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Lower Oil Prices for Consumer, Better for Oxy, Industry: Chazen

Lower oil prices are good for the US consumer, Occidental Petroleum Corporation and the oil industry as a whole, company CFO Stephen Chazen, told CNBC Tuesday.

“We’ve always been cautious on oil prices. We’ve always a little bearish,” said Chazen, who will become the oil company’s CEO at the annual meeting next year. He has been CFO at Oxy since 1999. Oxy is the fourth largest oil company in America.

“I think high oil prices are bad for consumers in the United States: It dampens demand and increases the risk of a double-dip recession.”

Chazen described oil production as “lumpy” now, but said he expects a 5 percent to 8 percent growth each year for the next five years.

Among the company’s new projects are a site in California , which represents about 10 percent of its future reserves.