Thursday, March 27, 2008
Regular readers know that I am a huge fan of the oil industry -- I think that it works miracles of production, refining, and distribution, especially given the hideous geographical and political landscape in which it operates. I therefore bridle at politicians who scapegoat the oil industry, as if it were the source of problems in the world rather than solutions. So, with that useful background, take a look at QandO's analysis of the size and influence of "Big" Oil, and decide for yourself whether populist opposition to it is justified on the facts.
CWCID: Maggie's Farm.
I will still be on the lookout for someone explaining that the state oil companies contract everything out to the corporations. Absent that, this convinced me. Oil companies have little power over the market. (You could hardly even call it a "market" with all those gov't entities in there, could you?)