March 14, 2012 / 9:21 PM / in 6 years

Chevron sees pricey oil destroying demand

(Reuters) - Chevron Corp (CVX.N) 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.

A woman stands at a petrol pump at a Chevron gasoline station in Los Angeles,California April 11, 2011. REUTERS/Fred Prouser

“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.

Reporting by Braden Reddall in San Francisco; Editing by Phil Berlowitz

Our Standards:The Thomson Reuters Trust Principles.
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below