Skip to content

Chevron Calls On Biden to Support U.S. Oil as Russia Raises Risks

  • Energy policy should support domestic production, Wirth says
  • SPR release would only provide short-term relief for prices
Video player cover image
'Peanuts' IEA Crude Release Won't Quell Supply Concerns: Sen
Updated on

Chevron Corp. said any short-term efforts by the Biden Administration and its allies to ease crude prices should be backed up by long-term commitments to support investment in America’s domestic oil industry. 

President Joe Biden and other major economies have agreed on a coordinated release of 60 million barrels of oil from stockpiles around the world after Russia’s invasion of Ukraine, people familiar with the matter said Tuesday. Without a “balanced and pragmatic conversation” about energy security and transition, such a move would have little long-term effect, Chief Executive Officer Mike Wirth said on a call with reporters.