Big Oil’s Choice

Energy: Cynics will no doubt see something sinister in ChevronTexaco’s decision to buy Unocal for $18 billion. They should relax. The move is just a reflection of the cockeyed economics of today’s oil industry.

With oil breaching the record $58-a-barrel level and seemingly headed higher, it’s not unreasonable to wonder when the market will work its magic? When will new supply kick in to meet all this demand?

Yahoo