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We live in an age of leaders who wage war and wreak economic havoc across the globe. The Telegram, our geopolitics column, turns to history to learn whether the chaos they are creating will outlast them.
The chaos has been good for some in big oil. The share prices of European majors are up. Those of Exxon and Chevron, however, are not. Recent quarterly earnings point to three reasons why American giants are benefiting less than their rivals. The longer the war goes on, the more the majors’ fortunes may diverge. | 
