Money Talks: Ready to Boycott Oil Companies?
Boycotting oil companies that buy Middle Eastern oil might send a powerful
message to American enemies, but if you're to believe what's going around in
some chain emails, you might be boycotting and/or supporting the wrong
suppliers.
Here's a quote from one anti-Persian Gulf chain email received at Money Talks:
"Nothing is more frustrating than the feeling that every time I fill up the
tank, I'm sending my money to people who are trying to kill me, my family, and
my friends."
So what are we supposed to do about it? This email says we should only buy from
oil companies that don't buy Middle Eastern oil. And it tells us who they are:
- Citgo
- Sunoco
- Conoco
- Sinclair
- BP
- Hess
Well, let's take a look at those companies again.
You can find a comprehensive list of company level oil imports at the Department
of Energy.
For the most recent petroleum purchases, the DOE maintains this list of crude
oil imports from the Persian Gulf, which include Bahrain, Iran, Iraq, Kuwait,
Qatar, Saudi Arabia, and United Arab Emirates.
But these DOE lists may not tell you everything. Research reveals a lot.
According to these chain emails calling for boycotts, Conoco is one of the
companies we're supposed to feel good about buying from because they reportedly
don't buy Middle Eastern oil. But what Conoco did buy was Phillips Petroleum,
about a year ago. And according to the DOE, Phillips bought almost 12 million
barrels of Middle Eastern oil in the first six months of last year.
And just a few months ago Conoco was investigated for dealing with Iran and
Syria through a British subsidiary.
But, facts and figures may not mean a thing, at least according to the DOE:
"Due to the global nature of the oil market, boycotts by individual
consumers cannot reduce the oil revenues of a given oil-producing country."
You can see it for yourself in the DOE's "Primer on Gasoline Sources and
Markets."
Bottom line? Forget emails and boycotts. If you want to send less money to the
Middle East, try buying less gas.