Apple Inc. has a market capitalization of $475 billion and a profit margin of nearly 26 percent. In contrast, BP (the largest producer of oil in America and off its shores) has a market capitalization of $147 billion and a profit margin of 6.8 percent. Yes, but Apple is a manufacturer of cool stuff. It cultivates its public image and environmental responsibility. It's a clean firm that employs thousands of Americans.
Yet virtually none of its factory jobs are held by Americans. Apple has exported its manufacturing to China while American oil companies — whose jobs are here — have been exporting oil and refined products to other countries, improving the balance of trade, the reverse of what Apple has been doing.
Americans want what Apple makes. What Americans need, Bryce says, is “more cheap, abundant, reliable energy.”
We won't get that by taking a big bite out of oil and gas companies.