Battling over the world’s oil reserves

ALISTAIR TICE looks at the rivalry for access to the world’s oil supplies and assesses the likely consequences for the world economy, and the continued dominance of US imperialism.

Big Oil makes huge profits. In 2005, ExxonMobil became the world’s biggest company, overtaking Wal-Mart. Five of the world’s top ten corporations are now oil majors.

However, they face long term problems. Last year, the private oil corporations only replaced 75% of their reserves and now they only control 10% of world oil reserves.

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