Did Nancy Pelosi Invest $1.5M in Foreign Oil Stock Before Biden's Executive Order Cancelling Keystone Pipeline?

A social media post claimed Nancy Pelosi invested millions in foreign oil stock in order to benefit from Biden's cancellation of permits for the Keystone XL pipeline project.

Social media users are once again claiming U.S. House Speaker Nancy Pelosi sought to profit from advance knowledge of policy changes under Joe Biden's administration and stood to gain from the president's decisions

One such social media post, shared on Facebook, says, "Pelosi bought 1.5m in foreign oil stock day before shut down of American line." The post refers to Biden's Jan. 20 executive order cancelling permits for the 1,179-mile Keystone XL pipeline, designed to carry crude oil from Alberta, Canada, to Nebraska.

Fact-Check: False

There is no evidence to back this claim.Not only is there any mention of purchasing oil company stock in Pelosi's most recent disclosure filming, her staff has also rejected the claim as "false."

Biden opposed the pipeline project long before signing the executive order. Therfore, it did not come as a surprise. Biden served as the vice president in the Obama administration, which rejected a permit for the pipeline on environmental grounds. His campaign also affirmed his opposition in May 2020, when he was the presumptive Democratic nominee for president.

Nancy Pelosi
Nancy Pelosi Wikimedia Commons

The post says Pelosi purchased the oil stock a day before Biden signed the order on Jan. 20, which suggests the transaction took place on Jan. 19. However, on Jan. 21, Pelosi filed a Periodic Transaction Report disclosing her husband's purchase of stock the day before the order was signed.

Public officials (including members of Congress) are required to submit the report every time they or their family members conduct any "purchase, sale, or exchange of stocks, bonds, commodity futures, and other forms of securities," of transaction amounts exceeding $1,000. The reports must be filed within 30 days of when the member became aware of the transaction, but no more than 45 days after the transaction.

The filing released by Pelosi mentions Tesla, Apple, Walt Disney Corporation and Alliance Bernstein Holding as the four companies that her husband, Paul, invested in and does not disclose any oil stock purchases made by the House Speaker. The report also became the subject of speculation that Pelosi invested in Tesla stock ahead of Biden's announcement of his intention to replace the U.S. government's fleet with electric vehicles on Jan. 25, as previously reported.

Drew Hammill, deputy chief of staff for Pelosi, also said the claim in the social media is false, adding that the speaker does not own any stocks.