The campaign focuses on a central issue of the energy crisis – Americans, through their investment accounts, are investing in asset managers like BlackRock, State Street and Vanguard, whose voting and engagement behaviors shareholders effectively caused American energy companies to produce less oil and natural gas in the United States, creating the price spike. BlackRock and State Street are paid members of the $60 trillion Climate Action 100+ network, which represents more than 50% of global assets under management and lobbies companies to adopt emissions and carbon caps. other measures that contribute to rising energy costs in the United States. According to BlackRock’s Investor Progress Report, nearly 120 million Americans invest in their iShares products alone.
In 2021, activist company Engine No. 1 held a 0.02% stake in Exxon and won three seats on its 12-member board, helped by votes from BlackRock, State Street and Vanguard shareholders. . Since then, Exxon has cut long-term production targets, keeping oil production at the lowest level in two decades, deepening the energy crisis Americans face today.
“The same big asset managers who are pressuring U.S. companies to adopt strategies to fight climate change by cutting oil and gas production remain particularly silent, as their Chinese portfolio companies behave in opposite way. American citizens end up with the bag twice, both as investors and as consumers at the pump,” Ramaswamy said. “Strive is now embarking on a national education campaign to restore America’s energy security by reviving the voices of ordinary citizens and investors in our economy, starting with the energy sector in the United States.”
Americans don’t just vote in November at the polls, they vote every day with how they choose to allocate their investment dollars. Today, their money is often used by large asset managers to erode US energy independence and drive up their own energy bills. Once American citizens realize how their own asset managers are jeopardizing their financial interests, they will be empowered to seek solutions.
For more information about Strive Asset Management, visit StriveFunds.com.
About Strive Asset Management
Strive is an Ohio-based asset management firm whose mission is to give back a voice to everyday citizens in the American economy by getting businesses to focus on excellence rather than politics. Strive will directly compete with the world’s largest asset managers by launching index funds that advance prime capitalism in the boardrooms of American corporations. The company was co-founded by Vivek Ramaswamy and Anson Frericks in 2022 and plans to launch its first index fund in the third quarter. Learn more at StriveFunds.com.