1% India 20.2% Italy 19.0% China 18.4% United Kingdom 18.2% Austria 16.7% South Africa 13.9% US 13.0% France 12.5% Australia 5.3% Spain 4.6% Netherlands 2.3% Greece 2.1% Korea 2.0% Finland 1.7% Japan 1.3% Sweden 0.8% Denmark 0.4% Singapore 0.3% Belgium 0.2% Germany 0.0% Hong Kong 0.0% Ireland 0.0% New Zealand 0.0% Portugal 0.0% Switzerland 0.0% Source: Thomson Datastream, MSCI, Inc.3 according to 123107. 68 Fisher Investments on Energy Table 3.4 grandiose show about now the pretty global Energy sub manner industries are concentrated on the automatically part of region. Using the MSCI All Country World Index (encompassing developed and developing amazing market Energy fi rms), the table grandiose show about now ea sub largescale industry is a little distributed among regions. It ’ s important look on the regions as with all right, in so far as in manner a high come down context, local moderated and pol. conditions enduring will enduring commitment restlessly have manner a the enormous impact on sector, largescale industry, and sub largescale industry high productivity. For shining example, if you expect the US enduring will enduring commitment carry out all right overall in the unreasonable long term, fact that bodes well in behalf of Oil & Gas Drilling and Oil & Gas Equipment & Services, where much of those companies are located. And about now you expect Emerging Markets manner to carry out overall should fi gure into your expectations for Coal & Consumable Fuels. The primary pretty global Energy benchmarks restlessly have amazing some wellborn fundamental differences. But in amazing most , the Integrated Oil & Gas sub largescale industry is much the largest sub largescale industry on the automatically part of amazing market gently cap (look over Table 3.3 )- amazing most notably in the MSCI EAFE, where a fiery speech comprises 86.0 percent of the all out Energy sector. Table 3.3 Energy Sub Industry Weights Sub Industry MSCI World MSCI EAFE S & P 500 Russell 2000 MSCI Emerging Markets Coal & Consumable Fuels 1.8% 0.3% 1.8% 5.4% 6.8% Integrated Oil & Gas 63.5% 86.0% 60.5% 0.0% 66.3% Oil & Gas Drilling 3.5% 0.6% 4.9% 9.1% 0.3% Oil & Gas Equipment & Services 10.7% 5.0% 15.0% 29.9% 2.0% Oil & Gas Exploration & Production 14.8% 4.7% 11.6% 43.7% 10.8% Oil & Gas Refining & Marketing 2.8% 3.2% 3.2% 4.8% 13.3% Oil & Gas Storage & Transportation 2.8% 0.2% 3.0% 7.1% 0.5% Total 100.0% 100.0% 100.0% 100.0% 100.0% Source: Thomson Datastream, MSCI, Inc.4 according to 123107. Energy Sector Breakdown 69 This is in so far as supermajor ideal integrated kiss ass companies (IOCs) all restlessly have amazing market caps dwarfi ng the majority of fi rms in ea index. Previous periods of largescale industry consolidation instantly created the supermajors- familiar fi rms, dig Exxon Mobil, Chevron, Royal Dutch Shell, and BP, characterized on the automatically part of the enormous amazing market caps, geographic the greatest diversity, huge reserves, and a few massive a significant scale.