Joe Romm posted "Follow your money" August 2nd and one of the responders issued a call to action for Barack:
Dennis wrote -
It’s not just our money we need to follow; in many cases, it’s also our oil. Just who owns the land (and seabed) these companies want to drill on? We do! The prices they pay for “leases” are nothing compared to their profits. With oil being pumped out on OUR land at $120+ per barrel, all those excess profits by right out to be the public’s, for the purpose of getting our country off oil and on renewables. Obama needs to start making this argument NOW.
Another response by Rod Adams is a must read ... I encourage all to read it.
This is an serious situation that many not be aware of, so I feel inclined (ever so humbly) to copy my response to Rod here ... PLEASE MAKE THE PHONE CALLS to the numbers listed below:
Rod, your explanation is very precise and clear. Thanks! But your final sentence is a bit ambiguous and ironic to me … intentionally ironic?
If they are having trouble increasing production wouldn’t it be better to add that money to the funds available to return to stockholders as it slowly exits the energy industry?
… slowly exits the energy industry … slowly selling off assets and buying back stock to support the share price so the CEOs, Corporate Officers, Board Members and Technical Management have time to divest, diversify and “reallocate” their portfolios before the share price collapses when Wall Street sees the forest for the trees and — too late — join a selling frenzy. I foresee a fiery, precipitous end.
You hit the nail on the head with:
Stock buybacks remove capital from the company and reward only those stockholders who are selling their stock.
And those would be whom? CEOs, Corporate Officers, Board Members and Technical Management … in my “humble” opinion. [pardon the pun -- I once was employed by Humble Oil & Refining Co., aka ExxonMobil]
Dennis has issued the call to action:
… all those excess profits by rights [ought] to be the public’s, for the purpose of getting our country off oil and on renewables. Obama needs to start making this argument NOW.
That’s why we need to make phone calls to Obama’s campaign office … and to be persistent until his staff gets it and Obama addresses the issue … and to be fair, call let everyone reading this blog call McCain’s office to give him another opportunity to show — or not show as the case may be — his true colors.
Let Obama know how you feel : (866) 675-2008 Let McCain know how you feel : (703) 418-2008
If you are inclined to do more, please see this post also.
Comments are closed for this post.
