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Under Questioning by Cantwell, Exxon CEO Estimates Oil Should Cost $60-70 Per Barrel

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Uploaded on May 12, 2011

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.

For more information: http://cantwell.senate.gov/news/recor...

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