Toyota Honcho See Oil Over $60 For Next Two Years

John M. Biers of the Dow Jones News Service reported minutes ago that the president of Toyota N.A. sees oil prices staying at $60 and above for at least the next two years - news that ERHC Energy investors may be glad to hear as they look for first oil from five blocks in the Nigeria-Sao Tome and Principe Joint Development Zone well within the same period.

Here is the Biers piece, released at 2:57EST:

HOUSTON (Dow Jones)--The president of Toyota Motor Corp's North American operations said Monday he expects crude oil prices to remain above $60 a barrel.

"At least it will remain for 2-3 years at the level over $60," said Hideaki Otaka, President and Chief Executive Officer of Toyota Motor North America Inc. This isn't the company's official forecast.

Crude oil futures on the New York Mercantile Exchange ended at $64.30 a barrel on Monday, as the market reacted to the prospect of another hurricane in the Gulf of Mexico.

Speaking on the sidelines of an event in Houston, Otaka said it was "painfully apparent" that a high percentage of energy assets in the U.S. are in the Gulf Coast.

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