John Hess on Strategic Petroleum Reserve
From API State of American Energy 2025 [Mike Sommers and John Hess Panel] · · The American Petroleum Institute
“When we used the SPR during the Ukraine crisis we dropped reserves from 600 million barrels to 400 million and the Biden Administration has been asleep at the wheel — we were only able to put back 150,000 barrels a day instead of the million we could have taken out, and that is irresponsible; we need to refill the SPR to 600 million barrels for energy security.”
On , John Hess, Chief Executive Officer & Director at Hess Corp, spoke about Strategic Petroleum Reserve during API State of American Energy 2025 [Mike Sommers and John Hess Panel] on The American Petroleum Institute.
![API State of American Energy 2025 [Mike Sommers and John Hess Panel]](https://i.ytimg.com/vi/Fd6hOfcUFFM/0.jpg)
About John Hess
John Hess, CEO of Hess Corporation, has been a prominent voice in discussions about the proposed $53 billion all-stock acquisition of Hess by Chevron, announced in October 2023. Hess described the deal as a "strategic fit" that creates "the premier oil and gas company," stating that Hess brings growth in resources, production, and cash flow, while Chevron provides financial strength and a diversified portfolio. He noted that the companies had been in discussions for years but that the pricing only recently aligned. Hess also confirmed that the company's toy trucks would continue to be sold, stating he and Chevron CEO Mike Wirth reached a "mutually agreeable understanding" on the matter. In public appearances, Hess has consistently argued that oil and gas will be needed "for decades to come" and are essential for an "affordable, just and secure energy transition." He has described the U.S. oil and gas industry as a "strategic industry" that supports 12 million jobs and provides lower electricity costs compared to Europe and Asia. Hess has criticized what he called "EV mania," arguing that government mandates are distorting the market, and has called for the repeal of certain tailpipe rules. He has also emphasized the need for continued investment in oil and gas, citing a structural deficit in global investment, and has highlighted the growth potential of the Gulf of Mexico and the Stabroek block in Guyana, where Hess is a 30% interest holder.