Saturday, May 24, 2008

Not-So-Big Oil

Following up my previous comments on the subject, and Melody's question about when people are going to start really getting upset about the price of oil, PowerLine today had a pair of items that really point the finger at those ultimately responsible for the price Americans pay for oil: state oil companies in foreign countries who control 94% of the world's proven reserves, and those politicians in America who have blocked even exploration of domestic oil and near-oil resources, lest Americans come to know exactly how badly they're being screwed. America's oil companies are tiny compared to the foreign state-owned monopolies from whom they are forced to purchase crude. ExxonMobil, America's oil "giant", controls one measly percent of global oil reserves, making it the world's 14-largest by that measure. Only 7% of the worlds total reserves is up for unrestricted bidding by private companies, while almost 75% is completely off-limits, controlled by state oil companies. So who's the big bad wolf?

1 comment:

Evan said...

Okay, that made it sound like PowerLine was specifically following up my comments. Like they breathlessly wait for my blog to come out for talking points.

Needless to say, that is not the case.