Posted on 03/11/2025 7:45:35 AM PDT by Miami Rebel
HOUSTON, March 10 (Reuters) - Chevron (CVX.N), opens new tab would like to see durability in U.S. energy policy rather than swings from one extreme to another, CEO Mike Wirth said on Monday.
U.S. President Donald Trump's first weeks in office during his second term have been marked by a rapid overhaul of government and the reversal of many energy policies of the previous administration.
Many of those policy changes have come through executive orders from the president rather than through legislation.
Policy reversals have had a direct impact on Chevron. Late last month, Trump said he was ending a license granted to Chevron since 2022 to operate in Venezuela and export its oil.
"Swinging from one extreme to another is not the right policy approach," Wirth told the CERAWeek energy conference in Houston.
"We have allocated capital that's out there for decades, and so we really need consistent and durable policy." Permits for energy projects are one example that the sector needs consistent policy on, Wirth said.
"We need to see some of this in legislation so it’s more durable and not at risk of being swung back in another direction by a future administration." Chevron's oil and gas production with the highest returns was disproportionately weighted toward the United States, he said.
The CEO reiterated that the No. 2 oil producer will grow output in the Gulf of America - using the term Trump has ordered for the body of water known internationally as the Gulf of Mexico - over the next few years to 300,000 barrels per day, up from 200,000 bpd last year.
He added that Chevron will soon reach 1 million bpd in the Permian basin, the top U.S. oilfield.
(Excerpt) Read more at reuters.com ...
Big Oil is extremely conservative and long-term in its capital planning. It has gone through many feast=to=famine cycles. As Wirth says, CEOs have more faith in legislation than in executive orders.
No one is just going to “Drill, Baby Drill” for the heck of it. There has to be a financial reward. The only thing that will cause that is higher prices.
Communists hate cheap energy and booming economies.
Any large corporation prefers consistency and predictability of government positions and policies. They need it for effective long term planning. Certainly in the energy sector this is especially true. Chevon is envisioning stranded assets due to sudden drop of government support for investment in renewables.
To get to a stable multi-year energy policy that gets some minor adjustments when asministrations change, all we need to is to rid the USA of the radical Communist Anti-American Democrats.
bttt
The climate scam we’ve been propagandized about for 30 years plus has had a major deleterious effect on energy policy and, more importantly, science. It will take a while to recover.
That is fair enough.
Chevron should not have operating since 2022 in communist Venezuela.
That’s because they make it harder to implement their totalitarian way of life on the country.
Steady long term policy is necessary for just about any business. We don’t have it in this country. We lurch from one policy plan to another and suffer the consequences. It is downright stupid for business policy to be political.
Anti Trump troll. Go away.
‘ Communists hate cheap energy and booming economies.’
You’re not saying the CEO of chevron is a communist who wants a bad economy, are you?
Are you really that dense?
‘ Are you really that dense?’
Apparently. Your response to his comments is about communists.
Funny how they never complained under Biden.
Slimebags.
He’s not wrong.
The swings are because, by design, we have frequent elections, unlike other countries.
Our Framers’ Senate of the States was designed to provide stability in government.
Like Adam Schiff, most of today’s senate clowns are no more than three-term congressmen who can’t see beyond their next election.
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