Why You Should Worry About Big Oil
By Diogo Lemos Pereira on Fri, 2 Jun 2006, at 10:30 , in Eco-sustainability
From Business Week, Why You Should Worry About Big Oil, an in-depth look at the situation of the big oil companies' struggle to satisfy the increasing demand while still keeping prices in check.
You'd think the Apr. 26 oil summit in Qatar would have been an occasion for the industry to celebrate. The world's top energy executives were there, and they could all point to record profits and record demand. But rejoice? John Browne, CEO of London giant BP PLC, (BP) says instead that the atmosphere was strangely glum. "There wasn't anyone smiling," he says. "They were worrying that the price was too high."
In this case, lush profits probably mean the quiet before the storm. Does anyone still believe that oil's days are not numbered, one way or the other?
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