According to Mike Wirth, CEO of Chevron, Americans need to pay close attention to more than simply the price of gas right now. In fact, as we approach the winter, the price of another, nearly equally significant sort of gas may soar.
Which gas is that? Gas, natural. The typically clean-burning fossil fuel that has replaced coal as the main fuel for electricity generation, but from which Europe has been shut off as a result of its trade war with Russia and punitive sanctions.
There is undoubtedly a chance that [natural gas] prices may increase, according to Wirth, who discussed the subject on CNN on September 13th. Talking about something and making a comment on the current pricing range.
Over 15% has been added to oil prices so far this year. That has increased the sales, profits, and stock values of businesses like Chevron (CVX). The best performer on the Dow is Chevron (CVX), whose shares have increased in value by almost 40% in 2022. Exxon Mobil (XOM), a rival, has increased by over 60%.
Though he foresaw price increases, Wirth nevertheless opposed the idea of a ban on exports, saying: “A ban on exports runs the risk of taking supplies that are needed in other parts of the world and reducing those, which can drive world prices up, which then can affect the price of imports into this country.”
In the meantime, as prices appear set to rise, Biden’s energy secretary urged fuel producers to concentrate on domestic production rather than exports, saying “Given the historic level of U.S. refined product exports, I again urge you to focus in the near term on building inventories in the United States, rather than selling down current stocks and further increasing exports.”