ExxonMobil's Mega Deal: A Bet on Oil's Staying Power

ExxonMobil's potential acquisition of Pioneer Natural Resources for almost $60 billion highlights the consolidation of ExxonMobil's grip on the oil market and the value of the shale oil industry. The article questions why the UK has not developed companies of similar size and success in the shale industry, attributing it to a combination of local protests, environmental objections, and government bans. The author argues that the UK missed a significant opportunity to create a thriving shale industry, which could have generated jobs, tax revenues, and energy security, while diversifying the energy mix with wind and nuclear power.