Big Oil CEOs just lied before Congress. It’s time they’re held accountable

[surada]

They just joined the ranks of Congress. Congrats Big Oil

Who Owns Big Oil

Earnings in Perspective

Reported earnings by America’s natural gas and oil industry indicate a sector that is a large, robust driver of the U.S. economy – benefiting millions of American households through individually owned stocks, mutual funds, retirement accounts and other financial instruments. Earnings allow...

whoownsbigoil.com

Nov 26, 2021 · 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 2.9 percent of industry shares are owned by corporate management. The rest is owned by tens of millions of Americans, many of them middle class.

About
31 percent of U.S. oil and natural gas shares are owned by public or private pension …

 

[DudleySmith]

Now the right wing is whining that it's the government's job to provide them with cheap gas? Gas is already dirt cheap compared to historical prices. It's dirt cheap up to around $7 a gallon.

 

[DudleySmith]

Who Owns Big Oil

Earnings in Perspective

Reported earnings by America’s natural gas and oil industry indicate a sector that is a large, robust driver of the U.S. economy – benefiting millions of American households through individually owned stocks, mutual funds, retirement accounts and other financial instruments. Earnings allow...

whoownsbigoil.com

Nov 26, 2021 · 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 2.9 percent of industry shares are owned by corporate management. The rest is owned by tens of millions of Americans, many of them middle class.

About
31 percent of U.S. oil and natural gas shares are owned by public or private pension …

Institutional shareholders control management; they hire and fire management. It is they who decide what oil and most other companies do, via directors. It doesn't take owning 51% of shares to control a company. Management receives stock options and shares because that is a large part of their compensation, hence why they focus on share value over long term management. If tjhey can make more money by merely doing nothing, they will do exactly that, and as repeatedly reported openly in the press they are now going to keep the cash and distribute dividends are diversify holdings instead of re-investing in expensive drilling. Wells using rotary drills are way up from this time last year; they are cheaper and shallower wells than fracking wells.

Even the Rockefeller brothers didn't own but 35% of Standard Oil, yet nobody in their right minds would claim they didn't control it. Lil Goober out in the Burbs and his 100 shares of a mutual fund doesn't control squat, and most likely doesn't vote at any shareholders' meetings, he just sells his proxy, if he ever owned the proxy at all. Many private banks own less than 5% of shares in a lot of different companies, and you can bet they get to name a lot more than their fair share of directors.

 

[Mikeoxenormous]

Institutional shareholders control management; they hire and fire management. It is they who decide what oil and most other companies do, via directors. It doesn't take owning 51% of shares to control a company. Management receives stock options and shares because that is a large part of their compensation, hence why they focus on share value over long term management. If tjhey can make more money by merely doing nothing, they will do exactly that, and as repeatedly reported openly in the press they are now going to keep the cash and distribute dividends are diversify holdings instead of re-investing in expensive drilling. Wells using rotary drills are way up from this time last year; they are cheaper and shallower wells than fracking wells.

Even the Rockefeller brothers didn't own but 35% of Standard Oil, yet nobody in their right minds would claim they didn't control it. Lil Goober out in the Burbs and his 100 shares of a mutual fund doesn't control squat, and most likely doesn't vote at any shareholders' meetings, he just sells his proxy, if he ever owned the proxy at all. Many private banks own less than 5% of shares in a lot of different companies, and you can bet they get to name a lot more than their fair share of directors.

No worries because next year the Senate and Congress are going to swing Republican, and in 2024 President Trump will be in office again, thanks to high inflation caused by the Joe Biteme Administration.


Let's go Brandon

 

[Baron Von Murderpaws]

Big oil CEOs just lied before Congress. Itâs time theyâre held accountable | Jamie Henn

The top oil executives claim they never approved a disinformation campaign. That is simply not true

www.theguardian.com

This disinformation has helped create the problems that the world faces today. They operate powerfully on the intellects of the feeble minded and the results of this are all too evident on these forums.

So lets hope for some arrests and effective action against these rogues.

LMAO!!!

The feeble minded, making fun of the feeble minded!!!

 

[DudleySmith]

No worries because next year the Senate and Congress are going to swing Republican, and in 2024 President Trump will be in office again, thanks to high inflation caused by the Joe Biteme Administration.


Let's go Brandon

And the oil companies will do what, exactly? Hand you cheap oil just because you were good little boys?

Why is it right wingers think it's the government's job to provide them with cheap or even free labor and cheap oil? They certainly whine loudly when it does anything else.

Let's go Brandon

lol you really think Biden is ordering oil companies around??? lol

 

[Mikeoxenormous]

And the oil companies will do what, exactly? Hand you cheap oil just because you were good little boys?

Why is it right wingers think it's the government's job to provide them with cheap or even free labor and cheap oil? They certainly whine loudly when it does anything else.



lol you really think Biden is ordering oil companies around??? lol

I bet you never took economics in your school because it was prepping you to fail in college? Am i right?

 

[watchingfromafar]

No worries because next year the Senate and Congress are going to swing Republican, and in 2024 President Trump will be in office again

Do you really want this in office again---

-

 

[Toddsterpatriot]

Do you really want this in office again---
View attachment 577128
-

Hillary will never be in office again.

 

[JohnDB]

Now the right wing is whining that it's the government's job to provide them with cheap gas? Gas is already dirt cheap compared to historical prices. It's dirt cheap up to around $7 a gallon.

$7/RBOB means $11/gal diesel....shipping costs and transportation costs are already at historical highs and causing massive supply chain issues.

We are talking about losing everything from orange juice to coffee being available in your local grocery store...and yes sugar, corn, and wheat aren't far behind....which in turn means dairy and meat products. Basically the collapse of the entire economic system and a breakdown of civilization as we know it.

Cheap energy is not the only product that comes from petroleum products...literally everything from tires to gaskets and even the pajamas you wear are made with petroleum products...

 

[Mikeoxenormous]

Do you really want this in office again---
View attachment 577128
-

NO, Hitlery has been put out to pasture.

 

[DudleySmith]

$7/RBOB means $11/gal diesel....shipping costs and transportation costs are already at historical highs and causing massive supply chain issues.

We are talking about losing everything from orange juice to coffee being available in your local grocery store...and yes sugar, corn, and wheat aren't far behind....which in turn means dairy and meat products. Basically the collapse of the entire economic system and a breakdown of civilization as we know it.

Cheap energy is not the only product that comes from petroleum products...literally everything from tires to gaskets and even the pajamas you wear are made with petroleum products...

So? Prices are at historic lows already. At $7 a gallon the price is comparable to 1970 average prices. The problem is a different one than right wingers like to peddle. Incomes have not kept up with inflation.

 

[Toddsterpatriot]

At $7 a gallon the price is comparable to 1970 average prices

You have some bad info there.

You have a link to back up your claim?

What year are you using?

I saw 1970 prices at around 36 cents.

 

[JohnDB]

So? Prices are at historic lows already. At $7 a gallon the price is comparable to 1970 average prices. The problem is a different one than right wingers like to peddle. Incomes have not kept up with inflation.

In case you deliberately forgot or don't remember... America almost went back to depression era at that time... rampant inflation and fuel prices doubled...

We don't need to return to that time...it was horrible for everyone. So many bankruptcies at that time that the banks were next and FDIC insurance almost went under too.

 

[DudleySmith]

In case you deliberately forgot or don't remember... America almost went back to depression era at that time... rampant inflation and fuel prices doubled...

We don't need to return to that time...it was horrible for everyone. So many bankruptcies at that time that the banks were next and FDIC insurance almost went under too.

lol not in 1970. That was about 3 years before the Oil Shortage hoax and the real global food shortages. AS for your 2nd point, a sizable chunk of the population have been living that time ever since, compounded by pandering to the financial sector over the industrial sector, especially under Nixon, Ford, Carter, and Reagan. The GOP has succeeded in making unions wildly popular again.

 

[Toddsterpatriot]

The GOP has succeeded in making unions wildly popular again.

How popular?

 

[Mikeoxenormous]

So? Prices are at historic lows already. At $7 a gallon the price is comparable to 1970 average prices. The problem is a different one than right wingers like to peddle. Incomes have not kept up with inflation.

And whose inflation is it?

 

[AZrailwhale]

I would think most Americans know those execs are shady in the least. They do whatever they want with prices. I've never trusted them to be on the up and up.

The people who play with oil prices are futures traders, the oil companies make a steady, decent profit, the government at various levels makes more off a gallon of gasoline than the oil companies do. If you want to point fingers, point them at futures traders who profit without risking anything.

 

[Toddsterpatriot]

If you want to point fingers, point them at futures traders who profit without risking anything.

No risk in futures trading? You may want to revise that statement.

 

[AZrailwhale]

No risk in futures trading? You may want to revise that statement.

Not if a trader's smart. They can literally hedge their bets so no matter what the market does they win.