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.

Figures flip the field

Sports programs with strong donor bases and NIL collectives are flipping recruits and transfers at rapid speed, like traders on Wall Street.

Roger Stone Says Treason Indictments Are Coming

Biden, Brennan, Comey, Rice, Rosenstein, Mueller, Weissman, McCabe, Samantha Powers and others I think are looking at serious criminal indictments.”

‘He Didn’t Care That I Was a Malcom X Scholar’

The rise of delusional social justice ideology is the result of impressionable youth being influenced by overpaid professors and administrators.

5 Family-friendly History Movies

Family-friendly history movies you can enjoy with your kids—perfect for homeschool projects or a fun way to learn together as a family.

The hard truth of pretual social change

History shows us a progression of dominant social structures, each one born from innovation and is eventually replaced by another.

FTC Takes Action Against Robot Toy Maker for Allegedly Sending Children’s Info to China

FTC acted against a robot toy maker selling on Amazon, alleging it let a China-based third party collect U.S. children’s data.

DEA Warns Families About Drug Dealers Preying on Social Media

The DEA Omaha Division is asking parents to talk with children about threats posed by drug dealers on social media and the negative impact of drug use.

AI-backed Deepfake Impersonations Are Getting Harder to Detect, FBI Warns

Increasingly hard-to-detect deepfake content created with artificial intelligence (AI) is being exploited by criminals to impersonate trusted individuals.

Oklahoma’s ‘America First’ Teacher Screening Test Spotlights Partisanship Debate

Oklahoma’s recent “America First” initiative for K–12 education has renewed debate on partisanship in public education.

Trump Runs out of Patience With China, Sharpens His Words

President Donald Trump’s recent remarks targeting China and its allies mark a noticeable shift in tone.

Trump Signs Order Renaming Department of Defense as Department of War

President Donald Trump on Sept. 5 signed an executive order renaming the Department of Defense as the Department of War.

Trump Signs Executive Order Targeting Countries That Unlawfully Detain Americans

President Trump signed an EO on targeting the unlawful detention of American citizens around the world and to facilitate the release of hostages.

Trump Sends Warning to Venezuela After US Military Strikes Boat Allegedly Carrying Drugs

President Trump sent a warning to Venezuela after the U.S. military struck what the administration says was a boat carrying drugs in the Caribbean.
spot_img

Related Articles

Popular Categories

MAGA Business Central