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Book examines state-owned oil firms, prices and pollution
Date:2/15/2012

To maintain power, oil-rich governments often lean on their national oil companies in ways that hurt the environment, damage their companies' efficiency and raise prices for the rest of the world, according to Stanford University researcher Mark Thurber.

The state-owned oil companies, like Saudi Aramco, Petrleos de Venezuela and China National Petroleum Corp., control 73 percent of the world's oil reserves, dwarfing the ExxonMobils of the world.

Beyond just producing profits for their central governments, the national oil companies (known as NOCs) are often saddled with tasks such as heavily subsidizing domestic energy consumption and employing thousands of unneeded workers with good political connections.

"You might think that the NOCs would be good for the environment because they are partly the cause of today's high oil prices, and high prices should lead to less consumption and less pollution, but that isn't the case," said Thurber, co-editor of, and contributor to, the new book, "Oil and Governance: State-Owned Enterprises and the World Energy Supply" (Cambridge University Press, 2012).

Subsidized gasoline and natural gas

Large subsidies from NOCs for fuel use at home lead to massive overconsumption. Gasoline is almost free in Venezuela. Within Russia, Gazprom sells natural gas for a fraction of the price it charges Western Europe, according to "Oil and Governance." The International Energy Agency estimates that elimination of such subsidies alone would get the world almost half way to targeted reductions in greenhouse gas emissions by 2020, Thurber noted last week when speaking at Stanford's weekly Energy Seminar.

Another adverse effect for the environment: State-owned companies contribute to fuel price volatility. The roller-coaster between high and low oil prices may discourage large investments in competing energy sources like biofuels.

Price volatility can derive from the follow
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Contact: Mark Shwartz
mshwartz@stanford.edu
650-723-9296
Stanford University
Source:Eurekalert  

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