Oil is trying to ignore geopolitical headlines. While Israel and Hamas agreed to a 72-hour cease-fire in Gaza easing momentum, yesterday’s report of Russia adding battalions near the border with Ukraine and conducting war games by the border is creating unease.
Russia relies on companies including Exxon Mobil Corp., BP Plc, Halliburton Co. and Schlumberger Ltd. for the latest technology and expertise it needs to develop an estimated $7.58 trillion in oil and natural gas resources that sprawl across nine time zones.
In Texas these days, there’s a feeling of absolute and unwavering confidence in the concept of an American energy revolution. From the depths of reserves to the richness of the energy, an incredible transformation is taking place.