Quote:
Originally Posted by
Nita
oil still sliding and down to $96
Byron King quoted on Marketwatch
King also makes the interesting point that the world is getting more hostile to Western oil companies: "As recently as the late 1970s, Western oil companies controlled well over half of the world's oil production. But now the NOC's [state-owned national oil companies) such as Saudi Aramco, National Iranian Oil Co., Kuwait Oil Co., Petroleos de Venezuela, Petroleos Mexicanos (Pemex), etc. control over 85% of the world's oil resources. Western majors control about 7% of the world's oil resource base."
King complains: "Yet in the face of all this, the market is currently selling off oil and other energy players. The market is selling off oil field service companies, infrastructure companies, precious metals companies and even basic metals.
"Would somebody please introduce Mr. Market to Dr. Depletion?"
"The market can stay irrational longer than you can stay solvent" - Keynes