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According to an energy analyst from Deloitte, the global upstream industry has seen a massive conversion over the last 30 years from private ownership to state ownership. He estimates that 70 to 90% of world reserves are now government owned or controlled. Other analysts characterize it as dangerous and incredibly polarized. One has only to look at the conflicts between the G7 and OPEC, the U.S. and China, and producing countries versus consuming countries to clearly see the trend. More than one recent war has been blamed on an underlying quest for fossil fuels. As the world churns through its remaining supplies, can the link between oil and warfare be broken?
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