• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 3 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 3 days Does Toyota Know Something That We Don’t?
  • 6 days OPINION: Putin’s Genocidal Myth A scholarly treatise on the thousands of years of Ukrainian history. RCW
  • 3 days World could get rid of Putin and Russia but nobody is bold enough
  • 2 days America should go after China but it should be done in a wise way.
  • 6 days CHINA Economy IMPLODING - Fastest Price Fall in 14 Years & Stock Market Crashes to 5 Year Low
  • 5 days China is using Chinese Names of Cities on their Border with Russia.
  • 6 days Russian Officials Voice Concerns About Chinese-Funded Rail Line
  • 5 days CHINA Economy Disaster - Employee Shortages, Retirement Age, Birth Rate & Ageing Population
  • 10 days huge-deposit-of-natural-hydrogen-gas-detected-deep-in-albanian-mine
  • 6 days Putin and Xi Bet on the Global South
  • 6 days "(Another) Putin Critic 'Falls' Out Of Window, Dies"
  • 7 days United States LNG Exports Reach Third Place
  • 7 days Biden's $2 trillion Plan for Insfrastructure and Jobs
Can Hydrogen Cars Compete With EVs?

Can Hydrogen Cars Compete With EVs?

Hydrogen emerges as a promising…

The Oil Market Is Tightening to 2016 Levels

The Oil Market Is Tightening to 2016 Levels

The IEA has revealed that…

Chevron CEO Criticizes Biden’s SPR Strategy

Chevron CEO Mike Wirth spoke at the Economic Club of New York on Thursday to warn about the Biden administration's cunning plan to refill the Strategic Petroleum Reserve around the $70 a barrel level. He said filling the SPR at that level is "not necessarily a wise move." 

Wirth explained the SPR should be refilled regularly to maintain adequate reserves at reasonable levels while limiting volatility in price. He said Biden's communication to the oil industry about a minimum price floor at which the US government will purchase crude provides no "meaningful" incentive for oil companies to ramp up production. 

The chief executive continued to say if companies operated this way, their trading desks could easily hedge the price of crude in markets themselves, adding the SPR is currently "at a level where we wouldn't want to see it go any lower."

Wirth was on a roll criticizing the Biden administration. He said their energy policies were very "lazy" and "sloppy" because of the inability to tap into the nation's abundant resources. He means that the Biden administration has inhibited the fossil fuels industry from expanding, indicating a considerable need to improve energy infrastructure such as pipelines, transmission lines, and ports to ensure all parts of the country are well supplied at all times. 

"Durable and meaningful permitting reform" would be a "huge step forward," he said. 

Wirth's comments followed a CNBC report Wednesday that cited multiple sources who said the Biden administration is mulling over more SPR releases ahead of winter. 

The White House appears to be bracing for another potential energy spike in the coming months. Their ability to release additional oil from the reserves could face more pressure from a Republican-led House of Representatives at the start of the new year.  

"It is imperative that DOE maintain the nation's petroleum reserves in a manner that does not limit our ability to prevent or reduce the adverse impacts of true energy supply shortages," Reps. Cathy McMorris Rodgers, R-Wash., and Rep. Fred Upton, R-Mich. recently said. 

Wirth's comments provide valuable insight into how the fossil fuel industry views the Biden administration: an inexperienced bunch of clowns ruining the country's energy independence. 

ADVERTISEMENT

By Zerohedge.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News