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Analysts: US's Chances To Head Off Current Oil Crisis Were Ignored, Blocked


First Posted: 07- 6-08 10:12 AM   |   Updated: 07-14-08 05:12 AM

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Oil Policy

New York Times:

Just three years ago, with oil trading at a seemingly frothy $66 a barrel, David J. O'Reilly made what many experts considered a risky bet. Outmaneuvering Chinese bidders and ignoring critics who said he overpaid, Mr. O'Reilly, the chief executive of Chevron, forked over $18 billion to buy Unocal, a giant whose riches date back to oil fields made famous in the film "There Will Be Blood."

For Chevron, the deal proved to be a movie-worthy gusher, helping its profits to soar. And while he has warned about tightening energy supplies for years and looks prescient for buying Unocal, even Mr. O'Reilly says that he still can't get his head around current oil prices, which closed above $145 a barrel on Thursday, a record.

Read the whole story: New York Times

Filed by Nick Sabloff  |  Report Corrections