This is a very important question in view of the recent disaster with BP. All businesses have important ethical considerations, but oil companies have a few that are specific to their industry. Let me name two of them.
First, Chevron should consider public safety. Another oil spill can be deadly not only for the employees of the company and shareholders, but more importantly for the environment. The ramifications of an oil spill can effect the lives of millions. Hence, there is an important ethical consideration when it comes to protecting the environment. Profits should not be first on the agenda but safety.
Second, oil is something that all people need. Moreover, oils fuels global trade. For this reason, a rise in prices can truly hamper any economic recovery. In light of this, rises in prices must be evaluated carefully. Just because a company can get more money for their product, it does not mean that they should. Oil companies need to have a macroeconomic picture of the economy and be responsible.