Everything about Supermajor totally explained
The term
supermajor illustrates the six largest, non state-owned energy companies, as seen in popular financial mediums around the world. Trading under various names around the world, they're considered to be:
As of
December 1,
2006, ExxonMobil ranks first among the supermajors in size (market capitalization), cash flow (12 months), revenue (12 months), and profits.
As a group, the supermajors control about 5% of global oil and gas reserves with largest supermajor, ExxonMobil, ranked 14th. Conversely, 95% of global oil and gas reserved are controlled by state-owned oil companies, primarily located in the middle east.
Big Oil
Supermajors are sometimes collectively referred to as Big Oil, a
pejorative term used to describe the individual and collective economic power of the largest
oil and
gasoline manufacturers, and their perceived influence on politics, particularly in the
United States. Big Oil is often associated with the
Energy Lobby.
Usually used to represent the industry as a whole in a pejorative or derogatory manner, "Big Oil" has come to encompass the enormous impact crude oil exerts over first-world industrial society. The term is also utilized to discuss the consumer relationship with oil production and petroleum use, as consumers in the United States and Europe tend to respond to petroleum price spikes by purchasing vehicles with greater
fuel efficiency during these periods. Historically, consumer interest in fuel efficiency and the oil debate wanes significantly as pump prices stabilize.
Controversy
Since 2005, the term Big Oil has been used regularly in the media as the United States pump price for a gallon of regular unleaded gasoline passed $2.00 U.S., then $3.00 U.S. in early autumn. The critical increase in fuel cost has been attributed to the effects of
Hurricane Katrina and
Hurricane Rita, in addition to the increasing costs of crude oil on world markets resulting from the uncertain status of supply, political instability in the
Niger River Delta, and the ongoing
Iraq War. The phase-out of
MTBE for
ethanol is another factor during 2006—some parts of the U.S. were selling regular unleaded for $3.27/gallon—especially in West Coast states.
A current issue is whether the
petroleum industry has engaged in
profiteering during a time of catastrophic weather events and political unrest. The oil industry has responded by outlining their extensive costs, market uncertainties, and public education efforts with regard to industry background,
supply and demand, and how the system of commodity futures affects pricing. Industry supporters and many fiscal conservatives have supported the industry as an example of free market economics. Industry detractors have focused on specific profit reports and attempted to outline allegations that the oil industry has utilized unrest to achieve unjust enrichment. Nevertheless an investigation by the US
Federal Trade Commission has found no illegal market manipulation to raise the price of gasoline in the
US.
Further Information
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