On Tuesday’s broadcast of CNBC’s “Squawk Box,” Chevron CEO Mike Wirth stated that despite all the sanctions on Russia, “Russian oil kept coming into the market.” And that “The sanctions that were imposed on Iran have not been enforced.”
Wirth said, “The price of gasoline in the U.S. is set by supply and demand and competition. It’s not set by the president of the United States, it’s not set by CEOs of oil companies, it’s set in markets. It’s a globally traded commodity. And prices went up because oil prices went up when the war in Ukraine broke out. Prices came down as people realized that oil supplies weren’t threatened. So, there were sanctions that were imposed on Russia, but the Russian oil kept coming into the market. The sanctions that were imposed on Iran have not been enforced.”
Co-host Andrew Ross Sorkin then cut in to ask “But do you credit or blame a particular president at any point for pipelines that are built or not built or supply chains or ports that are open or not open? Because all of those things also interact with the price.”
Wirth responded, “But that’s a different issue than the price of gasoline today. That’s about investment in long-term infrastructure, long-term energy supply, and energy security. Those are important issues, but they’re not really relevant to the price of gasoline in the short term.”
Follow Ian Hanchett on Twitter @IanHanchett
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