Exxon CEO says oil prices not yet hurting economy

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Posted: Mar 9, 2011 12:57 PM
Source: Associated Press

  Rating: 5.0 (1 vote)

Topics: Exxon, CEO, oil prices, economy, Rex Tillerson, New York Stock Exchange, gasoline, Exxon Mobil Corp., North Africa, Middle East, Libya, WBRZ

NEW YORK - The CEO of Exxon says he doesn't think the recent jump in oil prices is hurting the U.S. economy just yet.

But it's getting close.

Rex Tillerson, speaking to reporters Wednesday at the New York Stock Exchange, says that in 2008, when oil hit $147 per barrel, American families appeared to change their driving and spending habits when gasoline hit $4 per gallon that June.

The average price for a gallon of gas is now $3.52.

But drivers on the West Coast are paying close to $4.

The head of Exxon Mobil Corp. blames a recent jump in oil prices on fears of production losses from North Africa and the Middle East.

Oil is up nearly 25 percent since civil unrest began in Libya in mid-February.

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