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Big oil means statismA surprising study explains a
lot
The
Economist took a long hard look at the oil
companies.
EXXON MOBIL is the world's most valuable listed company, with a market capitalisation of $412 billion. But if you compare oil companies by how much they have left in the ground, the American giant ranks a lowly fourteenth. All 13 of the oil firms that outshadow it are national oil companies (NOCs): partially or wholly state-owned firms through which governments retain the profits from oil production. Because these national champions control as much as 90% of the world's oil and gas, they can do far more than the likes of Exxon to assuage the current worries about supply and to influence the accompanying record prices. But like most state-owned firms, they are prone to over-staffing, underinvestment, political interference and corruption. Thirteen state-owned companies control 90% of the world's oil reserves. State owned. As in two steps beyond a monopoly, and subject only the whims of the government leaders. No wonder the oil market is volatile. Why do American oil companies get blamed? Hat tip to The Agitator. 
Posted: Sun - September 10, 2006 at 04:27 AM
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 Pagan Vigil
Pagan philosopher, libertarian, and part-time trouble maker, NeoWayland watches for threats to individual freedom or personal responsiblity. There's more to life than just black and white, using only extremes just increases the problems.  My Thinking Blogger Nominees
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