Why are we still fighting big oil? didnt we deal with these monopolies 100 years ago?

Question

Why are we still fighting big oil? didnt we deal with these monopolies 100 years ago?

Answer 1

There is no monopoly in the oil market as there was 100 years ago.  Standard Oil ( Then Esso, now ExxonMobil) was owned by the Rockefellers and controlled every aspect of oil production, from exploration and drilling to filling your tank.  SO prevented others from entering the market through illegal practices.  By breaking up SO into the seven sisters, the federal government created smaller oil companies that competed with each other.

There are thousands of companies participating in the oil market today.  Wildcatters explore and tap wells independently, refiners have no exploration or retail presence, retailers buy virtually all their fuel from other sources.  True, there are the super majors involved in all aspects of the fuels process, but they do have competition and don't prevent other players from entering.  The sheer scale of cost involved with entering a new market typically prevents independents from branching out quickly.

Answer 2

Most of the really bigs are outside US regulation because they are owned by foreign governments

Saudi Aramco, Petrobras, Gaz Prom, Citgo, Cnooc.... All owned by foreign governments and all really huge.

Answer 3

That was when America was essentially the only game in town.

The world's present demand for oil is driving the prices off the chart.