Chevron CEO Andy Walz said Americans should drive less amid the Iran war.
Andy Walz, Chevron’s CEO, suggested that Americans could save money by driving less and trying to conserve energy. “People should try to drive less. They should try to conserve energy,” Walz told CBS News when asked how Americans could try to save money at gas stations.
“We should do this all the time. Energy is essential to people’s lives, but we must conserve it.”Since the beginning of the war, ship traffic in the Strait of Hormuz, which transports approximately 20% of the world’s oil and gas supplies, has been affected, resulting in a significant rise in fuel prices. The price of Brent crude, the international standard, has risen to hover around $100 a barrel in recent weeks. Walz said there may be no “silver bullet” to help lower prices for Americans in the long run while oil prices remain high for everyone. “It’s a global market for crude,” Walz said. He added, “We have crude here, it is closer to us, and we all process it and use it. This helps the Americans reduce their prices… If this continues for a long period of time, it will probably become more difficult.”Walz also warned of potential supply chain issues if the crisis continues.He said, “America relies more on domestic production, but there are countries in Asia and other parts of the world that rely heavily on Middle Eastern crude.”
“They can’t get it. They can’t refine it. They can’t make the products that people need, and they’re running out. And that’s a real problem. We’re worried about the price here. There are other countries that don’t have the products. And to me, that’s a big concern.”The White House dismissed concerns about the US economy amid the war with Iran, describing the price hikes as “short-term disruptions.” “While the administration is ensuring the free flow of energy through the Strait of Hormuz, the US economy remains on a strong path thanks to the administration’s aggressive supply-side agenda of tax cuts, deregulation, and energy abundance,” White House spokesman Khush Desai said last week.
