Pandering to the voters--The Windfall Profits Tax

Don't be fooled by Obama's threats. And I can't say McCain's doing much better on this issue (how does a gallon of beer compare in cost to a gallon of gas?). Or those Republicans who fell in place with their Democrat buddies in Congress. We the people own the oil companies.

Here's what Robert J. Shapiro (Clinton Secretary of Commerce) had to say about the ownership of 98.5% of oil company shares: "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."

"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.

Twenty seven percent of shares are owned by other institutional investors like pension funds. In 2004, more than 2,600 pension funds run by federal, state and local governments held almost $64 billion in shares of U.S. oil and natural gas companies. These funds represent the major retirement security for the nation's current and retired soldiers, teachers, and police and fire personnel at every level of government.

Fourteen percent of shares are held in IRA and other personal retirement accounts. Forty five million U.S. households have IRA and other personal retirement accounts, with an average account value of just over $22,000." From Neal Boortz column, June 11