23 July 2010
"Moreover decades of crisis politics, followed by unleashing of market forces and mobilization of interest groups have left the oil companies less able to control decisions affecting them and less likely to be able to fend off future episodes of compensatory intervention. Unlike the 1940 and 50s when the policy community consisted primarily of oil company executives, the current environment is crowded with representation from every conceivable group, from households to corn farmers, from economists to environmentalists thus increasing the number of veto points. Growing influence of the consumer, public interest and environmental groups hostile to the oil industry and its goals, have rendered the oil industry vulnerable to uncertainties that are more complex and more expensive to 'manage'..."
OIL & GAS
- IOC to acquire oilfields in Africa in $1 bn push
- RIL moves CCI against public cos' ATF 'cartel'
- OPEC forecasts oil demand to increase 1.2 pc next year, led by China, India
- India PTC signs 700,000T/yr Indonesia coal deal
- UK coal, oil phase-out gap prompts new investments
- Exxon says growing its algae biofuels program