When it was announced that former Exxon CEO would receive well over $150 million for his total retirement package during a time when oil prices were on the rise, folks went nuts. To many, this was further proof that capitalism was evil. Activists groups raised enough hell on Capital Hill to convince camera-addicted politicians to “investigate” the oil industry for price gouging. Nothing was ever found. But don’t tell that to some people. For some, the American oil industry is just dripping with corruption–no matter the findings of ANY investigation. While these folks are very quick to damn capitalism in America with little to no proof, they are very quick to overlook the proven corruption that regularly takes place in state-owned oil companies around the world. Check out the following article:
(economist.com) EXXON MOBIL is the world’s most valuable listed company, with a market capitalisation of $412 billion. But if you compare oil companies by how much they have left in the ground, the American giant ranks a lowly fourteenth. All 13 of the oil firms that outshadow it are national oil companies (NOCs): partially or wholly state-owned firms through which governments retain the profits from oil production. Because these national champions control as much as 90% of the world’s oil and gas, they can do far more than the likes of Exxon to assuage the current worries about supply and to influence the accompanying record prices. But like most state-owned firms, they are prone to over-staffing, underinvestment, political interference and corruption. (more…)
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