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Alongside leading candidates Donald Trump and Joe Biden, third-party candidate Robert F. Kennedy Jr. is looking to win the 2024 presidential election.
To help fund his campaign efforts, Kennedy Jr. will receive political donations and could also count on his own personal financials, which include profits from oil and gas companies, rather ironically.
What Happened: Part of the famous Kennedy political family, Kennedy Jr. has also made a name for himself thanks to his role as an activist and environmental lawyer.
The 2024 presidential candidate has been a critic of fossil fuels and oil and gas companies over the years.
A report from Politico shared that while Kennedy Jr. was openly against the oil and gas industry, he also privately earned “tens of thousands of dollars from an oil and gas rights leasing company.”
According to the report, Kennedy’s Jr. financial disclosure form showed earnings from Arctic Royalty Limited Partnership.
Kennedy Jr.’s earnings from Arctic Royalty were $17,759 to $29,257 from Jan. 1, 2022, to June 30, 2023, as per the disclosure. The earnings were paid to the family trust owned by Kennedy Jr.
Politico shares that Arctic Royalty Limited Partnership leases land in states to oil and gas companies. Among the companies that have leased land from Arctic Royalty are several companies that have been fined for pollution or infractions previously, including the chemical company involved in the pollution of East Palestine, Ohio after a train derailed in 2023.
Kennedy Jr.’s family trusts showed earnings of between $36,000 and $97,000 over the 2022 and first half of 2023 period reported on his financial disclosures.
The family trusts make up a portion of $9 million in income declared for the period by Kennedy Jr.
Kennedy Jr. told Politico that he sold his stake in Arctic Royalty in December, but did not share proof of the sale.
“I sold all my stake in this company in December. I still indirectly own a very small interest in Arctic Royalty through my brother David’s estate. It generates approximately $1,000 per year. I own 1/10 of the estate. Because other family members are also owners, I have no power to sell off this investment,” Kennedy Jr. told Politico.
Kennedy said that Arctic Royalty was an investment made by his grandfather that he inherited.
“The company does not do any drilling. It owns mineral rights and pays out royalties from companies that are exploiting oil reserves.”
Why It’s Important: Part of Kennedy Jr.’s campaign has been centered on calling out the oil industry. In September 2023, Kennedy Jr. said a fracking ban was part of his plan to fix the plastics pollution problem.
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Kennedy Jr. has been active as a voice against pollution and harm to the environment over the years.
The presidential candidate was also previously critical of Biden’s response to the handling of the East Palestine, Ohio train disaster, saying that everybody involved should “be held accountable, both criminally and civilly.”
Politico also highlighted that Kennedy Jr. may not have disclosed everything needed for his stake in Arctic Royalty, including the names of companies leasing the land from the company.
While it’s not illegal to own stakes in oil and gas royalty companies as a politician, this might be a bad look for a candidate who is so anti-pollution and against oil and gas companies.
What’s Next: Kennedy Jr. announced his vice president pick on Tuesday. The third-party candidate selected Nicole Shanahan as his running mate.
Shanahan is a Silicon Valley entrepreneur and attorney. Shanahan was previously married to Alphabet Inc co-founder Sergey Brin.
The new vice-presidential candidate has previously donated to Biden and recently backed a pro-Kennedy super PAC, according to NPR.
Kennedy Jr. previously said that NFL star Aaron Rodgers and former professional wrestler Jesse Ventura were on the short list of vice presidential candidates.
Photo: Shutterstock
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