According to publicly available documents on the Federal Election Commissions website and the RGC Resources website, a simple truth emerges: Bob Goodlatte’s biggest personal stock investment is in a company that profits from the Mountain Valley Pipeline. This information was presented to the Kai Degner for Congress campaign by concerned voters in Virginia’s 6th congressional district who have known this for years, but do not believe there is widespread knowledge of this fact. So, here are the facts.
- The 2014 Goodlatte Financial Disclosure shows Goodlatte had between $100,000-250,000 invested in the RGC Resources stock, and earned between $15,000-50,000 per year in dividends from the stock. It also states he was purchasing between $15,000-50,000 per month in RGC Resources stock.
- The 2015 Goodlatte Financial Disclosure shows Goodlatte has increased his RGC stock holdings to between $250,000-500,000 and is receiving over $50,000 in dividends from the RGC Resources stock. Using the ranges and other investment information, RGC Resources is Goodlatte’s largest investment and is between 5-20% of his total portfolio.
- RGC resources has these two pieces of information on their website:
- Mrs. Goodlatte is listed as a director on the board.
- A press release titled Mountain Valley Pipeline to Provide Natural Gas Service to Virginia Communities through Partnership with Roanoke Gas announcing RGC Resources has an ownership stake in the Mountain Valley Pipeline.
The Conclusion: Bob Goodlatte has $250,000-500,000 dollars invested in a for-profit company that can directly benefit from eminent domain and the Mountain Valley Pipeline.
The Mountain Valley Pipeline, as well as the Atlantic Coast Pipeline, are highly controversial projects impacting the 6th congressional district. There are environmental and safety concerns, as well as concerns over the government using eminent domain to take the land if landowners do not otherwise reach an agreement. Furthermore, while many landowners concede eminent domain is reasonable for certain governmental uses, most agree eminent domain is never appropriate for a for-profit corporation’s project.
In the case of the Mountain Valley Pipeline and the Atlantic Coast Pipeline, both are owned by investment companies. And, according to the information above, Bob Goodlatte has up to a half million dollars invested in a for-profit company that can directly benefit from eminent domain.
According to an April 2016 report Risks Associated With Natural Gas Pipeline Expansion in Appalachia by the Institute for Energy Economics and Financial Analysis, RGC Resources has a 1% stake in the Mountain Valley Pipeline. The Mountain Valley Pipeline is reported to be $3.2 Billion project, so 1% is $32 Million stake.
Goodlatte’s $3.5M net worth tracks along with the RGC Resources investment: both begin increasing after 2008.
Goodlatte’s personal net worth
RGC Resources stock price