Ex-Exxon CEO: Oil prices will fall as demand adjusts down

Oil prices eventually will fall as demand adjusts, although consumers are still in for a rough ride through a volatile commodity cycle, the former chief executive of Exxon Mobil Corp. (XOM) said Tuesday.

High gasoline prices – both in futures markets and at the pump – have accompanied, and at times led, the rise in crude oil. While increases in the price of gasoline are seasonal for this time of year, blame for the extent of their surge can be laid squarely with Congress, Raymond said.

marketwatch