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:


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.