Are you among those who believe that it is American Oil Companies that are behind the price surge in oil? Look at the graph above and you will see the truth. This data was compiled by Credit Suisse First Boston and shows where ExxonMobil and BP rank in relation to the OPEC Members. Just look for the two red arrows. Of the 13 entities to the left of ExxonMobil, 11 are OPEC members. Also note that this graph does not include those reserves that could be under exclusive U.S. control if we would only begin to drill and exploit them.
And if you look at the OPEC Statute, you will see from Article 2 that their interest is in maintaining control of the price of crude oil. Check it out:
A. The principal aim of the Organization shall be the co-ordination
and unification of the petroleum policies of Member Countries
and the determination of the best means for safeguarding their
interests, individually and collectively.
B. The Organization shall devise ways and means of ensuring the
C. Due regard shall be given at all times to the interests of the producing
So, the next time you hear about some idiot Senator calling oil company executives for another round of false and uninformed accusations of price gouging, remember this graph and remember Article 2 of the OPEC Statute.
You can access the OPEC Statute on-line here:
OPEC Statute (Requires Adobe Reader)
Filed under: Politics