Skip to content

Chevron CEO Warns of High Energy Prices and Supply Crunches

  • Companies won’t fund new projects if equity markets stay weak
  • ‘We could afford to invest more,’ Wirth says in interview
Mike Wirth
Mike WirthPhotographer: Christopher Goodney/Bloomberg
Updated on

The world is facing high energy prices for the foreseeable future as oil and natural gas producers resist the urge to drill again, according to Chevron Corp.’s top executive.

“There are things that are interfering with market signals right now that we haven’t seen before. Eventually things work out, but eventually can be a long time,” Chief Executive Officer Mike Wirth said Wednesday in an interview at Bloomberg News headquarters in New York. He expects strong prices for gas, liquefied natural gas and oil, at least “for a while,” without specifying a timeframe.