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.
I know. I was there. How many land yachts do you see now? Because there were lots before that.
When oil gets this high it’s disruptive. People start buying less because everything is more expensive. Going to get it. All the products oil is used in …plastics, synthetic fabrics, cosmetics,etc. Shipping it. Everything. Whether we like it not this entire country’s economy is based on the price of oil.
So yes we will recover eventually. But it will be different.