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Chevron exec: oil price environment challenge, not crisis

Posted on June 07, 2008

ST. PETERSBURG, Russia (MarketWatch) -- The current oil price environment is a challenge but not a crisis, the chairman of U.S. giant Chevron Corp. David O'Reilly said Saturday. Friday saw the price of crude oil post its biggest-ever one-day gain, closing up $10.75 a barrel, or 8.4%, at a record $138.54 on the New York Mercantile Exchange. On the supply side, there's still a lot of concern, O'Reilly told the Kremlin-backed St. Petersburg Economic Forum....

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oil price , supply side