Do you own an oil company?

"If you’ve ever wondered who owns America’s oil and natural gas companies, chances are the answer is, “you do.”

Surprised?

The fact is that if you have a mutual fund account – and 55 million American households, with a median income of under $70,000, do – there’s a good chance it invests in oil and natural gas company stocks. If you have an IRA or personal retirement account – and 45 million U.S. households do – there is a good chance it invests in energy stocks.

All this comes from a recent study of U.S. oil and natural gas company ownership headed by Robert J. Shapiro, undersecretary of commerce for economic affairs under President Bill Clinton*. According to the study, the majority of the industry’s shareholders are “middle-class U.S. households with mutual fund investments, pension accounts, other personal retirement accounts, and small personal portfolios.”
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These findings tell us something very important: tens of millions of Americans have a stake in the U.S. oil and natural gas industry. When the industry’s earnings are strong, the real winners are middle-class Americans, people investing in their retirement security or saving for their children’s college education. :cry:

So when the political rhetoric gets hot about increasing energy taxes or taking “excess profits” from U.S. oil companies, it is important to step back, look at the facts, and ask yourself, “who does that really hurt?” :nopity:

*Lame, transparent appeal to Democrats.

(American Petroleum Institute ad appears in NYT Magazine)

http://www.energytomorrow.org/media_center/Do_You_Own_Ad_Full.pdf

Shee-ut..if I knew my Prius would be hurting Aunt Petunia's retirement account, I'da taken out a third mortgage for a down payment on a Tahoe!

:eyes:

the oil companies are making excessive profits. What about the drug companies and insurance companies? There are many factors that make gas high, the weakness of the dollar, the speculation by commodities traders and making it off limits to drill in certain ares.

and I think it's the world's biggest coincidence that the price of gas goes through the roof for W's last summer in the White House.

> I own energy stocks in my 401 K and don't think the oil companies are
> making excessive profits. What about the drug companies and insurance
> companies?

I don't think anyone was saying that ONLY the oil companies are making
excessive profits.

The fact is that they are making excessive profits, as well as
the drug companies, the insurance companies and almost everyone with
a finger in the military pie.

> There are many factors that make gas high, the weakness of the dollar,
> the speculation by commodities traders ...

(agreed)

> ... and making it off limits to drill in certain areas.

Whoops ... GOP propaganda seems to have found another gullible consumer ...

Funny how you didn't mention either the political constraints being
exercised in the Middle East or the geological constraints being
encountered around the world as both of these far outweigh anything
that you can possibly find to back up the "off limits to drill" rubbish.

too? From what I have heard it will only affect a few thousand acres, 99.99% of the American people will never see ANWR or even want to. As for excessive, define excessive? A few years ago the oil companies were not making a huge profit now they are making more, on average I don't think they are out of line at all. A few years ago the steel industry was a basket case and 40 or so companies went bankrupt, today most of them are making huge profits, should we now punish them for their turn-around. Of course there are also political constraints I understand that. Geological constraints, what would that be?

It's been designated a wildlife refuge.

Have you ever been to the interior of Alaska? Notice the strange mounds off the highways, dotting the landscape as far as the eye can see? Those are what's left of gold prospectors turning the land upside down, and leaving toxic tailings to boot.

That is exactly what the petroleum industry will do to the wilderness of Alaska. And whatever makes you think they're going to stop at a "few thousand acres"?

the demand is outstripping the supply. If people don't like the oil companies making a profit quit using so much gas. The local Toyota dealer had a half dozen or so hybrids sitting on the lot about a month ago, I heard the other day they now have a 6 month waiting list for them. Ok, gas is around $4.00 a gallon today, you watch if the price drops back to $3 or $3.50 in a few months the American people will be demanding bigger gas guzzling SUVs again. Look at your cars today every model keeps getting bigger take today's Honda Accord and compare it with the ones made a few years ago. Look at pick-ups I have a Toyota Tacoma it is considered a compact today when it actually has the same dimensions of a full size from the 90s.

Although I'd have to check with my advisor to be sure.

I guess I'm not gouging myself then as you are.

BTW, if you own an oil company, then lower the f'ing price as you are causing inflation and during a time of resession this could escalate into a depression. If that's the case, please jump off of that high bridge or building with my blessing. No kahunas to do it? We can help you.:eyes: :bounce: :hide: