Chevron CEO: Energy industry needs more ‘supportive’ policies
Chevron chief Mike Wirth reacts to Saudi Arabia slashing oil production
The US can be an energy powerhouse but we need supportive policies: Chevron CEO Mike Wirth
Chevron CEO Mike Wirth discusses the United States energy policies and OPECs decision to cut oil production on Special Report.
With concerns growing that gas prices could surge following Saudi Arabia's decision to slash oil production, Chevron Chief Executive Mike Wirth says a friendlier policy environment for the U.S. energy industry would help domestic producers pump more at home.
"We have the ability, as we've seen in recent years, to make the U.S. an energy powerhouse," Wirth told Fox News' "Special Report" on Monday. "But it does need to be done with a supportive policy, with an environment that encourages investment. And we've seen some mixed signals here over recent years."
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| CVX | CHEVRON CORP. | 161.92 | +1.92 | +1.20% |
Wirth said some "modest but meaningful steps on permitting reform" for U.S. producers were included in the recent debt ceiling deal, and the industry hopes "that's a sign of an intent on the part of the [Biden] administration and Congress to work further towards energy policy that balances economic prosperity, energy security and environmental protection but doesn't over-focus on any of those."
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The Chevron CEO pushed back against President Biden's frequent criticisms over U.S. energy producers making record profits last year, and the president's claims that American oil companies could be drilling more using existing leases.
President Biden delivers remarks on efforts to lower high gas prices in the South Court Auditorium at Eisenhower Executive Office Building June 22, 2022, in Washington, D.C. (JIM WATSON/AFP via Getty Images / Getty Images)
Wirth noted that the oil industry "lost a lot of money" when the onset of the COVID-19 pandemic caused demand to plummet, and "as we've come out of COVID we've been on the other side of that."
"The numbers can be large, but they can go in both directions, and they can go there quickly," he explained. As for leases, Wirth said, "we're not sitting on permits that we're not using."
Wirth agreed with Energy Secretary Jennifer Granholm's claim that the U.S. is on track to reach record levels of production this year, and re-upped his call for the administration to tone down its hostilities toward oil companies.
Energy Secretary Jennifer Granholm testifies before a Senate Committee on Energy and Natural Resources about the 2023 budget for the Department of Energy, May 5, 2022, in Washington, D.C. (Photo by Nicholas Kamm/AFP via Getty Images / Getty Images)
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"We'd like to see a more collaborative and open dialog with the administration," Wirth told host Bret Baier. "We can work together to protect the environment, to address climate change, and to create energy security."