Big (Government) Oil
Swipes at "Big Oil" are normally implied swipes at free markets. This Economist article looked at "Big Oil" and found that the 13 largest oil companies, owning ~90% of the world's reserves, are state-owned.
Hat tip: The Agitator
posted by tpotdomescandal @ 3:19 PM
1 Comments:
This consumer can at least be spared paranoid theories of how ExxonMobil engages in monopolistic practices and price-fixing, when they are, in fact, not even major players.
Also, that these companies are state-owned partly explains problems with the industry. Cronyism, inefficient management, underinvestment, the whims of crazy-ass dictators in Iran and Venezuela (Actually, I don't think Chavez counts as a dictator, but close enough. And still crazy-ass).
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