Transcript: Rex Tillerson, ExxonMobil CEO

In the meantime, allow us to get to work to respond with additional supplies around the world where we're able to gain access to develop new supplies and bring new supplies of gasoline and motor fuel on.

CHARLES GIBSON: But you know the markets. Is that kind of a decrease in driving habits going to have an impact on gas prices?

REX TILLERSON: Well, I think it already is having an impact on gas prices. Again, as the markets try to price looking forward, the commodities of crude oil and natural gas and gasoline, the products that we use, it's looking -- the market is looking at supply-demand. And this demand response, I think, the market now has taken note of. And that's why I think you're beginning to see them. We have seen a fairly rapid rundown in crude oil prices just in the past couple of weeks.

CHARLES GIBSON: And will that continue in terms of crude oil prices? Goldman Sachs made the prediction that oil prices could be $200 a barrel.

REX TILLERSON: Well, yes, I'm not in the business of predicting prices. We never have been, because we've never been any good at it. But what I can make the observation is that the demand response is having an effect. New supplies are being brought on around the world. Supply is up in the month of July, approaching nearly 88 million barrels a day of oil available in the world. And so those two working in combination with the third very important factor, the strength of the U.S. dollar, are having their effect. And I think that's why we're seeing the oil price now coming down.

CHARLES GIBSON: Do you understand, and can you appreciate from your position with the escalation of the price of a gallon of gas, why people are fed up, angry, indeed disgusted with the oil companies?

REX TILLERSON: Well, I can understand why people are very upset and why they're very worried and concerned about their ability to deal with these high prices. In terms of where they should direct their anger, I don't think it's useful for me to comment on that; although it does bother me that much of that is directed at us.

Our job is to provide energy, to provide it in a means that is reliable. And we hope we can provide it in a means that's convenient as well to the consumer. And that's what we're continuing to do.

CHARLES GIBSON: Former senators had the temerity to say the other day Americans are whining. Are they whining? Or do you really -- can you, from where you are, feel their pain?

REX TILLERSON: No, I don't think it's whining, Charlie, because I don't think there's any question that if these prices -- $3.50, $4 a gallon for gasoline -- and the follow-through effects on the cost of electricity, that this is causing a lot of problems for a lot of Americans, again, who their budgets just are very difficult for them to accommodate this. And they don't have other options. Much of the world, certainly here in Texas where you're visiting, we do not have large mass transportation systems. And so people don't have a lot of other options than to get in their car and have to drive to get about their daily requirements.

CHARLES GIBSON: You and some of the other people in the oil business have said look, you've got to understand that markets drive the price. It is a market-driven economy. But is there nothing that ExxonMobil can do to make gas more affordable for the average Joe?

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