Actually, private oil companies own relatively little of the oil. Most oil in the world is in the hands of governments.
In much of the world, in fact, private individuals and companies are not allowed to own oil.
“Big Oil” owns maybe 5% of the oil in the world. “Really Big Oil” is government oil companies, which is to say, governments.
Who owns big oil? That would be me in my 401K natural resources mutual fund. Which has earned me over a 60% return since buying in. Suck on that dems.
Ping.
ttt