ChevronTexaco Warns of Global Bidding War

By Deepa Babington February 15, 2005

HOUSTON (Reuters) - Asia's insatiable appetite for oil coupled with tight supplies has triggered the start of a global bidding war for oil from the Middle East, the head of ChevronTexaco Corp. said on Tuesday.

The rapid growth in energy demand from Asia coupled with difficulties in accessing oil reserves has also resulted in a new energy equation where the days of cheap oil and gas are numbered, Dave O'Reilly, chief executive of ChevronTexaco, told a Cambridge Energy Research Associates conference.
Asian giants like China and India figure prominently in this new energy equation -- a development that should not go unnoticed by the U.S. government, O'Reilly said, without specifying what exactly Uncle Sam should do about it.

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