ExxonMobil CEO - Supply Response To High Prices "A Couple Of Years Away"

[hatrack]

EDIT

An increase in oil supplies in response to the recent record prices of over $ 98 a barrel may take a couple of years, Tillerson said at the industry's World Energy Congress in Rome.

"Clearly the price level reflects tightness in supply today, but there are other factors at work," Tillerson said. There hasn't been much of a response from consumers to high prices by reducing their demand, because many of them are being sheltered from the full effects of high oil prices, he said.

Current volatility in oil prices is likely to continue into the coming year, unless a downturn in the global economy cuts demand, he said. "Next year will be the same, a lot of frothiness in the price ... the 'but' is if we have a recession," he said.

EDIT/END

http://money.cnn.com/news/newsfeeds/articles/djf500/200711121018DOWJONESDJONLINE000333_FORTUNE5.htm

[acmavm]

1. Someone please explain this statement to me because either

I'm nuts or this asshole is full of shit.

<snip>

There hasn't been much of a response from consumers to high prices by reducing their demand, because many of them are being sheltered from the full effects of high oil prices, he said.

<snip>

Where the fuck is MY SHELTER? I'm on empty until tomorrow when I get some cash. What's this slug talking about?

[The2ndWheel]

2. You're still getting cash tomorrow right?

Full effect not in effect yet.

[DCKit]

3. Talking out both sides of his mouth, his ass and waving his hands all at the same time. nt

[Nihil]

4. That sounds like more of a "full body shiver" ...

... possibly reflecting the thought "How much more can we gouge out of these
people before it's time to take cover in the bunker?"

:shrug:

[Javaman]

5. You are right, he's full of shit.

look at it this way, if he tells the truth, his stocks go down and he's out of a job. It pays for him to lie and lie big. The bigger the lie, the bigger the profit.

Has there ever been a CEO that told the truth about their company and lived to tell about it?