Business Analysis: Oil’s big beasts dive for cover

Not so long ago, it was the best of times to be an oil company. There may have been the dark cloud of environmental issues, but that alone could not dent the cheerful corporate mood. Demand was high, prices were soaring and profits gushed.



Yet last week demonstrated just how much tougher things are getting as BP and Shell both hit the headlines, the former for delays to its Thunder Horse platform in the Gulf of Mexico and Shell for a run-in with the Kremlin. Nor are these one-off events but part of a mounting set of problems that could upset the status quo for the oil majors.

independent