“I think the cohesive response of many countries may help in the near future,” Wirth told CNN during a news conference. “Of course, we have seen markets on the edge with concerns about supply and supply reliability.”
The price of Brent oil ended above $ 100 a barrel For the first time on Monday 2014. US crude and Brent rose another 5% on Tuesday, the International Energy Agency gathers to discuss the response to the Russia-Ukraine crisis.
Last week, US President Joe Biden indicated that the United States was ready to release more oil from its strategic oil reserves, which were tapped in November in response to higher prices.
“Strategic petroleum reserves should be utilized in times of high risk of actual supply disruptions or supply disruptions,” Wirth said. “Unlike it was overused due to concerns about prices, but there was no real supply concern, the use of stock in this event was consistent with what it was established for.”
However, the CEO of Chevron stressed that the federal government should take broad measures to promote the long-term growth of oil and natural gas.
Invasion of Ukraine, world number. 2 has sparked concerns about a supply embargo from oil producer Russia. Wirth expressed hope that it would not happen.
“I do not see anything to indicate that Russia’s intentions or the intentions of governments involved in sanctions are to restrict oil supplies,” Wirth said. “Actually, the complete opposite. It seems to me that people are very careful to indicate their purpose is to try to maintain the supply of energy to the world in need.
Chevron said it was the only real expression of that for Russia Caspian Pipeline Federation, Pipeline system for importing crude oil from western Kazakhstan and Russian oil producers. The Russian government and Chevron have a stake in the initiative, according to its website.
“We have no indication from any government that the operations of the Caspian Pipeline Federation will be hampered,” said Virth, who is an important source of supply, carrying more than a million barrels a day from landlocked Kazakhstan.
Prices have risen due to rising oil prices Gas pump maximum in seven years. According to the AAA, the national average for regular petrol rose to $ 3.62 on Tuesday, up about 9 cents a week and 24 cents a month.
At some point, energy prices can become so high that it erodes demand from consumers and reduces the broader economy.
“We have a strong global economic recovery. At this point, economies have been able to accommodate higher energy prices and provide more growth, “Wirth said.” I think there may be a limit to that. “
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