The reverse is also true, with high levels of foreign ownership in “American” companies.

I’m pretty sure it doesn’t matter to them where the cude comes from…they’re all happy as long as the price keeps going up.

Teresa’s last blog post..Meet one of the 23%

Teresa - as for your point re: oil industries paying for the military, etc., consider this:

If you want to see a real windfall, take a look at what Big Oil pays in taxes. The 27 largest US energy companies forked over $48 billion in income taxes in 2004, $67 billion in 2005, and more than $90 billion in 2006 - an 87 percent increase. Since 1981, the Tax Foundation calculates, the oil industry has earned a cumulative $1.12 trillion in profits - but it paid a cumulative $1.65 trillion in taxes (add another half-trillion to account for taxes paid to foreign governments).

I don’t think that American oil and gas ought to be paying for their own military, simply because I think that the military is one of the few things that is best under government control. Like it or not, if a private military screws up, the opponents may attack America. I would prefer to avoid the situation in which there is little incentive for them to take care of their own country.

Last thing - I’m confused. How do American energy companies (the ones that drill in Texas, off the California coast, and in Alaska, and refine in America, and sell ni America) benefit from supporting their competitors (i.e. foreign oil)? Isn’t it morally revolting to require someone to subsidise their competitors? If you’re talking foreign oil, how does an American require them to do what you’ve outlined?

Maybe some of this is becuase I really think that the Iraq and Afghanistan wars were about brutal dictators and 9/11, respectively, and not about oil - which is why gas is $4/gallon and not $0.50/gallon.

Teresa’s last blog post..Tired, oh so tired.

Sam Pierce’s last blog post..The Democrats Have Won the 2008 Presidential Election