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