Letter: Iraq War making Texas energy giants wealthy

Editor,

President Abraham Lincoln wrote, "As a result of the war, corporations have been enthroned and an era of corruption in high places will follow, and the money power of the country will endeavor to prolong its reign by working upon the prejudices of the people until all wealth is aggregated in a few hands and the republic is destroyed."

The Iraq War was launched in March 2003. The following stock quotes are from January 2, 2003, two months before the Iraq War; January 2, 2004, a year later; January 3, 2005; and August 12, 2005.

Houston, Texas-based Halliburton Company:

1/2/03: $19.18

1/2/04: $26.03

1/3/05: $38.02

8/12/05: $58.82

In less than three years, the stock increased 307 percent - it more than tripled in value.

Houston, Texas-based Marathon Oil Corp.:

1/2/03: $21.73

1/2/04: $33.25

1/3/05: $36.58

8/12/05: $63.41

Since 2003, the stock increased 292 percent.

San Antonio, Texas-based Tesoro Petroleum Corp.:

1/2/03: $4.35

1/2/04: $14.81

1/3/05: $29.85

8/12/05: $54.98

In roughly 2 1/2 years, the stock increased more than 1200 percent. Multiply your present income by 12 to get a sense of the difference.

San Antonio, Texas-based Valero Energy Corp.:

1/2/03: $19.06

1/2/04: $23.01

1/3/05: $43.06

8/12/05: $93.80

The stock increased 479 percent over the course of the war.

Houston, Texas-based ConocoPhillips, formerly known as Phillips Petroleum Company:

1/2/03: $24.67

1/2/04: $32.74

1/3/05: $42.06

8/12/05: $66.05

Since 2003, the stock increased 268 percent.

Irving, Texas-based ExxonMobile Corp.:

1/2/03: $35.47

1/2/04: $40.63

1/3/05: $50.09

8/12/05: $61.05

The above coordinates are certainly proof positive that Texas-based energy companies are getting astronomically rich during the Iraq War. Indeed, the wider the wealth gap gets, the more the rest of us seem to be losing quite literally everything. In case you don't remember, gas prices in 2000 averaged around $1.62. Gas prices now are $2.50 or more.

Perhaps we should once again turn for wisdom to President Lincoln, who said, "You can fool some of the people all of the time and all of the people some of the time, but you can't fool all of the people all of the time."

W. Christopher Epler

UNM staff