EDITORIAL: New government activism

Market principles and the rule of law are under assault. From Russia to Latin America to the US, high oil prices have touched off a round of government activism. While consequences are impossible to predict, they can’t be good for oil and gas companies or their customers.No country illustrates the seductive power of oil money better than Russia. The vast country is not the rich opportunity that it seemed to be just a few years ago. Its geology holds as much promise as ever, but its political risks have leaped. The government has asserted iron control over Russian oil companies, raised taxes, and limited participation by international investors. This would not be happening if crude p...

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