On August 1, 2008 the news of the day was the huge profit earned by oil companies. Billions and Billions and Billions! With the price of gas going stratospheric, it's not wonder they make so much profit. But who gets that profit?
If it's going to their investors in the form of dividends, then one can say - at least it's filtering down. But what if it filters down to very wealthy who own hundreds of thousands of shares in the company? Is it fair that the proverbial rich get richer scheme continues? Some argue that there should be a windfall profits tax on the oil companies and their shareholders. If you were rich and had invested millions speculating in oil companies and your shares paid off, would you be willing to give it back in the form of additional tax?
Someone pointed out that pensi0n funds and many 401K plans are heavily invested in oil companies and the profits are shared with those. Last I saw my 401K did not grow by billions! It didn't even grow at all - it went south (a little).
So what's the answer? Well, it certainly isn't coming from me. If I had the solution I would be one of those rich magnates that invest millions in oil stocks and sit back to enjoy the fruits of my speculation. But maybe the answer is for me to get a bicycle or to walk or hitchhike. At least there will none of my money going to those greedy oil fat cats!
Lets see. if I live near Glendale and the play I'm reviewing is in West Hollywood, how long will it take to ride the bike to get there?
