Chevron’s CEO has warned that he isn’t sure how high gas prices could get as Donald Trump continues to try to bring an end to the two-month-long Iran war. Mike Wirth was interviewed on CBS’s Face the Nation on Sunday and said that the war had exposed the relative futility of some measures taken to avert price shocks for consumers while warning that gas prices were not done rising, at least for now. Gas prices are nationally averaged at $4.46 for a gallon of low-grade fuel. Wirth said it was “very hard to say” that gas prices had peaked, as some administration officials have hurriedly insisted over the past month. Now, negotiations over a ceasefire deal have collapsed and Iran’s grip over the Strait of Hormuz has so far proved impossible for the U.S. to shake loose.
Does anyone care what CEO’s think anymore? They don’t speak to the people, they speak to the shareholders. All I hear is “My hugely grossly big bonus might be a little smaller this year”.
Oil companies when they can move less oil for more money:
Was the next word, “Woohoo”?
Chevron’s CEO giddily exclaims gas prices will almost certainly go higher.
Here’s the thing. They don’t want it this high. People start looking at alternatives. Buying electric cars. That sorta thing. They want oil between like $60-90 a barrel. Not $120. He’s not happy. At least not long term.
Nah man that’s multiple quarters in the future and every drop the US can produce and sell will get out there meaning maximum profits. For long term you’re right. Which longterm it’s probably the right direction. It should have stayed $4-$5 from back when Bush/Obama was in office. Alternatives would already be here.
Actually, US oil is pretty much junk from a gasoline perspective. You can squeeze gas out of it, but you can’t really get DIESEL, which is the big driver of fuel costs thanks to our entire modern delivery system, and in turn most of our manufacturing capability, relying entirely on it. You used to be able to do it by sending it through alkylation, but the last plant that handled that in the US blew up a couple years ago and it was never fixed, because why would anything need to be fixed ever.
“Trumps Oil Crisis” - sounds good. He always wants things named after him, but where he decorated himself with the efforts of others like with the former Kennedy Center, this is one he really owns.
See also: “Trumps Unprovoked War in the Middle East”, “Trumps Hormus Blockade”, and “Trumps Breakdown of the American Economy”.
Not for them though. They’re making record profits.
For now. These prices are already forcing people to look at evs or alternative modes of transport. If it goes on long enough things could reach a tipping point that collapses their industry. Like a star going supernova before collapsing into a dwarf.
I think the Chevron CEO is feigning concerns so that oil companies won’t get a bad PR. Everyone knows they got record profits because there is talk of windfall tax after all.
I wonder how high prices have to go before even maga and republicans get sick of this.
