robwbright
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- Apr 8, 2005
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http://abcnews.go.com/WNT/print?id=1893268
"Before Americans get too steamed at the oil companies for their multibillion-dollar profits, it might be worthwhile to take a hard look at oil-producing countries such as Saudi Arabia, Kuwait and Venezuela -- where the real money is earned.
"It's the producers who make the lion's share of the profits," said Michael Thompson of Thomson Financial, speaking of the companies that produce the massive amounts of oil used all around the world."
"Many drivers actually benefit from high gas prices. Forty-one percent of all oil stock is owned by public and private retirement funds, which have millions of American beneficiaries.
"Some of the politicians must think oil companies are owned by space aliens, when in fact they're owned by millions of Americans who invested their hard-earned savings in these companies," said John Felmy of the American Petroleum Institute."
"Before Americans get too steamed at the oil companies for their multibillion-dollar profits, it might be worthwhile to take a hard look at oil-producing countries such as Saudi Arabia, Kuwait and Venezuela -- where the real money is earned.
"It's the producers who make the lion's share of the profits," said Michael Thompson of Thomson Financial, speaking of the companies that produce the massive amounts of oil used all around the world."
"Many drivers actually benefit from high gas prices. Forty-one percent of all oil stock is owned by public and private retirement funds, which have millions of American beneficiaries.
"Some of the politicians must think oil companies are owned by space aliens, when in fact they're owned by millions of Americans who invested their hard-earned savings in these companies," said John Felmy of the American Petroleum Institute."
