Quote:
Originally Posted by spanky part 2
Who do you think owns the rights to a large percentage of the oil. You think the saudi's had the technology to set up all the drilling and refining.  |
What point are you trying to make? There are no Exxon board members with voting power at OPEC.
Not really sure about your claim that rights have been maintained to a
large percentage of OPEC nation oil. The Saudis nationalized Aramco almost 30 years ago. Iran and BP split years ago. Venezuela just kicked Exxon and COP out. When you read the SEC reports of these companies Middle Eastern oil is just not a very big play for them anymore. COP still has a small interest in Libya. Only 20% of XOM's reserves are in the Middle East/Asian Pacific region and they are a drop in the bucket compared to what is there. Exxon has a total of 1.5 billion barrels of proved reserves in the Middle East. Saudi Arabia/Aramco has 264 billion barrels of proved reserves. (and yes I know that there are a few OPEC member outside of that region)
As far as drilling and refining ability. Exactly. Great American and British oil companies pioneered the way for the 20th century powering our transportation , heating and power needs for centuries. Oh, yeah. They saved the whales too.