Chevron CEO Mike Wirth highlighted that despite sanctions on Russia, Russian oil continued to enter the market, and the sanctions on Iran were not enforced.
He emphasized that the price of gasoline in the U.S. is determined by supply, demand, and global competition, not by the president or oil company CEOs.
He noted that the war in Ukraine initially raised oil prices, but as it became clear that oil supplies were not threatened, prices decreased.
“The price of gasoline in the U.S. is set by supply and demand and competition. It’s not set by the president of the United States, it’s not set by CEOs of oil companies, it’s set in markets. It’s a globally traded commodity,” Wirth said.
“And prices went up because oil prices went up when the war in Ukraine broke out. Prices came down as people realized that oil supplies weren’t threatened. So, there were sanctions that were imposed on Russia, but the Russian oil kept coming into the market. The sanctions that were imposed on Iran have not been enforced.”
Wirth also differentiated between short-term gas prices and long-term issues such as infrastructure investment and energy security, stating that they are not directly relevant to current gasoline prices.
“Do you credit or blame a particular president at any point for pipelines that are built or not built or supply chains or ports that are open or not open? Because all of those things also interact with the price,” Andrew Ross Sorkin pressed.
“But that’s a different issue than the price of gasoline today,” Wirth said.
“That’s about investment in long-term infrastructure, long-term energy supply, and energy security. Those are important issues, but they’re not really relevant to the price of gasoline in the short term.”
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