Far too many executives have become more concerned with the four P's -- pay, perks, power and prestige -- rather than making profits for shareholders.

I don't think for a minute we went to Iraq for oil. It just so happened that it had oil. But I think we'll come out of the Iraqi situation with a call on their oil at market price.

Far too many executives have become more concerned with the four P's -- pay, perks, power and prestige -- rather than making profits for shareholders.

To me, emails are a little bit frustrating. I think that the telephone is much preferred because you get the sound of the voice and the interest and everything else you can't see in an email.

There's no question that tar sands in Canada are probably the largest source of oil available to the U.S. over a long period of time. There's as much oil in the tar sands probably as there is in Saudi Arabia. The problem is, there's a huge capital requirement to develop that.

Predictability can lead to failure.

If you don't have a refinery operating, it's hard to use oil that's available.