“For too long, Americans have been led to believe they can enjoy low oil and gasoline prices with less exploration and refining. The hurricanes have shown that this equation is not sustainable.”
“The big issue is what demand is going to be next year. High prices tend to attract higher production and higher supplies. The question then is, What will happen to the demand side? The fact is we rarely know what is going to happen.”
“This merger provides current and long-term investment value, and Unocal is an excellent strategic fit with Chevron's assets and corporate culture. Chevron has proven technical and financial capabilities to maximize the full value of Unocal's world-class assets.”
