The Mudcat Café TM
Thread #112062 Message #2376249
Posted By: Q (Frank Staplin)
28-Jun-08 - 02:15 PM
Thread Name: BS: Free speech, eh?
Subject: RE: BS: Free speech, eh?
That $143 billion the oil companies took is returned in large part to the investors- who are the ones who really own the oil companies! Most of the rest goes to maintenance and exploration.
Some 55 million Americans invest in mutual funds, most of which own oil company shares or have arms in the futures market. Some 15% of Americans have IRAs, many of which invest in oil company shares. Some 23% of individual investors have oil and gas shares. Many invest in union funds, which invest in part in oil (example, Ontario Teachers Union, which not only is widely invested in stocks and bonds but controls blocks of urban areas in Toronto, New York and elsewhere).
In other words, the majority of the industry's shareholders are average middle-class Americans.
Corporate management, on average, holds only 1.5% of the oil companies that they run. It is the votes of the shareholders who determine the policies of companies like Royal Dutch Shell, Exxon-Mobil, and others not controlled by government.
(Saudi Aramco is the largest government-controlled operation).
If the government taxes "excess profits," who does that really hurt? The investor!