Katie O'Brien
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Katie O'Brien in Senior Content Editor,

​Exxon CEO Describes ‘Volatile’ Time for Oil Stocks

Oil stocks have seen some trouble over the past few months due to lowered oil prices and, according to Exxon (NYSE: XOM) CEO Rex Tillerson, that is unlikely to change in the near future, according to Yahoo Finance.

“There is potential for there to be further pressure on the market for a period of time,” Tillerson ton CNBC. “I think people kind of ned to settle in for what is likely to be a bit of volatile time around this level we’re at.”

As oil barrel supply numbers have climbed, those oil producers have no choice but to sell, Yahoo Finance reported.

“As this North American phenomenon has occurred over the last three or four years, [the market] has been surprising at how robust and resilient this has been, and year after year, there’s another million-plus barrels coming out of North America,” Tillerson said, according to Yahoo Finance.

Yahoo Finance commenter Veritas said:

The biggest risk to the price of oil, and it is a HUGE downside risk, and no one is talking about except me, is a HUGE supply of oil that hits the market as U.S.-engineered fracking technologies, which have made the U.S. not only energy independent, but a net EXPORTER of oil, are extended to every country around the globe! Oil will be selling for under $10.00 per gallon. In the same way the U.S. tracking technologies have turned fallow oil fields into fecund oil gushers, every country around the globe can do likewise. This is one of the most unanticipated developments in the history of oil & gas exploration! God bless us! And, God help the industry as it is turned on its ear!

Yahoo Finance commenter Wally said:

Crude oil IS NOT fossil fuel! Hahaha. Wow, time to break out of the old bed time story that decaying dino's make fuel for gas production. Tell me, oh great one, how does an organic produced medium change to complete LACK of organic matter or Abiotic. Cannot be explained, el poopie bag holders of the world. Crude oil is produced by the Earth. Plain and simple, and as such, it is STILL being produced and is not in limited supply. This is just a fable to keep you the bag holder thinking they have you over a barrel, an OIL BARREL, that is! hahaha