Latest News

Sep 25, 2023

US Energy Policy Hindering Oil Production, Chevron CEO Says

Kevin Crowley, Bloomberg News

CULVER CITY, CA - APRIL 25: Oil rigs extract petroleum as the price of crude oil rises to nearly $120 per barrel, prompting oil companies to reopen numerous wells across the nation that were considered tapped out and unprofitable decades ago when oil sold for one-fifth the price or less, on April 25, 2008 in the Los Angeles area community of Culver City, California. Many of the old unprofitable wells, known as "stripper wells", are located in urban areas where home owners are often outraged by the noise, smell, and possible environmental hazards associated with living so close to renewed oil drilling. Since homeowners usually do not own the mineral rights under their land, oil firms can drill at an angle to go under homes regardless of the desires of residents. Using expensive new technology and drilling techniques, California producers have reversed a long decline of about 5 percent annually with an increased crude flow of about 2 1/2 million barrels in 2007 for the first time in years. (Photo by David McNew/Getty Images) , Photographer: David McNew/Getty Images

(Bloomberg) -- US oil production is being held back by inconsistent energy policy, Chevron Chief Executive Officer Mike Wirth said.

“I hear people say, ‘We’re back up to record levels of production,’” Wirth said during the American Energy Security Summit in Oklahoma City on Monday. “With better policy we would be beyond that.”

Energy policy needs to balance environmental concerns with affordability and reliability, and remain stable, Wirth said.

“We really do need more consistency, more predictable and durable policy, to enable what is the greatest sector of our economy and the biggest single lever to our ongoing global competitiveness,” he said.