Exxon says oil barrel should be in $60-$70 range

WASHINGTON Thu May 12, 2011 11:43am EDT

Exxon Mobil CEO and Chairman Rex Tillerson speaks as he and other top oil and gas industry executives testify during a Senate Finance Committee hearing on ''Oil and Gas Tax Incentives and Rising Energy Prices'' on Capitol Hill in Washington May 12, 2011. REUTERS/Kevin Lamarque

Exxon Mobil CEO and Chairman Rex Tillerson speaks as he and other top oil and gas industry executives testify during a Senate Finance Committee hearing on ''Oil and Gas Tax Incentives and Rising Energy Prices'' on Capitol Hill in Washington May 12, 2011.

Credit: Reuters/Kevin Lamarque

WASHINGTON (Reuters) - The head of Exxon Mobil (XOM.N) stopped short of blaming speculators for the run-up in oil prices, but he told Congress on Thursday that based only on the fundamentals of supply and demand, the price of oil should be in the range of $60 to $70 a barrel.

"When we look at it, it's going to be somewhere in the $60 to $70 range if you said: 'If I had access to the next marketable barrel, what would it cost?" Exxon's CEO and Chairman Rex Tillerson told the Senate Finance Committee in response to a question about the influence of speculators on high oil prices.

(Reporting by Tom Doggett)

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Comments (29)
mark5610 wrote:
How about $25.00 a barrel, that’s will put Americans back to work

May 12, 2011 12:00pm EDT  --  Report as abuse
USAPragmatist wrote:
@mark, how about a comprehensive energy plan instead of relying on a false premise of cheap oil forever?

May 12, 2011 12:20pm EDT  --  Report as abuse
TheRoanBadger wrote:
USAPragmatist,

Let me know when they make a one ton truck that gets 40 mpg or run on electric to pull a 30 foot trailer for my business. I will be very interested and be the first in line to get one. Until then, cheap oil is the only other alternative at the moment like mark5610 stated.

May 12, 2011 12:34pm EDT  --  Report as abuse
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