The Globe Fact Checks ‘Mad As Hell’ Rep. Dina Titus
Rep. Titus cannot back down from her personal investments in Big Pharma and Big Oil
By Megan Barth, August 30, 2022 4:00 pm
In her latest campaign ad entitled “Don’t Back Down”, Democratic incumbent Dina Titus (CD-1) states she is “mad as hell” and makes a series of claims that deserve to be challenged due to her lucrative, personal investments in Big Oil, Big Pharma and her support of legislation that contradicts her statements.
CLAIM: Dina Titus is “mad as hell” at oil and gas companies that are gouging Nevadans at the pump.
FACT: Titus’ family owns three oil leases worth up to $45, 000. (see below)
According to her 2021 Financial Disclosure Report, Titus’ spouse owns three leases associated with Merit Energy, JMA Energy, and Kaiser-Francis that are collectively worth as much as $45,000 and collectively generate as much as $600 in rental income. Titus’ spouse has owned the oil leases since at least 2008 and has generated as much as $30,200 in income from the oil leases to date. The Titus’ Big Oil portfolio is as follows:
Merit Energy is one of the largest private oil and gas operators in the U.S. “For more than 30 years, Merit Energy Company, LLC (‘Merit’) has remained one of the largest private oil and gas operators in the United States and has served as a direct energy investment for pension plans, hospitals, endowments, family offices, and foundations.”
JMA Energy explores, acquires, develops, produces, and markets oil and gas. JMA Energy Company LLC provides energy services. “The Company explores, acquires, develops, produces, and markets oil and gas. JMA Energy serves customers in the State of Oklahoma.”
Kaiser-Francis Oil Co. conducts business in acquisition, exploration, production and disposition of oil and gas properties. “Kaiser-Francis Oil Company conducts business in acquisition, exploration, production and disposition of oil and gas properties. Kaiser-Francis serves customer throughout United States.”
Chesapeake Operating produces oil and natural gas and serves customers in the U.S. “Chesapeake Operating Inc. produces oil and natural gas. The Company offers natural gas liquids, drilling, crude petroleum, liquefied gas, and other related products. Chesapeake Operating serves its customers throughout the United States.”
CLAIM: Titus claims the rising cost of prescription drugs is “highway robbery” and she’s “doing something about it.”
FACT: Titus owns up to $15,000 in a pharmaceutical stock that raised the price of 30 drugs, including a drug used to treat cancer.
According to her 2021 Financial Disclosure Report, Titus has owned up to $15,000 in stock of GlaxoSmithKline.
As reported by Reuters in December 2019, GlaxoSmithKline raised prices on more than 30 drugs, including a cancer drug: “The company will raise prices on the blockbuster respiratory treatments it delivers through its Ellipta inhaler, its recently acquired cancer drug Zejula and on several products in its HIV-focused ViiV joint venture, according to 3 Axis Advisors.” Price increases ranged from one to five percent.
In a report by Fierce Pharma from January of 2021, GlaxoSmithKline raised prices for 31 medicines and vaccines, including a 7% hike for a shingles shot. According to the article, drug companies had raised prices on nearly 600 medicines by an average of 4.2%. “As of Sunday, drug companies large and small had raised prices on nearly 600 medicines by an average of 4.2%, GoodRx reports.” Price increases ranged from two to seven percent.
If you are “mad as hell” as Dina Titus about gas prices in Nevada, The Globe has extensively reported that Titus supported legislation that increased the gas tax. Any tax holiday that she and her Democratic colleagues have proposed will not save Nevadan’s a penny thanks to her ‘yes’ vote cast in 1997 on AB525, which automatically raises Nevada’s fuel tax by the exact amount of any reduction at the federal level.
As reported by The Globe, the Inflation Reduction Act, which Titus’ supported, and according to numerous Democratic economists, is also adding expensive fuel to the inflationary fire.
Although Rep. Titus claims she is “mad as hell” and “won’t back down from a fight”, her personal, long-term investments in Big Oil, Big Pharma, and support of legislation that increases gas prices and inflation contradicts her statements, unless she plans to immediately divest from these companies and back down from her legislative “solutions” that automatically raise taxes on her constituents.TItus Oil