Exxon CEO Warns on Oil Prices

Exxon Mobil Corp. Chief Executive Lee Raymond has warned against assuming that a new energy era has taken hold, but says the current oil price cycle could take a few years to work itself out.

Raymond’s comments came as oil prices soared past another trading record Tuesday to nearly $60 a barrel.

Demand from energy thirsty Asian countries like China and India coupled with stretched supplies and turbulence in oil producing nations have driven prices up over the past year.
CNN