US energy policy in wrong direction: Chevron CEO
WASHINGTON. October 20. KAZINFORM The energy policy in the United States is moving in the wrong direction and may risk making energy more scarce and expensive, warned John S Watson, chairman and CEO of Chevron corporation on Wednesday; Kazinform refers to China Daily.
"Our energy policy is rife with contradictions," said the head of the second largest US oil company at the Peterson Institute for International Economics, a Washington-based think tank.
He said the Obama administration's energy policy "would reduce competitiveness of US oil companies" and "diminish" their ability to invest.
His comments stated at a time when the Obama administration is trying to increase tax on oil companies and other deep-pocket industries to help improve the country's fiscal health and fund the president's job plan.
But Watson argued the US government's plan to raise more tax on oil companies and tighten regulation would hurt the country's effort to promote growth and create jobs.
He said affordable energy should be the top priority of the US energy policy; Kazinform cites China Daily.
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