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.
What gets me are the two different excuses that the public are given when it comes to gas prices:
Well oil prices went up yesterday, so of course gas prices need to rise today.
Well just because oil prices dropped doesn’t mean we can just lower gas prices - it takes weeks for that cheaper oil to make it to your car.
Sounds like we need to 86 all these oil execs because them and their bribing of politicians has led us down this path. They have done this intentionally to create a global oligarchy.
Has anything involving Pedo Don ever done anything but get progressively worse?
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”.
You got it all wrong.
An American oil company is going to have absurd windfall profits this year, because the global price for oil has skyrocketed while American production hasn’t gone down at all. So that CEO is warning everyone that he’s gonna have an extraordinarily large bonus this year.
Not all wrong. When speaking of just oil, I agree with you.
Exactly.
He’s making sure upfront that when he gets the Extra Large Bonus at the end of the year all the righteous anger of the people who are being fucked to pay for it is directed elsewhere.
“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”.
Very suspicious that he removed his name from his modeling agency.
They’re scared of the long term implications for fossil fuel industry. Every time gas prices fall, people buy less fuel efficient vehicles and travel more. High gas prices do the opposite. This is nothing more than a CEO who can see past a single quarter’s profits.
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.
We had oil crises in the 80s and gas over $4 in 2008. I don’t see this having any significant long-term impact. Existing efforts will continue, but most people will just go right back to their old habits.
The difference is that now there are viable alternatives. Countries around the world are stepping up their renewables and embracing EVs. Trump’s stupid war could very well end up being the catalyst for the rest of the world ditching oil.
In many countries EV sales are higher than ICE sales.
Not the US though.
In the US the Trump Administration is just doubling on making sure America’s Future is the early XX century (in more ways than one, even).
The major long lasting effects was the introduction and adoption of Japanese autos because of their better gas mileage.
For close to 2 decades fuel economy was an important selling point. At the time there was no viable alternative to gasoline engines. Today there is so whole markets are likely to change-over to majority electric.
I’m pretty sure that electric vehicles didn’t really exist in a remotely viable form in 2008, because my Dad was a relatively early adopter with the Nissan Lead, and I remember it took an inordinate amount of effort to plan charging stops for a long distance journey.
A lot of people will just go back to their old habits, but for many others, this could be the thing that kicks them out of their inertial rut.
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.
The embargo in the 70s pushed towards smaller cars, energy conservation but mainly towards exploring in areas outside of the middle east.
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.
Yeah that’s the flip side for sure. High gas prices would have caused some much needed change.
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.
Right. The oil we produce is not suitable for the refineries we have. Most people don’t understand this at all.
One thing I find funny is when “conservatives” say that we should not import or export oil, but only use our own. They don’t realize that this is a very anti-capitalistic idea. It also flies in the face of their laissez faire capitalistic notions.
Not for them though. They’re making record profits.
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.
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.
Please.
Actually we’ve been heading there for quite a while, this just throws the geopolitical instability of fossil fuels into sharp relief. Damage is done. Nice own goal Trump.
Correction: Donny’s oil crisis will get worse.
But I thought we took over Venezuela so we could have all the oil in the world??? Did someone LIE to us?
If you can’t lower prices by kidnapping the legal president of another country what can you do?
Oil companies when they can move less oil for more money:
Chevron CEO warns Trump’s oil crisis could make them buku bucks.
Were you trying to write “beaucoup?”
Too buku
“We have decided we want more money and this is a really good excuse to jack up prices even more.”
Warning i will make more money soon this is working so great i have to raise prices.
