Posted on 06/11/2008 10:54:22 PM PDT by newbie2008
Who owns 'Big Oil?' It's not who you think.
A recent study finds that ownership of oil and natural gas company shares is made up of a broad cross section of Americans.
"This study disproves the popular misconception that 'Big Oil' is owned by a small group of industry insiders. In reality, across the oil and natural gas industry only 1.5 percent of shares of public companies are owned by company executives," said study author Robert J. Shapiro, undersecretary of commerce for economic affairs under President Bill Clinton. "The data show that ownership of industry shares is broadly middle class, with the majority of industry shares held by institutional investors, often on behalf of millions of Americans through mutual funds, pension funds and individual retirement accounts."
API Chief Economist John Felmy added: "When politicians seek to punish these companies and 'take their profits,' they are not targeting industry executives but the hard-earned savings of working people."
Shapiro and economist Nam D. Pham's study was commissioned by API. The study shows that:
* Almost 43 percent of oil and natural gas company shares are owned by mutual funds and asset management companies that have mutual funds. Mutual funds manage accounts for 55 million U.S. households with a median income of $68,700.
Capitalism -— be proud of it!
Thanks for the post.
Actually, private oil companies own relatively little of the oil. Most oil in the world is in the hands of governments.
In much of the world, in fact, private individuals and companies are not allowed to own oil.
“Big Oil” owns maybe 5% of the oil in the world. “Really Big Oil” is government oil companies, which is to say, governments.
Who owns big oil? That would be me in my 401K natural resources mutual fund. Which has earned me over a 60% return since buying in. Suck on that dems.
Ping.
ttt
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