Big Oil is Owned by America's Retirement Funds! Most of the share price increase benefits the millions of Americans who are saving for retirement!
Oil sector accounts for about 20% of S&P 500 Index and the largest portion of retirement savings is invested in index funds that mimic the S&P. Why would want to tax these companies so that the government can spend more?
The Republicans are hitting back on Obama's attack on big energy.
"Barack Obama's latest attack ads shows his celebrity is matched only by his hypocrisy," said McCain spokesman Tucker Bounds. "After all it was Senator Obama, not John McCain, who voted for the Bush-Cheney energy bill that was a sweetheart deal for oil companies. Also not mentioned is the $400,000 from big oil contributors that Barack Obama has already pocketed in this election."