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Chevron CEO on energy prices

In an interview on April 23, Chevron CEO Mike Wirth told "Face the Nation with Margaret Brennan" that it's "very hard to predict" the Iran war's lasting impact on energy prices "because markets are dynamic. They can respond to things that we don't anticipate."
May 3 (10:24)

TRANSCRIPT FOR: “CHEVRON CEO SAYS IT'S "VERY HARD TO PREDICT" THE IRAN WAR'S LASTING IMPACT ON ENERGY PRICES”

REPORTER:
00:09:14

And they know that. And the opportunity is for us to see flow resume through the Strait and then at the same time pursue these policies, which I think the administration really does have as a priority to continue to encourage investment in infrastructure in our economy. The IMF director recently told us that this is going to last likely through 2026. You would say that's a fair assessment? Well, this is a significant shock to the system. It is reorienting trade flows, logistics, ships. The entire system is in a state of disequilibrium right now that has emerged over the last several weeks. And as we get to a resolution at some point in time to establish a new equilibrium, means you're going to have to resume flows. You're going to have to restart fields to our earlier discussion. You're going to have to get ships repositioned in places that are optimal to establish supply. So it will take some time. It's not a light switch, as you said. And the full conversation was taped on April 23. It's available on our YouTube page, on our website, facethenation.com. We'll be right back.

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