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Mr Immelt said he was friends with both Mr Liveris and Chevron's chairman and chief executive, John Watson.

He said GE was such a large company that "we can take either side of almost every argument".

"They're both my friends and I just kind of smile and say, have a great debate, guys," he said.

He said his job was to figure out "how to make money, no matter which way it goes".

But he said the US was going to have a "profound cost advantage for a long period of time" because of the boom in gas production, which had substantially reduced local energy charges.

"Steel mills, chemical plants - people like Dow - are going to move back to Texas because to them energy is a
third of their cost structure," he said.

But he said the gas resources in the US were now so large that there would also be exports.

http://www.theaustralian.com.au/business/mining-energy/jeff-immelt-backs-free-market-on-gas/story-e6frg9df-1226601983356