Exxon CEO: Use less of our stuff
Says there is little lawmakers can do to bring down gas prices; must work on supply and demand.

NEW YORK (CNNMoney.com) - Exxon chief executive Rex Tillerson said Tuesday there is little lawmakers can do to combat rising energy costs and urged consumers to reduce demand by using less.

"We just have to ask people to make sure they are using energy wisely," Tillerson told CNN after a meeting with congressmen in Washington. "Be efficient with it, don't waste it."

Exxon CEO Rex Tillerson
Exxon CEO Rex Tillerson

He said Exxon, for its part, was investing $20 billion over the next five years to develop new sources of energy.

"[We're] developing supply from all over the world, including a lot of investment in this country and some new developments. And, you know, all of that is directed at trying to address the tightness in the supply situation.

"There's not anything that can be done that is going to change this situation overnight," he said. "It's all about supply and demand fundamentals."

(To watch the interview, click here)

Tillerson was called to Washington to discuss high gas prices with members of Congress, including House Speaker Dennis Hastert, R-Ill.

Tillerson said he didn't feel the government was unfairly picking on Exxon.

"We are the largest American oil company. We're very global, you know, we are large, a huge investor around the world in developing new supply and it's, you know, it's only natural that people are gonna want to know what we think about things," he said

-- from CNN Washington producer Ted Barrett


Law and oil order: As proposals swirl around Capitol Hill, experts weigh in on what Congress should and shouldn't do to lower fuel prices. Click here Top of page

Follow the news that matters to you. Create your own alert to be notified on topics you're interested in.

Or, visit Popular Alerts for suggestions.
Manage alerts | What is this?