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Page added on March 14, 2012
Chevron CEO sees pricey oil destroying demand
Chevron Corp Chief Executive John Watson sees demand for oil being destroyed in the United States as a result of higher gasoline prices and an underperforming U.S. economy.
“We’re seeing that right now,” he said. “If you look at the peak in U.S. oil consumption it was about 21 million barrels a day as little as about three years ago. It’s now down to about 19 barrels a day … and high prices are partially contributing to that.”
“The other component in the United States is a relatively weak economy,” Watson added in an interview aired on CNBC on Wednesday.
3 Comments on "Chevron CEO sees pricey oil destroying demand"
BillT on Thu, 15th Mar 2012 1:42 am
This is good news, not bad. Yes, prices will do something words cannot do, change people’s use habits. BTW, the Us economy is contracting and will never grow again, so get used to it. Salaries have been shrinking in buying power for over 30 years. Good paying jobs are being traded for minimum wage part-time jobs. That too is not going to change but it probably will get worse.
DC on Thu, 15th Mar 2012 2:25 am
Couldnt agree more. Chevron, then called Standard Oil, was the prime mover behind the conspiricy to undermine and destroy electric mass-transit in the early and middle 20th century thoughout North America, along with there partners in crime @ General Motors. If high prices affect there bottom line. TFB.
MrBill on Thu, 15th Mar 2012 3:32 am
Totally agree with both comments.