ChevronTexaco's CEO banking on peak oil situation

international | environment | other press Monday April 11, 2005 23:20 by pop

Chevron's purchase of Unocal only makes sense if peak oil is happening soon

The general consensus is that if gas prices fall ChevronTexaco’s $16 billion purchase of Unocal was a huge mistake. The author of this article makes the convincing argument that this “risk” was made because ChevronTexaco’s CEO, David O’Reilly, knows that the peak in oil production is going to happen sooner rather then later.

Though the author points out that the government is doing little about the situation he fails to note that the funded research into hydrogen as a fuel is useless without a way to make Hydrogen without oil.