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Chevron CEO says Biden should stop criticizing Big Oil, calls for change in approach

By Sabrina Valle HOUSTON (Reuters) -Chevron Chief Executive Michael Wirth on Tuesday rebutted White House officials' criticism of the oil industry over energy costs, saying...
Chevron CEO says Biden should stop criticizing Big Oil, calls for  change in approach © Reuters. FILE PHOTO: Michael Wirth, Chairman and CEO Chevron Corp., speaks during an interview on CNBC on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., March 1, 2022. REUTERS/Brendan McDermid/File Photo

By Sabrina Valle

HOUSTON (Reuters) -Chevron Chief Executive Michael Wirth on Tuesday rebutted White House officials' criticism of the oil industry over energy costs, saying bringing down fuel prices will require "a change in approach" by the government.

The White House asked the CEOs of seven refiners and oil companies including Chevron (NYSE:CVX) to a meeting this week to discuss ways to reduce high energy prices. Wirth said he would attend.

"Your administration has largely sought to criticize, and at times vilify, our industry," Wirth said in a letter addressed to President Joe Biden. "These actions are not beneficial to meeting the challenges we face."

On June 10, Biden blasted oil companies for making record profits and urged them to increase oil production to alleviate gasoline prices. He also accused Exxon Mobil Corp (NYSE:XOM) of making "more money than God" and not drilling enough in comments in Los Angeles earlier this month.

Biden is under pressure over record gasoline prices, and inflation is a top issue for voters ahead of the November elections with control of Congress at stake.

Wirth said the oil industry needs clarity and consistency on policy matters ranging from leases and permits on federal lands, to the ability to permit and build critical infrastructure and regulation that considers costs and benefits.

"We need an honest dialogue," Wirth said. "One that recognizes our industry is a vital sector of the U.S. economy and is essential to our national security."

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07-07-2022 23:38:56 (UTC+7)

EUR/USD

1.0153

-0.0028 (-0.28%)

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EUR/USD

1.0153

-0.0028 (-0.28%)

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GBP/USD

1.2005

+0.0076 (+0.63%)

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USD/JPY

135.96

+0.04 (+0.03%)

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AUD/USD

0.6841

+0.0066 (+0.97%)

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1.2986

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138.04

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0.9884

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1,740.20

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3.5680

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 EUR/USD1.0153↑ Sell
 GBP/USD1.2005↑ Sell
 USD/JPY135.96Buy
 AUD/USD0.6841↑ Buy
 USD/CAD1.2986Neutral
 EUR/JPY138.04↑ Sell
 EUR/CHF0.9884↑ Sell
 Gold1,740.20Buy
 Silver19.220↑ Sell
 Copper3.5680↑ Buy
 Crude Oil WTI103.61↑ Sell
 Brent Oil105.56↑ Sell
 Natural Gas6.290↑ Buy
 US Coffee C218.73↑ Sell
 Euro Stoxx 503,488.50↑ Sell
 S&P 5003,894.14↑ Buy
 DAX12,843.22Neutral
 FTSE 1007,189.08↑ Sell
 Hang Seng21,643.58↑ Buy
 Small Cap 20001,767.00↑ Buy
 IBEX 358,122.50↑ Buy
 BASF41.300↑ Buy
 Bayer56.59Sell
 Allianz178.46Buy
 Adidas169.28↑ Buy
 Lufthansa5.764↑ Buy
 Siemens AG97.71↑ Buy
 Deutsche Bank AG7.983↑ Sell
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SJC Eximbank6,765/ 6,825
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Cập nhật 07-07-2022 23:38:58
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Ngoại tệMua vàoBán ra
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EUR23.177,9524.476,02
GBP27.204,7528.365,03
JPY166,93176,72
KRW15,5318,93
Cập nhật lúc 18:49:11 07/07/2022
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