OPEC (SAUDIS) AMONGST THE OIL SPECULATORS By Judith A. Klinghoffer
Sunday, author of Zoom and Economist reporter, Vijay Vaitheeswaran told the nation’s governors that pampered oil companies R&D budget is a meager 1/3% compared to 15% of a technology company. Why so? Because under the current protected conditions they are doing fine and see no reason to change. They are not sure that there is a real energy shortage and, therefore, they worry that the moment their investment in new technologies is going to bear fruit, the Saudis will pull the rug from under them by flooding the market with cheap oil in the manner they did in the Eighties and earlier this decade. I heard a similar assessment from a top Exxon officials a couple of years ago. Apparently, oil executives see little reason to change their minds.
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