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Exxon CEO Lee Raymond weighed in on the question of the future of oil prices last night on The Nightly Business Report. He pointed out that, adjusted for inflation, oil prices are now as low as they have ever been since they began keeping records in 1912.

You have to scroll down the page a bit to find it, but you can see a transcript of the interview at:

Raymond agrees with contributors to this folders that politics interfere with oil pricing, but he is optimistic long term. Pithy quote:
YASTINE: What is the company's expectation, looking forward from here, for oil prices?

RAYMOND: Well, I think our view would be that over the long haul, oil prices will recover from where they are. For people who have been in this business for awhile, they realize that we go through a cycle every now and again. Usually driven by political events more than anything else. But long term, the world needs energy. And we think the oil companies supply that energy and supply it at attractive prices. And so consequently, we are optimistic that the long term outlook for companies like Exxon will continue to be fine.

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