Tue, 1 Jul 2008
11:20 PM - Larry King Live interview with Chevron head
Last night, I caught Larry King Live on CNN. The topic was high oil prices . He interviewed the CEO of Chevron, as well as several others. There were several points of interest in this show.
1. The raw crude price is around $3.30 before refined or shipped to gas stations.
2. Price variations in the US are largely due to taxes in different states.
3. Gas is sold to stations at around $4 right now. The remaining cost is taxes, etc.
4. It would take many years to extract oil if we started drilling in the north pole or offshore leases. It may benefit us in the future, but unlikely to help with our current price points.
5. He encouraged the use of alternate energy sources, but thinks that we'll be dependant on fossil fuels for most of my lifetime.