= big problems for USA.

From the US Senate Subcommittee on Energy and Natural Resources. The opening comments from outgoing chair, Sen. Pete Domenici (R-NM):

"It is important that we put into perspective who owns the oils of the world today, and who owns access to the oil of the world today. It is rather frightening when you get just that picture before you and nothing more, to know how things have changed dramatically, and how little of the oil of the world is owned by the American companies that we are constantly arguing with, and how little these oil companies of America have access and/or control over these oils."

"There is no question that private investors are already at a disadvantage with the rise of national oil companies and decreased access to reserves through the use of strategic energy agreements between governments. US companies are being squeezed out. Examples are the Chinese national oil company development of energy production agreements in Sudan and Iran. Russia's reclaiming of oil producing assets from Yukos to form a new state oil company. Just yesterday, Venezuelan president Hugo Chavez called for the end of foreign ownership of crude oil refineries within the Orinoco region. This activity further limits investment opportunities for investor owned companies."

......hmm, American oil companies have little control of world market.......private investors at disadvantage.....US occupation in large oil producing nation....