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SLIP SLINDING AWAY: Big Oil losing its grip on power

Monday 15 May 17 10:00am

The future of refineries such as Exxon Mobil’s in Baton Rouge, Louisiana, could be going up in smoke because of low oil prices | W. Clarke


By PAUL BROWN | Big oil is getting smaller. Many of the oil services companies that are employed when new fields are being developed have been laying off workers, and oil companies have been writing down their assets.

The problem is the persistent low price of oil. Despite the best efforts of OPEC − the organisation representing the developing world’s oil producing countries − to limit production and put a squeeze on supplies, oil prices have risen only slightly.

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Related Topics: Biofuels | Energy | Greenhouse Effect

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