With the U.S. Senate getting ready to debate proposals that would raise taxes on American energy companies, the White House blog spins:

"Instead of subsidizing the fossil fuels of the last century by giving away $4 billion of taxpayer money each year to oil companies that are more profitable than ever, we should be investing in a clean energy future—especially when gas prices are high and drivers, whose budgets are already stretched thin, are feeling the pain at the pump."

In reverse order, taking on the White House’s points:

Yesterday’s energy – We thought the administration had shelved this rhetoric, but it’s back – despite government data showing that oil and natural gas not only is today’s energy, it’s tomorrow’s as well. According to the Energy Information Administration m... more »

Here’s President Obama, campaigning Thursday in New Hampshire, calling for a vote on higher taxes on America’s oil and gas companies:

“We can put every single member [of Congress] on record: You can either stand up for the oil companies or you can stand up for the American people."

Respectfully, Mr. President, this is no it’s-either-us-or-them situation.

America’s oil and natural gas companies are the American people. We support 9.2 million jobs, contribute billions to the national economy annually and provide $86 million a day to the U.S. Treasury.

Even in a tough economic environment, this industry is a job creator, provides stimulus and pays its fair share of taxes – and we can do more. With the right policies our industry could create 1 million new jobs by 2018 and 1.4 mi... more »

When America's oil and natural gas companies report quarterly earnings, as a number are doing this week, lots of folks wonder: Who's benefiting?

In large part, we are - millions of Americans who in one form or another own stock in oil and natural gas companies.

Updating its 2007 study on oil and natural gas company ownership, the Sonecon consulting firm found that nearly 50 percent of all corporate shares are held by public and private pension and retirement funds, including 401(k)s, and IRAs. Individual investors own 20 percent, while financial institutions and asset management companies own 27 percent. That's 97 percent. Less than 3 percent is owned by corporate officers and board members.

In a conference call with reporters Kyle Isakower, API's vice president of regulatory and economic... more »