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Exxon CEO Rex W. Tillerson admitted that oil should be $60-70 dollars a barrel

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May 14, 2011 – Comments (3)

FYI - GW Blogpost with the find....

On May 12, 2011, when questioned by U.S. Senator Maria Cantwell (D-WA) at a Senate Finance Committee hearing, Exxon Mobil Chairman and Chief Executive Officer Rex Tillerson said that oil should cost between $60 and $70 per barrel, if the price of oil were based on supply and demand fundamentals. Oil was trading at $98 per barrel on Thursday morning, after inexplicitly plunging 5.5 percent yesterday.

3 Comments – Post Your Own

#1) On May 16, 2011 at 1:38 AM, FleaBagger (28.24) wrote:

Sen. Cantwell is no more intelligent on this matter than, say, my 3-year-old niece. What Tillerson said is way more involved than just admitting that "oil should be $70/barrel" as Sen. Cantwell is trying to imply. It's an arrogant fallacy to assume that you can demarcate those hedgers who are helpful to the market from those "speculators" who are hurting the market. Speculators driving up the price of oil promote conservation, exploration, and production, and if they overshoot, they lose money, and those who short profit when the bulls get slaughtered, while simultaneously driving down the price. You can spin any side as good or bad, depending on what you think would be easiest for your ignorant constituents to understand and identify with.

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#2) On May 16, 2011 at 11:02 AM, buffalonate (94.69) wrote:

The only thing keeping oil as high as it is is the value of the dollar being low.  When the dollar stabilizes oil will fall to market levels. 

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#3) On May 16, 2011 at 11:14 AM, mtf00l (48.15) wrote:

When will that be?

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