Oil prices may not be spiking in response to last week’s airstrike in Iraq, but the ongoing tensions in the Middle East will support higher oil prices going forward, Marathon Oil CEO Lee Tillman said earlier today.
Chairman and CEO Lee Tillman said that while oil prices may not be spiking in response to Thursday's airstrike in Iraq, ongoing tensions in the Middle East will support higher oil prices going forward.
"I think the dampening effect ... is really the impact of the U.S. energy renaissance," he said Tuesday on CNBC'sfrom the Goldman Sachs energy conference in Miami Beach, Florida. "We make up about 8% of the global supply today, and those are reliable, highly secure barrels that the market is counting on, and I do believe that's reduced this risk premium from returning back into the market.
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