The big lie from big oil
When I was in Maryland on vacation, I read this ad in some magazine that discussed how a majority of stockholders of oil and natural gas companies are:
middle-class U.S. households with mutual fund investments, pension accounts or other retirement accounts and small portfolios.
It then asks what might happen to those people if Congress takes action on the excess profits of oil companies.
This ad, crying baby included, tells us that when Congress taxes oil companies for their profits that “it is really taxing Americans’ economic futures”. I bet you didn’t know that every time Congress taxes big oil that a baby cries. It might just be your baby!
Nothing like good ole fear tactics to try and make sure you can rape the American public for billions. Let me use my 401K as an example. Currently, my well diversified 401k plan has 6.03% invested in energy. Six percent. SIX PERCENT!
So when this oil ad says:
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?”
I must say “I agree”. Yes, let’s step back and look at the facts. The facts are that these ads do not mention what percentage of those portfolios, IRA’s and pensions are invested in oil. It just says that they are invested in them (be it 1%, 15%, or 60%). And if those plans are as well diversified as my 401K account is, any hit that the energy sector takes will have a negligible effect on my retirement. Furthermore, if the economy rebounds because Congress stops big oil from raping our wallets, the other 94% of my portfolio will skyrocket and my future will be bright.
See more of the lies here, and don’t allow yourself to be scared by the big oil boogieman stories.