Economy

Gingrich Raked In Oil Money After Flip-Flopping On Cap And Trade

2012 GOP presidential contender Newt Gingrich executed a high-profile flip-flop on cap and trade, saying in 2007 that “mandatory carbon caps combined with a trading system” were something he “would strongly support,” before disavowing that position this year. “I never favored cap and trade,” he claimed during a Fox News interview earlier this month.

It turns out that this move was more than politically convenient for Gingrich. As the Washington Post noted today, Gingrich’s climate flip-flop was also quite lucrative, with millions of oil dollars pouring into his now defunct energy non-profit after he announced it:

Within weeks, the money began pouring in from major U.S. energy firms, which eventually contributed more than $2 million to American Solutions’ pro-drilling and anti-cap-and-trade campaign for the next two years, according to a review of disclosure reports and other records by The Washington Post.

The top contributors included Peabody Energy of St. Louis, which gave $825,000, and Devon Energy of Oklahoma City, which contributed $500,000.

Gingrich also has a complicated relationship with oil subsidies, deriding Congress for not cutting them, but also mocking progressives for wanting to cut them.

Gingrich, of course, has been quote cozy with corporate interests in the last few years, making and taking millions from various corporations for work in a variety of areas. And those corporations have seen their investment pay off, as Gingrich has peddled his influence to secure earmarks and push for deregulation. His cap and trade flip-flop is simply part of a larger pattern of Gingrich saying what he needs to say to keep corporate dollars flowing.