No. of Recommendations: 3
o....BP, Shell, and Total say "good, less competition", while Exxon retreats to the US, which is probably it's most profitable market anyway.
Not that simple Steve.
BP, Shell, and Total don't produce much O&G in the Euro Union. So all their remaining operations outside the US are burdened by bureaucracy, costs, and potential fines that their competitors don't face. And can Shell, BP, and Total meet the Euro Union's energy demands alone? How will other Middle East suppliers react?
I see no reason Chevron won't react similarly to XOM.
Economies still run basically on O&G - both for energy and raw materials. I don't know, but I don't think Euro is self sufficient in energy from European companies. And their Euro based suppliers would be operating at an economic disadvantage.
I think the Euro Union has crapped in its own diaper.
