Rep. Debbie Wasserman-Schultz, the former Chair of the Democratic National Committee and current member of the Subcommittee on National Security, bought stocks in a domestic oil drilling company in January, just one month before the 2022 Russian invasion of Ukraine that would send energy prices skyrocketing.
Wasserman-Schultz, who only makes a few stock trades each year, made three purchases of Patterson-UTI Energy, Inc. (PTEN), a U.S.-based domestic oil drilling company, on January 20, 2022. Far from the Democratic Party’s call for green energy, Patterson-UTI specializes in oil drilling in the United States and Western Canada.
Just over one month after the Russian invasion of Ukraine and the sanctions that followed, the PTEN stock price has increased by over 60%.
The trades were executed by Schultz’s “dependent,” which by law must be a qualifying close relative, like her husband Steve Schultz.
Each purchase was between $1,001 and $15,000, meaning Wasserman-Schultz purchased up to $45,000 in stocks in the company.
One month later Vladimir Putin would order a Russian invasion of Ukraine, provoking a series of economic sanctions that would send oil and gas prices skyrocketing. The situation has become so dire that even Elon Musk, the creator of the electric car company Tesla, has called for more domestic oil production.
Perhaps due to current events, Patterson-UTI Energy is not only doing well, but has reached a five-year high and is currently outperforming the NASDAQ by 100%.
$45,000 worth of PTEN stock purchased on January 20, 2022 is worth approximately $72,000 today, making it a highly successful trade for the Democrat congresswoman.
Wasserman-Schultz may have had advanced information about the likelihood of war breaking out in Ukraine due to her position on the House Oversight Subcommittee on National Security.
This oversight committee’s jurisdiction includes national security, homeland security, and foreign policy.
Other Democrats on the committee include Reps. Hank Johnson and Jackie Speier.
Republicans on the committee include Reps. Glenn Grothman and Paul Gosar.
Gosar, who did not make any energy stock purchases in the days leading to the war in Ukraine, has long been an opponent of what he once called potential “insider trading by government officials.” In 2012, Gosar cosponsored the STOCK Act that was designed to prevent such behavior.
“Americans deserve to have confidence in those that serve them in all branches of the federal government,” said Gosar at the time. “No one should be exempt from rules which ensure the highest levels of integrity are held when serving our nation.”
Wasserman-Schultz is far from the first politician to make extremely successful stock trades.
Recently, House Speaker Nancy Pelosi came under fire after her husband purchased Tesla stock only days before the White House revealed its intentions to replace federal fleets with electric vehicles. Pelosi has denied any wrongdoing, and she has not been accused of any crimes.
Earlier, then-Republican Sen. Kelly Loeffler was accused of inappropriate trading when her stocks were liquidated after she received a COVID-19 briefing. This was only days before the massive stock market plunge provoked when the Trump administration announced its response to COVID-19.
Like Pelosi, Loeffler denied any wrongdoing and was not accused of any crimes. Loeffler added that her stocks were handled by a third party. Her husband, Jeremy Sprecher, is the CEO of the Intercontinental Exchange and a Chairman for the New York Stock Exchange.
In 2016, Wasserman-Schultz was dropped from her party’s lineup of convention speakers after WikiLeaks released DNC emails showing that, under her leadership, the organization actively worked to hurt the presidential campaign of Sen. Bernie Sanders, and to aid the campaign of Hillary Clinton.
An earlier version of this article referred to Kelly Loeffler as a U.S. Representative. She is a former U.S. Senator.
