Judge ruling on drilling ban held oil industry shares

BusinessGreen.com Staff, BusinessGreen, Wednesday 23 June 2010 at 13:24:00 Disclosure forms from 2008 reveal Louisiana district judge held shares in Transocean, Halliburton and a host of oil firms The judge who yesterday overturned the Obama administration’s six-month ban on deepwater oil drilling in the Gulf of Mexico previously held shares in Transocean and a number of other oil firms. According to reports, Louisiana district judge Martin Feldman’s most recent financial disclosure forms relating to calendar year 2008 reveal he received dividends from shares in Transocean, the owner of the Deepwater Horizon rig that exploded on 11 April. He reportedly held nearly $15,000 worth of Transocean shares. The forms also revealed that Feldman held shares in a host of oil and energy firms, including Ocean Energy, Quicksilver Resources, Prospect Energy, Peabody Energy, and Parker Drilling. In addition, the documents confirmed Feldman sold shares in Halliburton, the engineering company that provided the concrete casings for the Deepwater Horizon wells. The judge is yet to respond to the reports and it is not yet certain whether he still holds any oil industry shares. A number of Louisiana judges are reported to have sold shares in oil companies in recent weeks in order to rule in cases relating to the Gulf spill. However, environmental groups were quick to condemn the potential conflict of interest. Josh Reichert, managing director of the Pew Environment Group, told the Press Association that Feldman’s decision to lift the ban on drilling should be immediately reversed if he is found to still hold oil industry shares. “If Judge Feldman has any investments in oil and gas operators in the Gulf, it represents a flagrant conflict of interest,” he said. …

Judge ruling on drilling ban held oil industry shares