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Gulf Oil Chairman James E. Lee warned Monday 'the...

SAN ANTONIO, Texas -- Gulf Oil Chairman James E. Lee warned Monday 'the struggle is not over' to win energy security and stable oil prices.

'Our 'upstream' problems of the '70s -- I mean problems of energy security and the price of crude oil -- are probably behind us, but only if we are wise,' Lee told the seventh international conference of the National Petroleum Refiners Association.

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'It is extremely important that we not be lulled into a false sense of security or complacency.'

Lee said the international petroleum market had shifted from a seller's market in the 1970s to a buyer's market in the 1980s, much to the advantage of the consumer.

He also predicted the petrochemical industry will see an upturn when the economy improves.

'When the ecnomy begins to make a comeback, the petrochemical business will turn up,' he said. 'Growth in chemical demand in the United States will likely be no greater than about 1 percent above GNP. But if worldwide petrochemical demand expands by only 3.5 percent per year, petrochemical supply will have to double by the year 2000 to meet this demand.'

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