March 14, 2012 / 9:23 PM / in 6 years

Chevron sees pricey oil destroying demand

(Reuters) - Chevron Corp (CVX.N) Chief Executive John Watson sees demand for oil being destroyed in the United States as a result of higher gasoline prices and an underperforming U.S. economy.

A woman stands at a petrol pump at a Chevron gasoline station in Los Angeles,California April 11, 2011. REUTERS/Fred Prouser

    “We’re seeing that right now,” he said. “If you look at the peak in U.S. oil consumption it was about 21 million barrels a day as little as about three years ago. It’s now down to about 19 barrels a day ... and high prices are partially contributing to that.”

    “The other component in the United States is a relatively weak economy,” Watson added in an interview aired on CNBC on Wednesday.

    Reporting by Braden Reddall in San Francisco; Editing by Phil Berlowitz

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