Wednesday February 16, 2005

ChevronTexaco CEO: Cheap Oil Over

energyresources :

The world has entered a new era of more expensive oil and greater competition for resources, and the U.S. will have to formulate a national energy policy to keep up, ChevronTexaco Corp. (CVX) Chief Executive David J. O'Reilly said Tuesday. "We're seeing the beginnings of a bidding war for Middle Eastern oil between East and West," he said.

Some analysts have argued rising demand in China and the U.S. has forced a permanent upward shift in the price of oil. O'Reilly gave some support to those views, saying the era of cheap oil is over.

(2005-02-16 15:14:41 SGT) [Energy] Permalink

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