Ever-growing Asia's oil demand coupled with tight supplies provoked the start of a global bidding war
The head of ChevronTexaco Corp. Dave O'Reilly said on Tuesday that ever-growing Asia's oil demand coupled with tight supplies provoked the start of a global bidding war for oil from the Middle East.
He said, 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.
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.
"What I see happening is the beginning of alliances forming between Asian entities and Middle East entities for the long term," O'Reilly told reporters. "And I think it's very important that our government recognizes and understands the implications of that."
The remarks come as the emergence of fast-growing nations like India and China on the global energy scene sparks fears that they may outbid Western oil majors in asset deals or in securing access to a shrinking pool of oil reserves.
