Chevron CEO: Market, not greed, driving gas prices

WASHINGTON (CNN) — Chevron Corp. CEO David O’Reilly says Big Oil is not to blame for skyrocketing gas prices.

Chevron Corp. CEO David O'Reilly says world demand for crude oil has been growing, which is affecting gas prices.

Chevron Corp. CEO David O’Reilly says world demand for crude oil has been growing, which is affecting gas prices.

In an interview Tuesday with Wolf Blitzer on CNN’s “The Situation Room,” O’Reilly said high demand and a short supply of crude oil were key factors causing gas prices to spike. Despite reports of record profits among major oil companies, O’Reilly downplayed a recent poll in which Americans said corporate avarice played a role.

O’Reilly also discussed President Bush’s and GOP presumptive presidential nominee Sen. John McCain’s proposal to lift the ban on new offshore drilling as well as presumptive Democratic nominee Sen. Barack Obama’s call for taxing companies’ windfall profits.

Blitzer: You know you have — you and ExxonMobil, the Big Oil companies –have a huge public relations problem. In all the recent polls, when the American public is asked, who do you blame for these huge gas prices at the pump, they — more than any other single source — they blame Big Oil. They blame you. What’s going on? Video Watch Blitzer grill O’Reilly »

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