Oil Giants Struggle To Compete With New Wave Of Nationalism

These should be the best of times for oil majors. Soaring energy prices have created huge profit growth to record levels.

But while oil prices have more than doubled since the start of 2004, Exxon Mobil’s shares are up 48%
A big reason is the new wave of nationalism. The owners of many of the world’s undeveloped fields, countries like Nigeria, Libya, Bolivia and Venezuela, are demanding a bigger piece of the pie.

Meanwhile, state-owned oil companies from places such as China, India and Malaysia are bidding on reserves and projects worldwide.

Investor’s Business Daily