The Oil World’s New Bullies

But as you seethe about $3 gas now and worry about $4 gas next year, remember that big oil isn’t calling the shots anymore. Venezuela has forced ExxonMobil to slink out of the country and has made Chevron and ConocoPhillips take a 75% hike in royalties and a 50% increase in taxes and say, “Thank you, sir, may I please have another?”

Russia is blackmailing all of Europe by saying “sell us your natural-gas delivery companies or no natural gas for you.” Iran has thumbed its nose at the United States and the United Nations, figuring that the world needs its oil too much to actually do anything about its nuclear weapons program. And Chad got the World Bank, the U.S. government and Exxon Mobil to cough up disputed royalties by threatening to shut its oil pipeline.

Boy, you know you’re in trouble when Chad, a country of 8.1 million people living on 1.3 million square miles of desert, can push you around.
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