Petroleum Leaders Urge Unity on Rising Energy Prices
As oil set a new record, top industry executives and a senior European government official urged the world to pull together in the face of skyrocketing energy prices, while acknowledging that costly crude is here to stay for years.
The comments to the World Petroleum Congress In Madrid, Spain, by the EU Energy Commissioner and the heads of Royal Dutch Shell PLC, BP PLC and Spain’s Repsol reflected a key theme of the four-day meeting — how to bring order into volatile and ever pricier oil and related energy markets.
BP CEO Tony Hayward warned against hopes that present high prices are a bubble that will burst the same way that they did in the 1970s, saying the supply-and-demand picture had changed since them.
