The biggest corporate acquisition of all time ...

Greg Nowell GN842 at
Tue Dec 1 15:56:24 PST 1998

Actually the dominance of this group is not new. It's a return to pre-WWII conditions. See my book. Small Mom and Pop oil companies of $10 b or so will probably hang in there in various locales. -gn

Doug Henwood wrote:

> Carl Remick wrote:
> >Exxon-Mobil, is set to take place and not a word of comment on this
> >list so far. Surely this has some significance worth discussing. I see
> >it, for instance, as another major indicator of the ever intensifying
> >deflationary forces at work worldwide.
> Concentrate, concentrate - this is also Moses & the Prophets. These mergers
> are on a mindbogglingly vast scale, aren't they? 100s of billions on 100s
> of billions. So much for Kevin Kelley & the decentering of capital in a
> nodal networked world. This is how capital reduces overcapacity and tries
> to stabilize profits.
> There was a Wall Street analyst on CNBC yesterday describing ARCO (the
> social investors' favorite oil co) and Texaco as too small now to compete;
> he thinks the industry will be reconstitute around 3 dominant companies
> worldwide, XON-MOB, BP/Amoco, and Shell.
> I've prodded Greg Nowell for a comment, let's see what he comes up with. If
> the Wall Street guy is right and these 3 majors dominate global oil,
> there's a large non-American presence there. Clinton can't get the oil guys
> to build his preferred pipeline out of the Caspian either. What's going on,
> is the U.S. losing its oil preeminence?
> Doug

-- Gregory P. Nowell Associate Professor Department of Political Science, Milne 100 State University of New York 135 Western Ave. Albany, New York 12222

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