Chevron CEO Responds to Biden’s Allegations of Price Gouging

Contact Your Elected Officials
The Epoch Times Header

Chevron’s CEO asserted that the oil industry isn’t attempting to hold back supply, rejecting allegations made by the Biden administration in recent weeks amid record-high gas prices.

“People are not holding back supply. People are not slow-walking anything—they’re producing as much in the refining system as possible,” CEO Mike Wirth told Fox Business on Thursday in reference to the oil industry.

President Joe Biden and other White House officials have accused the oil industry of slow-walking production in a bid to keep prices high. The Biden administration sent a letter to Chevron, ExxonMobil, BP, and other top producers last month, suggesting the federal government could take executive action.

According to Friday data released by auto club AAA, the average price for a gallon of gasoline is currently $4.57, down nearly 50 cents from a month ago when prices stood a $5 per gallon.

“Upstream production is growing and that’s how the market works,” Wirth said. “The price signal, when it reaches this level in a commodity business—and look, we’re price takers, we see high prices say ‘consume less, produce more’—that’s exactly what’s underway right now. And I think it’s part of the reason why we’re seeing prices come down.”

Amid the high gas prices, Chevron’s CEO added that the oil “industry is responding with increased production. We need to see rhetoric and messaging that indicates that our country supports increased production.”

Mixed Signals

While Chevron and other oil companies have been in communication with the White House, administration officials have sent mixed signals. As a result, oil corporations have scrapped making long-term investments in various projects.

During a news conference last month, Biden dismissed suggestions from Wirth and called him “mildly sensitive.”

“I didn’t know they’d get their feelings hurt that quickly,” Biden said. “Look, we need more refining capacity. This idea that they don’t have oil to drill and to bring up is simply not true.”

By Jack Phillips

Read Full Article on TheEpochTimes.com

The Epoch Times
The Epoch Timeshttps://www.theepochtimes.com/
Tired of biased news? The Epoch Times is truthful, factual news that other media outlets don't report. No spin. No agenda. Just honest journalism like it used to be.

Trump’s Middle East Triumph is Worth Celebrating Even As Peace Remains Elusive 

President Trump’s bold foreign policy defies globalist appeasement, showcasing unwavering American strength and decisive leadership on the world stage.

Are conservatives fighting a fiction of woke?

Wokery, it hurts to say it, is too disorganized to have an organized cosmology or doctrine of metaphysical belief.

Illinois Democrat Offenders Reveal Party

The crime of J.B Pritzker and Brandon Johnson in this episode of American history is called subversion at the least , but could be as serious as treason.

Inside the Public School Librarian Jihad to Keep Transgender Propaganda on Shelves

Public school librarians are doing all they can to keep child tranny propaganda flowing directly into the malleable minds of their charges.

Five Reasons Why The Latest Czech Elections Were So Important

Populist-nationalist politician Andrej Babis is poised to return to the premiership after his party's victory. Here are 5 reasons why this is so important.

Senate Confirms 107 Trump Nominees

Senate Republicans confirmed more than 100 people nominated by President Donald Trump to fill vacant government positions on Oct. 7.

29-Year-Old Florida Man Arrested Over Palisades Fire

A 29-year-old Melbourne, Florida man was arrested for allegedly starting the Palisades wildfire that burned for weeks and killed 12 people.

FBI, LAPD Raid Mexican Mafia-Linked Gang in Southern California

FBI and LAPD raided a Mexican Mafia-linked gang in Southern CA, arresting a dozen individuals in connection to the Rancho San Pedro organization.

James Comey Pleads Not Guilty to 2 Federal Charges

Former FBI Dir. James Comey pleaded not guilty in federal court on Oct. 8 to charges of making a false statement and obstructing a congressional proceeding.

Trump Says He May Invoke Insurrection Act in Portland If Necessary

President Donald Trump on Oct. 6 said he may consider invoking the Insurrection Act in Portland, Oregon, if necessary.

Trump: All Medium, Heavy Duty Trucks Entering US Will See 25 Percent Tariff on Nov. 1

President Trump announced on Monday that all medium and heavy-duty trucks entering the United States will see a 25 percent tariff starting on Nov. 1.

Treasury Names Social Security Commissioner as CEO of IRS

Treasury Sec. Scott Bessent announced that Frank Bisignano, the head of the Social Security Administration (SSA), will also serve as CEO of the IRS.

Agencies Terminated, Descoped 94 Wasteful Contracts With $8.5 Billion Ceiling Value, Says DOGE

Various federal government agencies have terminated and descoped 94 wasteful contracts over the past five days, DOGE said in an Oct. 4 post on X.
spot_img

Related Articles

Popular Categories

MAGA Business Central