What is Big Oil?
The term “Big Oil” is used to refer to major oil companies such as British Petroleum, Shell, ExxonMobil, and Chevron. These companies control a large share of the market for oil and petroleum products. The 16% of the world’s oil which is available to private corporations is dominated by these companies, which have immense collective economic, social, and political power, especially in industrialized nations which rely heavily on the products of crude oil. National governments of oil producing nations constitute “Really Big Oil”, which controls 84% of the available global oil supplies. National oil companies are often criticized for being poorly managed and sluggish, which results in disruptions in oil supplies globally. These countries banded together in 1960 to form an Organization of the Petroleum Exporting Countries (OPEC), which coordinates oil production and sets global prices per barrel. In theory, OPEC is supposed to control oil reserves to ensure a steady supply of oil to compa
Big oil is made up of millions of stockholders who’ve had their retirement funds invested in Mutual Funds that in turn are invested in oil company production. Oil companies are not individually owned they’re public traded companies If oil companies executives are paid what seems to be exorbitant amounts of money consider what congress wastes on discretionary spending and hypocritical meaningless investigations, the oil executives salaries pale in comparison. The only reason oil is as high as it is now is because it’s become an election issue. Two presidential candidates are criss crossing the country using the price of gas to cover their real intention of raising taxes. If American oil companies were allows to produce and refine consistent with other producing countries America would be independent of imported oil and the prices of gasoline would be affordable. Gasoline isn’t just 21/42 % of a barrel of oil and the rest are waste products. Over 60% of every barrel of oil is put to use
