Nationalized oil, worldwide, on the rise

"As we go forward, the benefits of higher oil prices will go more toward the national oil companies and away from the major oil companies." (source)

It seems that governments worldwide are squeezing "free" companies like Exxon and Chevron out of their fields, and bringing in their own national giants. This is bad news. In countries like Venezuela and Saudi-Arabia, all major oil fields are in the hands of government-owned companies. Their performance reflects this: Old equipment, reduced innovation and falling productivity are their symptoms.

If Exxon, Chevron, France's Total and others of this type are forced out of the game, the game will become less competitive, and its results will suffer the consequence.

Tired of driving? No worries. Soon enough you won't be able to, despite billions of barrels of oil beneath your feet, unattainable due to lack of competence by the oil industry.