Tuesday, February 12, 2008
Most oil stocks are owned by individuals or pension funds
Today, The Washington Post, on p A14, featured a full-page paid ad from “The People of America’s Oil and Natural Gas Industry,” at this link. The byline read “Do you own an oil company?” The breakdown in the pie chart (remember in Rendition -- Jake Gyllenhaal loves pie charts) for oil stock ownership is
27% Pension funds
29.5% Mutual funds and other firms
just 1.5% corporate management
5% other institutions
So, according to the group, windfall profits taxes on oil and gas could hurt many retirees and ordinary savers.
ExxonMobil is a significant part of my own retirement portfolio. I bought it in the mid 1970s after the first oil shock and Arab oil embargo of 1973-1974. I’ve left it alone for thirty years and let it grow as oil prices rose. I guess that makes me part of the decadent bourgeoisie.
Something to ponder.
Picture: Punta Gorda, FL in Nov. 2004, after a hurricane, one year before Katrina.