Do you own an oil company? [View All]

"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!