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  • ExxonMobil Deal With Russia Underscores U.S. Oil Folly

    04/28/2012 7:55:06 AM PDT · by Hojczyk · 8 replies
    Investors.com ^ | April 25,2012 | IBD Editorials
    Oil: First, some very good news on the energy front: Exxon Mobil is set to drill into a massive, 85-billion-barrel arctic oil reserve that will soon be gushing crude. Now the bad news: They're doing it for Russia, not America. If the oil flows as expected, total investment could hit $500 billion, or 18% of Russia's gross domestic product, with pumping to begin in 2020. As part of the deal, Rosneft gets a bigger piece of the U.S. energy market — a one-third stake in three major Exxon Mobil offshore and shale oil projects here in the U.S., the Gulf...