Reuters: Economic News: Chevron sees pricey oil destroying demand

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Chevron sees pricey oil destroying demand Mar 14th 2012, 21:20 Tweet Share this Email Print Related News UPDATE 6-Oil pulls back on U.S. stock build, dollar's rise 12:45pm EDT Chevron sees 20 percent jump in production by 2017 Tue, Mar 13 2012 Analysis & Opinion Chevron tries, tries again to attach Ecuadoreans' $18 bln award Gasoline prices didn't cause the housing crash A woman stands at a petrol pump at a Chevron gasoline station in Los Angeles,California April 11, 2011. Credit: Reuters/Fred Prouser Wed Mar 14, 2012 5:20pm EDT (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. "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) Related Quotes and News Company Price Related News Tweet this Link this Share this Digg this Email Reprints We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/ Comments (0) Be the first to comment on reuters.com. Add yours using the box above.

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