Energy vote costly for Teague

From the Politico.com - ARTESIA, N.M. – Rep. Harry Teague made an expensive decision last June when he supported Democratic leaders on climate change. The former oil man bucked his energy-producing home district to support Speaker Nancy Pelosi’s cap-and-trade legislation — a yes vote that cost him millions of dollars in lost business at his family’s company, which services the local oil and gas industry. And it’s a vote that ultimately could end up costing the House freshman his job. Teague stands out more than most Democrats when it comes to the climate change debate. Thanks to his conservative-minded and energy industry-driven constituency, he instantly landed atop the list of potential GOP pickup opportunities. Some local oil industry officials even targeted Teague’s company, which he’d built up from scratch into a multimillion-dollar business, marking him one of the richest members in Congress. “Immediately, everybody quit using his businesses,” said Lance Wilbanks, the CEO of Wilbanks Trucking in Artesia, who said he thought it was “sleazy” that Teague’s company changed its name after the climate vote in attempt to hedge some of its losses. Teague insisted that business has been slow around the region and wouldn’t say how much money he has lost at his company because of the climate vote. Teague’s public disclosure forms show his personal wealth fell from $40 million to $5 million during his first year in Congress. It’s a staggering loss, one that has some in New Mexico wondering about its effect on the freshman.Read more

Energy vote costly for Teague