Powerful Wave of Nationalsim Sweeping Globe, Pushing Out Oil GiantsRichard Russell
Nationalist sentiments are pushing out forieng oil companies and reclaiming resources for the home country.
Crude oil rose for a second day after the BBC reported that Nigerian militants would declare `"total war'' on foreign oil companies, rekindling concern about supplies from Africa's top producer."
I take the above very seriously. There's a powerful wave of nationalism sweeping the globe. The nationalist sentiment runs like this -- "It's our oil coming out of our ground. Why should we let foreign oil companies take our oil, and make huge profits from it. We should be the one's to make the profits. So, out with the foreign oil companies."
I believe this sentiment will grow. Who will benefit most from the new nationalism? In my opinion -- Canada.
Russell suggestion -- I read where one analyst states that in 15 years the Athabaska oil sands in Alberta will be producing more oil than Saudi Arabia. I wouldn't doubt it.
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