Now I remember why I so rarely lift the carpet to take a peek underneath. Just had a look at the world's largest corporations. Eight out of the top twelve are oil companies. Royal Dutch Shell (2), Exxon (3), BP (4), Sinopec(5), China National Petroleum (6), Chevron (10), Total (11) and Conoco Phillips (12).
What do you think are our chances of getting those companies to write off the book value of a substantial chunk of their assets, their energy reserves? Which government do you think has the clout to pull that off?
It looks like we're in for a whole lotta "burn baby, burn."
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