Despite rocketing prices, outlook is bleak for oil majors

[actsnoblemartin]

http://news.yahoo.com/s/afp/20080706/bs_afp/oilenergycommodities

MADRID (AFP) - Despite record crude prices, the major oil companies are struggling to access resources that are being jealously guarded by national companies with whom they are forced to establish partnerships.

As paradoxical as it may seem, high oil prices do not mean a golden age for the likes of ExxonMobil, Chevron, Totalor BP.

Of course, with a barrel of oil at more than 140 dollars, they are seeing major profits, but the future has never seemed so uncertain.

[mundame]

http://news.yahoo.com/s/afp/20080706/bs_afp/oilenergycommodities

MADRID (AFP) - Despite record crude prices, the major oil companies are struggling to access resources that are being jealously guarded by national companies with whom they are forced to establish partnerships.

As paradoxical as it may seem, high oil prices do not mean a golden age for the likes of ExxonMobil, Chevron, Totalor BP.

Of course, with a barrel of oil at more than 140 dollars, they are seeing major profits, but the future has never seemed so uncertain.


Many gas stations are going out of business, the Wall Street Journal says (and our BP can't get gas; day after day their pumps are closed: too expensive for the owner now?) because the margin is so thin with rocketing prices, they can't raise them fast enough to make a profit and they can't afford the huge prices on refill tanker loads of gasoline.

You know, if shortages develop for this reason, it's not going to be a joke.