US energy policy in wrong direction: Chevron CEO

"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.

To learn more go to www.chinadaily.com.cn