Blog

Who Owns Big Oil? We Do!

By

The American Petroleum Institute has a new public image campaign: http://whoownsbigoil.org.  The purpose of this website, presumably, is to convince us that if we raise taxes on hugely profitable corporations we will only be hurting ourselves. Why? Because we are all shareholders of those corporations and when they are taxed we suffer.

While I am skeptical of API’s conclusions, it’s right to say we own the oil companies, in fact, let’s have a look division of holdings by the numbers:

31.2% Pension Funds

21.1% Individual Investors

20.6% Asset Management Companies

17.7% IRA

6.6% Other Institutional Investors

2.8% Corporate Management of Oil Companies

So, in essence, API is saying that the general public owns 97.2% of their member corporations.

Let’s give these numbers some context, to explain why API’s website is even more misleading:

- In 2010, the Supreme Court anointed corporations with the rights of natural human beings to spend unlimited money out of their general treasury to influence elections. 

- Corporate treasury money is what funds the American Petroleum Institute so they can produce shiny, definitely agenda-free public education websites.

- Legally, the after-tax profits of a publicly traded corporation belong to its shareholders.

- Corporate executives ultimately sign off on the decision to use money for political influence through trade associations, non-profits, and/or super PACs.

So, in conclusion, API’s website that is attempting to convince shareholders that raising taxes on oil companies will hurt their pension funds, is being paid for by money that should really be converted into dividends going to those pension funds, unbeknownst to and unapproved by 97.2% of the shareholders.

The American Petroleum Institute spent over $39 million on this sort of “public education” issue advocacy in 2010 and has already shelled out $24.3 in this election cycle. By the numbers above, 97.2% of that, or $61.5 million, is ours. Next time, I’ll take the dividend, thanks.

Still worse, we don’t even know which specific companies that money came from. Notable corporations that fund API, like Occidental Oil and Gas Corp, Devon Energy Corp, and Halliburton received an “opaque” rating on the Baruch Index of Corporate Political Disclosure for sharing little or no information on their political spending. Of course, API, like the Chamber of Commerce, is not required to reveal the source of its funding itself.

The good news is, we can know which companies we own and we can make them tell us what they're doing with our money. Across the country, shareholders and the public working in conjunction with the Corporate Reform Coalition are demanding accountability from the corporations that they rightfully own through shareholder resolutions, petitioning the Securities and Exchange Commission, and pushing for state and federal laws to get disclosure requirements up to speed with the post-Citizens United reality.

Some proposals go further and demand that corporations get sign off from their shareholders before they can spend the dough on those nasty attack ads. Best of all, a new kind of shareholder proposal to require complete refrain from using shareholder money for politics has been introduced and will be voted on this season at Bank of America, 3M, and Target.

So, vote your proxies, show up at a rally at a company near you, write to your mutual fund or pension board, and help us keep the companies that we own from using our own money for political jujitsu.

Comments

Jadwal Nonton TV siaran langsung bola online http://goo.gl/3I6JNn di NOBARTV
Nonton siaran live tv streaming online http://goo.gl/8oHZu7 di NOBARTV
Kabar berita bola terbaru hari ini http://goo.gl/1WfWwU NOBARTV
Kumpulan kabar berita bola terbaru http://goo.gl/a96CAV di NOBARTV.COM
Kumpulan jadwal pertandingan sepak bola terbaru http://goo.gl/f4JdXI di NOBARTV.COM
siaran langsung bundesliga jerman di http://goo.gl/Y1prII NOBARTV
siaran langsung la liga spanyol di http://goo.gl/7V5K2E NOBARTV
siaran langsung liga 1 perancis di http://goo.gl/1bNvT0 NOBARTV
siaran langsung liga inggris di http://goo.gl/6caU57 NOBARTV
siaran langsung serie a italia di http://goo.gl/WVO3oG NOBARTV

Legally, the after-tax profits of a publicly traded corporation belong to its shareholders. http://ytlikes.com

People and negotiators are so careful nowadays especially if it is a public content and matter. There is no surprise is that; a published material is so tightly concerned with the mortgage business party. Because if there are flaws in the settlement, that means public will make them pay.
http://rosie.besaba.com/alfamart-official-partner-merchandise-piala-duni...
http://maskodoq.blogspot.com/2013/07/CiptoJunaedy.html
http://maskodoq.blogspot.com/2014/03/unit-link-terbaik-di-indonesia.html
http://etnisjawa.blogspot.com/2013/08/apakah-cipto-junaedy-bohong.html
http://rosie.besaba.com/situs-online-terbaik-terpercaya/

I have recently started a blog, the info you provide on this site has helped me greatly. There is obviously a lot to know about this. I think he did some good things in features also. Keep working, great job! Thanks for a very interesting blog. What else can I get that kind of information written in such a perfect approach? I have a company that I'm simply now operating on, and I've been on the look out for such information.
http://www.seoedan.com/2014/04/abcbolacom-agen-judi-bola-terpercaya.html
http://www.seoedan.com/2014/03/itucasino.html
http://www.seoedan.com/2014/03/itubola.html
I have recently started a blog, the info you provide on this site has helped me greatly. There is obviously a lot to know about this. I think he did some good things in features also. Keep working, great job!
http://www.seoedan.com/2014/03/afatogelcom-bandar-terbesar-situs-togel.html
http://www.seoedan.com/2014/04/eyangtogelcom-togel-singapura-togel.html
http://lashoraslentas.blogspot.com/2014/03/itudominocom-judi-domino-agen...
http://www.seoedan.com/2014/04/globalbola.html

it's really nice and meanful. it's really cool blog. Linking is very useful thing.you have really helped lots of people who visit blog and provide them usefull information. sacramento roof inspection

it's really nice and meanful. it's really cool blog. Linking is very useful thing.you have really helped lots of people who visit blog and provide them usefull information... web design mississauga

I must say, I thought this was a pretty interesting read when it comes to this topic. Liked the material. . . . .
best rated memory foam mattress

I enjoyed reading your articles. This is truly a great read for me. I have bookmarked it and I am looking forward to reading new articles. Keep up the good work
Medium Hairstyles | Mens Hairstyles | Black Hairstyles 2014

So, vote your proxies, show up at a rally at a company near you, write to your mutual fund or pension board, and help us keep the companies that we own from using our own money for political jujitsu... gel memory foam reviews

Priority Action

Tell your elected officials: Please protect my right to know, and support GMO labeling.

Support Us

Your donation supports U.S. PIRG’s work to stand up for consumers on the issues that matter, especially when powerful interests are blocking progress.

Consumer Alerts

Join our network and stay up to date on our campaigns, get important consumer updates and take action on critical issues.