Chevron CEO warns Trump’s oil crisis could get even worse

2026-05-03 21:06 UTC

Chevron’s CEO has warned that he isn’t sure how high gas prices could get as Donald Trump continues to try to bring an end to the two-month-long Iran war. Mike Wirth was interviewed on CBS’s Face the Nation on Sunday and said that the war had exposed the relative futility of some measures taken to avert price shocks for consumers while warning that gas prices were not done rising, at least for now. Gas prices are nationally averaged at $4.46 for a gallon of low-grade fuel. Wirth said it was “very hard to say” that gas prices had peaked, as some administration officials have hurriedly insisted over the past month. Now, negotiations over a ceasefire deal have collapsed and Iran’s grip over the Strait of Hormuz has so far proved impossible for the U.S. to shake loose.

Replies (19)

@Treczoks@lemmy.world 2026-05-03 21:19

"Trumps Oil Crisis" - sounds good. He always wants things named after him, but where he decorated himself with the efforts of others like with the former Kennedy Center, this is one he really owns. See also: "Trumps Unprovoked War in the Middle East", "Trumps Hormus Blockade", and "Trumps Breakdown of the American Economy".

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@Tempus_Fugit@lemmy.world 2026-05-03 21:12

Not for them though. They're making record profits.

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@DarrinBrunner@lemmy.world 2026-05-03 22:19

Chevron's CEO giddily exclaims gas prices will almost certainly go higher.

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@Zier@fedia.io 2026-05-04 01:30

But I thought we took over Venezuela so we could have all the oil in the world??? Did someone LIE to us?

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@SeeMarkFly@lemmy.ml 2026-05-03 21:34

Chevron CEO warns Trump’s oil crisis could make them buku bucks.

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@GoofSchmoofer@lemmy.world 2026-05-04 20:00

What gets me are the two different excuses that the public are given when it comes to gas prices: Well oil prices went up yesterday, so of course gas prices need to rise today. Well just because oil prices dropped doesn't mean we can just lower gas prices - it takes weeks for that cheaper oil to make it to your car.

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@offconstantly@lemmy.zip 2026-05-03 22:27

*Chevron CEO explains they have reached the appropriate amount of “justification” to further war profiteering price adjustments.

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@Beth@piefed.social 2026-05-03 23:16

Not sure how many people can afford fuel over $5. I know I’m already cutting out most of my extra curriculars to offset it on my budget.

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@Formfiller@lemmy.world 2026-05-04 06:05

![](https://lemmy.world/pictrs/image/90bb5f2b-e698-4dc2-b816-7c0bcfb5f2f7.jpeg)

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@regedit@lemmy.zip 2026-05-04 08:40

They're scared of the long term implications for fossil fuel industry. Every time gas prices fall, people buy less fuel efficient vehicles and travel more. High gas prices do the opposite. This is nothing more than a CEO who can see past a single quarter's profits.

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@melsaskca@lemmy.ca 2026-05-04 12:50

Does anyone care what CEO's think anymore? They don't speak to the people, they speak to the shareholders. All I hear is "My hugely grossly big bonus might be a little smaller this year".

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@Godric@lemmy.world 2026-05-04 07:46

Oil companies when they can move less oil for more money: ![](https://lemmy.world/pictrs/image/8ab1b9f5-ad1c-4ce3-b34c-5f10956c354d.gif)

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@SocialMediaRefugee@lemmy.world 2026-05-04 04:21

I wonder how high prices have to go before even maga and republicans get sick of this.

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@Mangoholic@lemmy.ml 2026-05-04 07:18

Warning i will make more money soon this is working so great i have to raise prices.

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@Kolanaki@pawb.social 2026-05-04 07:30

"We have decided we want more money and this is a really good excuse to jack up prices even more."

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@Mrkawfee@lemmy.world 2026-05-04 06:21

Was the next word, "Woohoo"?

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@DarkFuture@lemmy.world 2026-05-04 18:28

Has anything involving Pedo Don ever done anything but get progressively worse?

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@WanderWisley@lemmy.world 2026-05-04 14:22

Correction: Donny’s oil crisis will get worse.

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@unitedwithme@lemmy.today 2026-05-04 11:25

The gas prices are bullshit and nothing more than a ripoff. In 2001 with the "war" in Iran, Iraq, and Afghanistan, it didn't get this bad. Same with 2008 market crash and 2022 with Covid. Check the charts-especially Monthly Avg Domestic Crude https://inflationdata.com/articles/inflation-adjusted-prices/historical-crude-oil-prices-table/

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