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NEW YORK -- Some analysts and oil executives say a short term fix to record high gas process might be best left to consumers, who can control market volatility by their respective behavior.
"We're already seeing people responding that way, by using mass transportation and economizing trips they take," Exxon Mobil Corp. chief executive, Rex Tillerson, told The New York Times.
According to AAA, Tillerson might be on target as slight decreases are being realized. The automobile advocacy group reported that regular unleaded retreated more than a cent yesterday to $4.077, and diesel fuel dropped to $4.828 from $4.833 a gallon.
Tillerson is also supporting the push by President George W. Bush to lift the ban on longstanding U.S.-based drilling bans. While he supports alternative energies initiatives and conversation, he told the paper that these steps alone won't derail the rising cost of energy.
Bush's plan, however, is receiving tough opposition by Democrats, particularly House Speaker Nancy Pelosi, who called the president's plan to end a moratorium on oil drilling on the Outer Continental Shelf a "complete hoax."
Tillerson told The New York Times it is "nonsensical" to oppose domestic oil drilling on the grounds that it won't yield new production for 10 years. "If you use that logic, then we should not have any of the barrels that are available today. All of today's supplies were developed years ago."