and Love High Gas Prices
~ Big Oil and its paid Congressional sycophants have a seemingly endless supply of rationalizations for every industry excess. Did you know high gas prices are good for you? Me neither, but the American Petroleum Institute (API) has helpfully explained why we should all be more grateful.
It seems that all those gushing profits are swelling the pension funds of school employees and state government workers in 4 Midwestern states:
...returns on oil and natural gas assets from 2005 to 2009 averaged 46.5 percent, compared to 13 percent for all other assets, according to the analysis by Sonecon, an economic advisory firm. That means that each dollar the funds invested in oil and gas stocks in 2005 was worth $1.47 on average, while every dollar invested in the rest of the portfolio grew to just $1.13.
Well, that's a relief. My richer pension fund will pay out more so I can afford to fill my tank... right? Sadly, no.