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NYT: American Energy Policy, Asleep at the Spigot

Author: Nelson D. Schwartz
July 6, 2008


Just three years ago, with oil trading at a seemingly frothy $66 a barrel, David J. O’Reilly made what many experts considered a risky bet. Outmaneuvering Chinese bidders and ignoring critics who said he overpaid, Mr. O’Reilly, the chief executive of Chevron, forked over $18 billion to buy Unocal, a giant whose riches date back to oil fields made famous in the film “There Will Be Blood.”

Traffic on a Los Angeles freeway. Almost 70 percent of the oil used daily in the United States goes to transportation, much of that to invididual drivers.

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