Michael Wirth on California gas prices
From Chevron CEO Mike Wirth Talks Oil Prices, Hormuz, Venezuela | Bloomberg Talks · · Bloomberg Podcasts
“This is politicians gaslighting about gas prices. The fact is California's policies for two decades have been driving prices higher. California has six refineries operating today, a little bit more than a year ago we had nine. Refined, refining capacity's down 17% in just the last year. California has the highest taxes and fees in the nation. California imports 60% of its crude oil, 25% of its diesel, 25% of its gasoline, similar amounts of jet fuel. And we're in a situation where world energy markets are tight, and so prices are going up everywhere. California has long been the highest price state in the country because the policies have constrained supply, and demand is continuing to be very robust in a state where supply has been consciously constrained by policy.”
On , Michael Wirth, Chairman & Chief Executive Officer at Chevron Corp, spoke about California gas prices during Chevron CEO Mike Wirth Talks Oil Prices, Hormuz, Venezuela | Bloomberg Talks on Bloomberg Podcasts.
About Michael Wirth
In recent public appearances, Chevron CEO Michael Wirth has focused on the impact of the ongoing closure of the Strait of Hormuz on global energy markets. He stated that approximately 20% of the world's oil and liquefied natural gas supply transits through the strait, and that its disruption has placed the global energy system under "extreme stress." Wirth said that global inventories and strategic reserves are being drawn down, which he described as a concern, and that the U.S. cannot make up all of the lost supply. He noted that Chevron has slowed some production in Kuwait and Saudi Arabia due to an inability to evacuate crude and that storage is filling. Wirth warned of upward price pressure and the risk of supply outages in Europe and Asia, citing canceled flights in Europe due to tight jet fuel supplies. Wirth also discussed Chevron's operational performance and strategy. He said the company reported strong first-quarter 2026 earnings that exceeded analyst expectations, attributing the results to strong U.S. production and record refinery runs. He stated that Chevron plans to grow global production by 7 to 10% in 2026, a rate he said exceeds projected global demand growth of about 2%. On Venezuela, Wirth said Chevron is committed to the country but needs more policy clarity on taxes and royalties before committing new capital. He also criticized California's energy policies, saying that a decline in the state's refining capacity has constrained supply. In a podcast launched by Chevron, Wirth discussed the role of different energy technologies and said that markets are efficient at finding the best application for each technology.