The story

Chevron Corp. CEO David O'Reilly says Big Oil is not to blame for skyrocketing gas prices.

In an interview Tuesday with Wolf Blitzer on CNN's "The Situation Room," O'Reilly said high demand and a short supply of crude oil were key factors causing gas prices to spike. Despite reports of record profits among major oil companies, O'Reilly downplayed a recent poll in which Americans said corporate avarice played a role.

O'Reilly also discussed President Bush's and GOP presumptive presidential nominee Sen. John McCain's proposal to lift the ban on new offshore drilling as well as presumptive Democratic nominee Sen. Barack Obama's call for taxing companies' windfall profits. Read full article »

All About Oil Production and RefiningOil PricesChevron Corporation

Don't miss