So Bloomberg news wrote a story about an oil magnate by the name of Harold Hamm and how he has lost billions of dollars since oil prices have dropped. I guess they feel that this is news and that we should feel sorry for him. Well, the truth is I don’t feel sorry for Mr. Hamm. I have no sympathy for this 1 percenter whatsoever.
Investors have been spooked as oil has declined to a five-year low. The downturn comes after prices above $100 a barrel sparked a boom in output from U.S. shale formations that helped create a glut of supply.
Hamm’s wealth, which is largely tied to the fate of Oklahoma City-based Continental, has fallen by more than $12 billion in three months, according to the Bloomberg Billionaires Index.
Cry me a river. As Rick Smith has said, so what if Hamm’s wealth has decreased by this much? So he doesn’t get to put cheese on the hamburger–he is still eating! There are people fighting for their lives in San Francisco, displaced by the gentrification of the area due to Google, Microsoft, Facebook, Twitter et al. There are people working for retailers like Walmart and fast food restaurants like McDonald’s who can’t earn enough to support themselves. There are people who are just fighting for some respect on the job! They want paid sick leave to take care of their families, humane scheduling that doesn’t treat them like cogs in a machine and they want an end to wage theft by their employers.
So to Mr. Hamm I say sorry you’ll survive but this is class war. Inequality is running rampant through society and people are hurting. Unless something is done we’ll start seeing more protest and more civil unrest. Lastly, Harold Hamm is involved in an industry that is doing nothing but destroying the planet. They refuse to help us move past fossil fuels and towards a sustainable energy source.