatley has profited by up to $219,660.
Both Whatley and Collins have expressed support for the war in Iran, a stance that risks putting them out of step with most voters. A Pew Research Center survey from March found that 61 percent of voters don’t support the conflict.
Whatley’s Democratic opponent, former North Carolina Gov. Roy Cooper, said on X that the war was “devastating” and unwise.
“Americans fear another costly, drawn-out war that puts our troops in harm’s way and removes focus and resources from needs here at home,” Cooper said. “Americans deserve to know all the long-term objectives of this war, its risks and the exit strategy.”
Collins’ Democratic opponent will be chosen in a June 9 primary.
Reprinted with permission from American Journal News
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