Chevron chief: Bush misunderstands oil market

US President George Bush’s desire to cut US dependence on Mideast oil shows a “misunderstanding” of global energy supply and the critical role of Saudi Arabia, the vice chairman of Chevron Corporation said today.Peter Robertson said the US would be better off working for “interdependence” with oil producing countries rather than seeking to cut dependence.

“This notion of being energy independent is completely unreasonable,” Robertson said to a largely Saudi audience at the Jeddah Economic Forum, which opened yesterday.“I don’t think anyone actually believes that the US can end its dependence on oil in the Middle East at all.”

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