Exxon CEO’s statement RE: Oil Prices

Anyone who has read my blog for some time, knows that I am bullish on oil over the next 12-24 months. I recommended purchasing oil in the 50s and low 60s .  I still like it over that period, but think it ran up a bit too fast.  Rex Tillerson, CEO of Exxon said on 6/16/09 The recent rise in oil prices is mainly caused by the weak dollar and not supported by market fundamentals.  “When you look at just fundamentals, there’s not a lot to support this kind of price movement we have seen…in the last six weeks…Concerns about a weakening dollar and coming inflation have led some investors to bet on an economic recovery and try to get ahead of a rally.”

Source:  Rex Tillerson, Exxon CEO statements made at a gas conference the Dutch city of Groningen.

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1 Comment

Filed under Commodity Prices, Credit Crisis, Economy, Inflation, Random Quotes, Stock Market

One response to “Exxon CEO’s statement RE: Oil Prices

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