Canuck Investor

Big Oil Once Again Abused by Congress

I like the article. But what congress should have been asking is why has big oil done so little frontier, high-impact exploration in the last 20 years. The oil majors are minnows in terms of their ability to affect the price of crude but if they could put some effort into finding elephant fields they might be able to have an impact. While there probably aren't too many giants left to find, the world is a big place and some areas outside of North America have potential. Big Oil's approach to adding reserves has been scan the stock tables for a takeover candidate and that becomes a zero sum game with no effect on the world oil supply.