2006/04/18

International instabilty strengthens Williams' negotiating hand

With the world in a state of unrest,Newfoundland's stability strengthens its hand as crude oil prices continue to surge.

By global standards of political instability and mounting violence that have made the oil and gas industry a dangerous neighbourhood, Newfoundland offers an oasis of peaceful development. Because of his pursuit of an equity stake in the undeveloped Hebron field off Newfoundland and his rejection of a $500 million subsidy demanded by the U.S.-led consortium on the project, Danny Williams has been described as "Canada's Hugo Chavez".

Danny is a tough negotiator. In the end Big Oil will back down. Where else can they get secure reserves and a stable political environment? Why should Newfoundlanders pay for the obscene $400 million retirement package of Exxon chairman Lee Raymond?

1 comment:

DownEaster said...

It's like David and Goliath with Williams cast as David.Let the reserves sit in the ocean floor until Big Oil comes to its senses.