Contrary to popular belief, and what some
politicians might say, America’s oil companies
aren’t owned just by a small group of insiders.
Only 1.5 percent of industry shares are owned
by company executives. The rest is owned by
tens of millions of Americans, many of them
middle class.
If you’re wondering who owns “Big Oil, ” chances
are good the answer is “you do.” If you have
a mutual fund account, and 55 million U.S.
households do, there’s a good chance it invests
in oil and natural gas stocks. If you have an IRA
or personal retirement account, and 45 million
U.S. households do, there’s a good chance
it invests in energy stocks.
When politicians talk about taxing “Big Oil” or
taking their “record profits,” they should think
about who would really be hurt.


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