Yes, that’s part of it. But also, Exxon used to be the biggest oil company in the world, and the Seven Sisters were the 7 biggest and most influential.
Now, they are midgets compared to the Russian and Chinese national oil companies, or even Petrobras.
Yep, amazing what can happen when your gubmint isn't standing in the way. Obama signed on to several billion dollars in loan guarantees to Petrobas, meanwhile putting up a drilling moratorium on domestic drilling in the Gulf. Even more amazing is it's the Chi-coms and the Russians showing us how to do it. There's a real good lesson to be learned here, but it will no doubt fall on deaf ears. It's quite clear that Obama's main foreign policy goal is to make sure other Marxists thugs around the world prosper while the USA is left in ruins....