Chevron CEO on Oil Demand, Costs, Refinery Closures

[@InStevenWeTrust]

Bloomberg consistently has better interviews than CNBC and Fox Biz

[@kraz007]

Agreed

[@user-dq1kr6zc2t]

Yeah because they're actually professional. CNBC like I'm watching Monday Night Football.

[@thomaskim3128]

Comparing Bloomberg to CNBC is like comparing Lexus to Hyundai.

[@OK-Computer]

I mean they offer the gold standard platform/software in financial data worldwide. They SHOULD be more professional.

[@ghostpos]

100%

[@energyexecs]

...I had the opportunity to work at Chevron in the years 2000-2003 after they purchased an energy company where I was working at the time. The Chevron people were very professional, disciplined and focused. I learned much about long term planning, upstream, downstream, the importance of distribution channel discipline. The Chevron Way is what I learned and carry that with me in my other job experiences.

[@Luke_Nuke]

Are we in a job interview?

[@energyexecs]

@@Luke_Nuke HI Lucas - Sorry if it sounded that way. Just saying what I learned. Upstream, downstream, channel discipline. Hard to find that...or people who understand that

[@Luke_Nuke]

@@energyexecs haha no need to apologize, I was just joking, always glad to hear about people with great experience in life

[@danielhutchinson6604]

The operating methods of JD Rockefeller were to buy the Competing Business, or run them out of business.... Now the US Government is adopting that same Business model, as they eliminate Russia from European Gas Business, so the LNG can get a foothold in the European Union Markets that Russia was dominating..... Standard Oil Company Business was the reason the US saw the first Billionaire living in Cleveland..... Then the rivers began to burn.....

[@garrettchristensen8074]

What's your opinion in oil recovery peaking? Are we there yet? The low hanging fruit has been picked it seems. Hard to get real info on the topic

[@MohammadRauf1]

This was a great interview. Very relevant questions and nicely answered by Mike.

[@DavidDouglasZach]

What a phenomenal piece of journalism. Great job asking difficult questions. Good job Alix.

[@lukealadeen7836]

She would be good in adult movies as well

[@Non-ya-business]

So no one wants to refine oil, because governments have been talking about moving away from oil for decades. Did the government have a plan to move towards another method of energy? It seems to me that this is a transition issue, if they are looking to take away oil, it would be a good idea to have something equally as effective to replace it with.

[@chrislimnios9180]

It's not that the government has stated they want to get out of oil; as the CEO said, oil is a very capital intensive industry. Lots of heavy equipment involved which require borrowing tons of money from investors. The fracking industry did this, but when the price of oil collapsed last time (ironically...Russia and Saudi Arabia flooded the market) many of the frackers we're left holding the bag - they owed a bunch of money, but they couldn't sell oil at the price which would give them the ability to pay loans off. The result? 90 percent of frackers went belly up. Alternative energy source? I've been pushing for more nuclear power. The technology has vastly improved over the last 30 years, and it's really stupid and ignorant to not consider this perfectly clean energy. You'll probably say "...but nuclear waste!". Look up "breeder reactors" my friend. Peace ✌️

[@stevenli4030]

They only care about brainwashed People's vote, not practical reality.

[@jp92382]

it is a transition problem. unfortunately, the only planning our politicians did was to focus group "green" vs "fossil fuels". they went with green for the votes and nobody thought even once about how long it would take to get there or the potential disruptions along the way. oops! they meant well though... people still havn't thought this issue through. if you wanna go renewables, you have to have storage. wind doesnt blow all the time, sun doesnt shine all the time. but that tech and infrastructure does not exist on a large scale yet... oops! so you have to keep baseload energy. unfortunately, europe wants to get rid nuclear as well as coal, oil and gas, so they have been actively shutting these things down over the last 10 years. so you get to where we are today in europe, which is that they are going back to coal... because they have no choice. because storage still isnt here yet, and they still dont like nuclear, and russia took away all their oil and gas. so they are left with coal - the dirtiest and most energy inefficient of the bunch. oops!

[@mikecromaticm2896]

@@jp92382 ok

[@RM-ed1if]

@@jp92382 liquid natural gas to europe

[@stylz1]

Always enlightening to hear big corporations CEOs talk about the market, finances, and business motivations of their corporations. You may not agree with what they do or how they do it... but you'd be wise to listen to what the have to say and why they say it.

[@freetrade8830]

"You may not agree with what they do or how they do it... " Chevron, Exxon and other oil and gas companies is Atlas, holding the modern world on its shoulders. If you don't agree with what they do, you simply don't have a clue how the world works.

[@stylz1]

@@freetrade8830 Oh is that all they do? They don't pollute rainforests? Bribe politicians to start wars over access to oil? Or should we pretend that doesn't happen? I don't think I'm the one who doesn't understand how the world works. You can bury your head in the sand if you wish. Not I.

[@jasonc9423]

Great interview! The interviewer was asking great questions and WIRTH gave understandable answers.

[@wanderingfido]

There's already diesel rationing. That's according to BrotherMan Trucking youtube channel. Some stations are limiting truckers to 70 gallons per stop apparently. Which is going to macroeconomically exacerbate the consumption overall. More fuel stops means less efficiency.

[@joesherry0218]

There's no incentive to pump more. They are enjoying the windfall profit while they can. Why help solve the problem when this admin is doing all they can to destroy fossil fuel?

[@iamhudsdent2759]

It's more than that. Why invest in infrastructure for more production when the political climate is against you?

[@praveeng3820]

@@iamhudsdent2759 you do realize the situation is the same all over the world right?

[@danstar455]

@@iamhudsdent2759 DC is running the USA off a cliff. It's not either/or. There is a long transition period, probably over 50 years. Put in incentives to make markets work. If fossil fuels are limited, the higher price should induce consumers to mover to less expensive options.

[@nicholasblake1392]

We needed this interview in January

[@id10t98]

Keep getting better Alix. Good to see you back on the set.

[@steez54321]

I haven't heard a CEO this thoughtful, composed, intelligent, and insightful in a long time. Very good interview without trying to get into the politics. Need less biased questions these days and more just straight facts.

[@abdullahshah9397]

The US needs more refineries. Crude doesn't turn itself into gasoline and diesel.

[@memyselfandi8544]

We need to put these criminals in prison for life.

[@labandonaldhock80]

No new refineries have been permitted in almost 50 years. It is not the oil industry’s fault.

[@mikep5695]

Did you not hear what he Said! Refineries cost Billions of dollars to build and the ROI is decades to get back. From his quote, Amy new Refineries will probably never happen again.

[@labandonaldhock80]

@@mikep5695 because they can not get a permit to do so

[@memyselfandi8544]

@@labandonaldhock80 Remember when we were energy independent, way back in 2020?

[@patriciavasquez8856]

CEO of CVX is withstanding pressure. We need that!

[@LewisLudwig]

Hey just for the record, I am trying to do my part. 41 years in oil refining, and I am marketing an XOM process that will turn small molecules into big one. Like natural gas into gasoline and diesel. Can I completely eliminate the bottleneck as described here, probably not, and the first unit is two years out. But if I can get the industry to embrace this process gasoline and diesel production will go up by a few percent while not raising the crude rate. Been doing this since the first of the year and getting lots of interest. We'll see if we can turn interest into orders.

[@MaximusXXX77]

Sounds very interesting. If only our elected officials (who many, if not all, seem to be mere puppets) would get out of the way, and stop with the ESG policies. Russia and China aren't going along with the ESG bs. The West is spiraling down quickly at the current rate.

[@kynchan3332]

How about plastic wastes as the feed stock?

[@Ben-nk3ro]

Great informative interview 👍

[@lolz616]

How about the fact we haven't had any new refineries in ages? Cant make what you arent capable of creating. The production is low by design.

[@mikegrant8031]

Permits and capitol

[@mikegrant8031]

@atombrain111 oil companies don't willing close operations they can use to make money.

[@mikegrant8031]

@atombrain111 can you elaborate. Because I suspect you really have no idea about how the oil industry works.

[@mikegrant8031]

@atombrain111 you meant it costs a fortune to build and ten years to build it. Which is exactly what I said.

[@exploringtejas2357]

Boycott Chevron products!! It's the principal!!

[@jimbojimbo6873]

Rarely say it but fantastic interview from both parties

[@AjitMD]

Most oil and gas companies know that demand is cyclical and they do not want to ramp up production with huge spending and debt. Then there is the disruption by renewable energy.

[@mayor399999999999999]

Exactly

[@Andrew-nh5zg]

More like government imposed disruption. Renewable energy by itself it uncompetitive.

[@Andrew-nh5zg]

@@stevebusfield199 "Same can be said about fossil fuels." Fossil fuels have been competitive for over a century. Your comment displays an enormous amount of economic ignorance by someone who knows not how much their lives have benefitted from it.

[@kdegraa]

Governments say they don’t want these products while consumers need these products.

[@Stella-yk1bt]

Government should mandate businesses have work from home policy to reduce gasoline consumption and that is a win win for the whole world.

[@garyg5347]

refineries in california shutdown because the law makers their won't permit projects to make the refineries more profitable. anything that make the refinery more money in california is considered bad by the local government. $7, $8, $9 gasoline is what you get thanks to your local goverment.

[@raimondasmarciulevicius7599]

Together Together we are strong.

[@beverlyreiner-baillargeon6205]

Very interesting conversation

[@sparkyfromel]

Good stuff , professional ...with no fluff

[@roxas24dmc6j8]

Yep, an honest conversation with the gov.

[@eric3434]

Got a feeling these easy obvious topics are gonna fly right over their head..

[@memyselfandi8544]

You’re a liar also.

[@ShunkUp]

The government, huh? When did a big tech/ big pharma CEO join the conversation? Or are we back in 1990s?

[@miguel411able]

I hope they can do a deal with CEI

[@blradcl]

Few understand the reason for the current oil price. They blame greed.. its just sound business.

[@eric5901]

Facts: Russia is on track to make more money off oil and gas exports this year than it did in 2021, and it's got the EU to thank. Russian oil and gas sales could hit $285 billion this year, outstripping last year's takings by 20%. US and EU sanctions have not worked. US and European sanctions failed to push Russia to compromise and undermine its economy and currency and also caused a great spill-over impact on global food and energy supply chains. INFLATION RUNNING RAMPANT IN EU AND US. Their sanctions on Russia are biting back on its own currency and economy. Meanwhile China and India are saying thanks for the cheap oil!

[@memyselfandi8544]

You’re smart as a box of rocks.

[@hassanharith6820]

Thanks so much, Mr Mike Wirth. * Great interview.

[@kurdi98k]

Serious question - what does Chevron stand to benefit from pumping more / increasing supply?

[@carlsavage614]

Nothing at all. If anything, pumping more and increasing demand would cost the money and not make it.

[@nillejoslin]

Pumping more increases profit. They are not a monopoly company.

[@nillejoslin]

@atombrain111 Ah, so the E&P companies give the oil away for free. That's generous!

[@winter3559]

I don’t think oil and gas companies will build up new refineries in any time soon…. Demand will remain high for many months more or even years…. This energy matter shall be looked in very very top priority.

[@MelissaR784]

They can't. Most of the western states land is Federal owned. This administration is denying drilling permits.

[@stillnessprayer]

great interview. thanks!

[@mujinarokko1796]

Unless one likes challenges due to ups and downs of the wallet, it is more comfortable to avoid companies for energy or foods, for which uncertainty due to the war in Ukraine and COVID in China are making big waves. Also, governments are working on them, which gives good edge to the professionals, also called insiders.

[@jordez1]

Mr. Mike , any idea of moving the HQ to Houston to consolidate businesses? California is and wil not be a good place to grow in a near future.

[@lovebutton7850]

How does the stock hitting a 52 week high increase oil production?

[@caleb7799]

He really wants to say let’s go Brandon

[@johnh4132]

The economy is basically fucked

[@AnotherAmerican91]

Surging oil demand = economy is fucked. I don't follow the logic.

[@johnh4132]

@@AnotherAmerican91 Can't get gas can't get deliveries for goods and services this puts a strain on every business especially those with company vehicles it's a domino effect don't know how you can't follow that but oh well

[@deonedwards8449]

So much for transparency during the early stages of the pandemic

[@D3athM3tal-i4c]

The biggest issue is government bowed to the green energy before any real back bone was in place. If government was serious about this transition and being less painful they would allow you to claim full tax rebate on home renovations to make homes more energy efficient. By this I mean better insulation in homes and solar panels and batteries in homes.

[@kenvandeburgt1232]

Why should my taxes pay for your home improvements?

[@Worldofourown2024]

Was it true that oil futures traded at negative values at a point during 2020, but the consumers had to pay more anyhow? This cycle is a most profound unprecedented one in the entire history and anything business schools and economists sold as being fact is just not the case anymore. There is still the demand/supply curve concept to determine price points, but supply is being artificially limited now to ensure prices rise high enough to spark off the third world war for that's what the really rich investors seek.

[@MelissaR784]

The US is no longer producing an 23% of it's oil. We were independent of using foreign oil and that's why our gas prices were so low. New President, same Paris Agreement policies that we had while he was VP, on reducing our emissions equals the same high gas prices we saw then. Permits to drill on Federal has been denied. There's your shortage while the demand is the same.

[@Worldofourown2024]

@@MelissaR784 Did we back out of the Paris Climate Accord thing during Trump's first year and also backed out of the nuclear deal with Iran so we can't backtrack for that's too inconsistent, dishonest, untrue, and unnoble? The thing about the Paris agreement is we don't have the high tech hardware manufacturing nor a new infrastructure in place to support the green new deal in order to give up fossil fuels. What hardware we do have was all made in China which is one of our two big enemies we're falling into conflict enough now that war, world war, is becoming very possible any time now in the 2020's. For the windmills and solar farms constructed of Chinese materials, to energize the grid more, there needs to be more big battery tech and not just capacitors. We still have and use the old WW2 era grid and methods of energy production and distribution which does work well though needs reworked for there are big problems building like California and Texas have experienced in recent years. Then our Hoover dam is almost failed for the water is disappearing in the West. We need to remain fossil fuel dependent for a good 10 more year and just remain energy independent to make a smooth smart transition to electronic high tech everything. First we need the American industries developed, but that's not what our leaders are doing. Instead they're going to crash America out leaving us high and dry with nothing to eat probably come sometime next year just sparking off a most dangerous civil war. What I saw at the supermarkets today is unprecedented. Lots of things are out, empty, and prices are rocking up really high, particularly the past month and it's just getting started. Everything going on right now is the stuff wars are made of and always what happens in countries right before a war. The administration in DC and our business executives are intentionally doing it out of greed. This is that repeating history of great troubles except this time it's fully global in scale so we can't just run off to another land of opportunity.

[@rayshepherd2479]

Chevron's first quarter US downstream (refining and marketing) profit was 10 cents per gallon Exxon was much less. They both lost money in their overseas downstream operations. Both made most of their profit, as usual, in the upstream part of the business.

[@apothe6]

Glad to own CVX

[@id10t98]

and DINO, PBF, KMI, OKE

[@ibdaramy7261]

In the refinery business, if there is not intervention (like Europe stopping Russian gas imports) prices will be stable. What do politicians know about markets?

[@ericdoheny9108]

As the Chevron CEO, Mike must make the big bucks. I wonder what Mike's Wirth? 🤔

[@MSH3423]

News flash: oil does not come outpf faucet. Someone actually have to pump it out. Increasing supply… you can’t just x2

[@torontocharlz]

What!?!?! Oil does come out of faucet. I saw that in Looney Tunes!

[@gglen2141]

He has a real grip on the reality of the last 3 years. BUT he skirts about the reality of him being a CEO. If a CEO misses any opportunity to make money for the shareholders, he gets his ass voted out. No more private jet. He has to fly on horrible scheduled airlines. So !! the man cannot be trusted. He is forced to lie.

[@viirusiiseli]

He's cautious about increasing supply capacity because it costs a lot. We're approaching the end of the high price cycle in the short to medium term. It would be disastrous to have increased capacity in a big way just before a recession. Although oil prices will continue to rise after the recession.

[@patriciavasquez8856]

Just for the record, Mr Keene. Eckles Bldg for me now has zero magic, and I love quicenera dresses, but nostalgia of my elementary days did include beautiful clothes for all occasions. The theater needs a historical restoration.

[@Bobbybentayga]

Where is Michael Franceze when we need him the most! Lmao

[@basedmatt]

Wirth is like the most CEO CEO I've ever seen. Incredibly professional and well-spoken. It makes me shake my head at how only the clowns seem to run for office in Washington and then go on to villify everyone else.

[@frankcoffey]

We have a business that has operated for over 100 years that may not exist in 50 years. That's an impossible situation to plan for. How do you continue a business that is going away? Neither oil companies or investors will want to do that as the end nears. Gas stations will begin to abandon the business. The products are going to get very expensive and availability has to become an issue. For consumers, businesses, and governments fuel is not an "optional" purchase, not even a considerable portion of it. It will get ugly, and sooner than later.

[@eljefe5858]

I recently read the goal is 61% of vehicles ev by 2030, 93% by 2035 and the last fuel of any kind vehicle sold on 2038. Much much less than 50 years. This is the after party before turning off lights for good.

[@iamhudsdent2759]

You are assuming the natural resources will be available to make electric car batteries. Big problem there. Nickel, lithium, etc. We will probably be using oil for a long long time. But because of the uncertainties you speak about, especially refining capacities, there may be scarcity and it will become very expensive to use oil as a fuel.

[@eljefe5858]

@@iamhudsdent2759 the problem is they are going to do it anyway and give a dam sh#$ who will not make it. I do not want to write further. By the way that data is from bloomberg nef

[@Jidn]

Yep. It’ll get very ugly before we get over this hill of a transition to electric.

[@jeffschneider2356]

@@Jidn hydrogen fuel cells is the future. Look up toyota technology on there future cars

[@pareshpaul001]

Do you think Senegal to G7 is enough to make them supply oil and gas ??? If not why ??? Farmers would have understood pruning ???

[@mikeharrison3618]

Miss Mealy mouth and Mr. Mealy mouth things were fine under Trump energy policies but Biden has changed that in a big way.

[@mr.elastomeric1787]

I'd like to hear Mike's; rebuttal on Biden's death threat letter. BLOOMBERG. This guy seems to be on the ball.

[@johnsimon4263]

Chevron is the US company in Venezuela. Youc could have asked about what would happen if Biden dropped the embargo.

[@memyselfandi8544]

These filthy people do nothing but lie cheat and steal.

[@Lenny1337i]

almost nothing, Venezuelas capacity is essentially destroyed. Paul Sankey had something on CNBC regarding that.

[@johnsimon4263]

@@Lenny1337i OK lets think this thru. Any reliable source will tell you that as far as having recoverable oil Venezuela is the largest known reserves in the world. Trump put an embargo on them in 2019. The oil didnt suddenly disapear. Chevron Baker Hughes are all still there. They can get the oil out

[@Lenny1337i]

JOHN SIMON they would require a lot of capex beforehand. Atm they can produce like 400k I believe, which is nothing compared to the US. Furthermore equipment and people are a large constraint. The reserves are nice, but you can’t get it out…

[@firstlast1732]

What about the meeting that Jim Jordan was at and the Biden ministration asked all of the oil companies to reduce production how come you’re not mentioning that??

[@jwlivingston1]

But how many refineries shutdown that can be reopened?

[@christophe2496]

They need a permission from their masters to produce more oil.... Where is freedom gone ?

[@seekingtruthfacts7743]

Mike Wirth said "he has never seen refinery margins like there is today". That means refiners are price gouging customers. The Gulf Coast refineries are operating to produce less gasoline and jet fuel (which decreases supply and increases price) and producing more diesel to export to Latin America for bigger profits. It is capitalism. They are not in business to appease the public, until there is significant driver habit changes that tells them to lower prices. People are still driving like there is endless supply of gasoline.

[@Lenny1337i]

In case they were to sell products elsewhere, that is not price gouging. Heard from a BP engineer that the problem is that there is to little high octane low sulfur product. Years of underinvestment due to multiple factors created this. Gouging would imply some soft of illegal activity, but that's simply not the case. Demand, as you pointed out, is just that strong all over the world.

[@akeniry]

You obviously don't understand the process of crude oil distillation. You don't just produce more of one thing (diesel) and not the other (gasoline/jet fuel). It's strictly supply-demand driven.

[@akeniry]

@@Lenny1337i Most if not all oil refineries have a processing unit such as diesel hydrotreater to remove sulphur from diesel to meet regulations. Such has been the case for many decades. Diesel is also rated in centane not octane. Maybe the engineer is green, or doesn't have engineering qualifications that warrant his statement as a matter of fact.

[@Lenny1337i]

Andrew Keniry I was talking about Gas. I am somewhat familiar with the process but I am by no means an expert.

[@kurdi98k]

The return of bloomberg.

[@augustuscaesar4180]

Gran Tierra energy GTE on the NYSE. A low cost oil producer. Making big bucks still under 30k

[@WinterGK]

Don't build more refineries. Build charging stations and subsidise EVs. Everyone I know that has a EV is spending SO much less. Like 80% cheaper compared to oil

[@Bayliss21]

The US fleet is 2% EV. When that quadruples electrical prices will start to climb and eliminate the relative price benefit you see now. We'd need to grow electrical supply 4 to 9x to replace ICE with EV. Extremely costly and will take decades.

[@ChrisKAloha]

You really think we can mine the metals to make those toxic batteries for every vehicle in the world? What do you think the metals will cost if demand rises to meet that goal. EVs can be cool but they aren’t environmentally friendly. Hydrogen is the solution but there are still hurdles there.

[@propheticswordnita3603]

States can beat this, by regulating their own oil and refinery instead of the government in Washington. Drill baby drill as Sarah says.

[@derekpascal3749]

Stop driving. Watch prices fall. Stop dining out. Watch portion sizes return. Nothing is as powerful as a CUSTOMER that consumes, due to value.

[@donatorenderos2970]

Why are they closing refineries when Chevron is recording record high profits

[@mikeharrison3618]

Mr. Worth is probably a GREENIE as well and has NO idea how to defend his life saving product. HUMAN flourishing

[@RMJ8757]

As to why they weren't drilling more, oil executives blamed Wall Street. Nearly 60% cited "investor pressure to maintain capital discipline" as the primary reason oil companies weren't drilling more despite skyrocketing prices, according to the Dallas Fed survey. Gas prices are up all over the world. Yet there is plenty of oil. Exxon, Chevron and most oil companies are making record profits. CEOs and Boards of Directors are getting record bonuses. Those companies have reduced crude oil production, then say there are shortages. At the same time they are jacking up prices and call it inflation. Consolidation of wealth is the biggest threat to the country. It is the result of Republican trickle down tax policies. While the rich get richer, millions of Americans are forced out of the middle class. A Republic cannot survive when 1% of the population owns 40% of the wealth or 10% owns 70%.

[@PeterM1889]

The sector downsized one budget ago. New budget was flat. The people fired are not coming back, the entire supply chain is messed. Trust me the big guys would produce like crazy if they could. Current policy limits that, the capital markets also prevent that. As a shareholder in an energy stock I would not be happy if they did not clean up their balance sheet first and return the dead money back to us. Worst performing sector in last twenty years by a long shot.

[@RMJ8757]

@@PeterM1889 A survey of oil executives found that billionaire investors want to keep production low, because it keeps production cost low. High prices created by high demand, with low production costs, means higher net profits. Don't be duped by billionaire propaganda.

[@PeterM1889]

@@RMJ8757 they were inches from bankruptcy 2 years ago. Its not simple to bring on production. Current lead time is 12 months. Even if they had the mandate they dont have the labour the equipment nor supplies. Plus most important if all they dont have the budget. Budget is set sept October for next year. Nobody was calling for price spike last september. I was hearing 50-60 sustainable price .

[@RMJ8757]

@@PeterM1889 The ultra rich's wealth grew 70% during the pandemic. As far as oil companies. If things were so bad, how many of them failed to issue dividends or even reduced them during the pandemic? Don't be duped by billionaire propaganda.

[@i.am.ghost.]

Why is fuel so expensive?

[@Hoser584]

Chevron sold there Burnaby BC Refinery as they saw it as a bad asset after 70 years and a #1 suppler of product to Western Canada , not too Smart the new owner is laughing all the way to the bank.

[@honeyfarmer0]

Who is the new owner

[@miker7851]

I feel the interviewer was trying to steer the blame away from the current administration. It's not just refining that is causing prices to be so high. The price of oil is double what it was 2 years ago and it had been relatively stable for awhile before that.

[@TheDookieMaster]

Well it's not the current administration fault prices are where they are. You might not have paid attention to him talking about the pandemic and what happened.

[@johanwright2290]

Open the keystone pipeline now

[@TheDookieMaster]

Hasn't been built, nothing to open.

[@professorcrabs926]

If refinery capacity is low wouldn’t barrel price go down because of backup of barrels needed?

[@nikobelic4251]

Remember, war between Russia and Ukraine

[@danstar455]

The limited refinery count allows those owners to pick and choose contracts with drillers which means higher prices.

[@professorcrabs926]

@@danstar455 but wouldn’t the same limited pool of refiners be about the same as it was 4 months ago?

[@danstar455]

@@professorcrabs926 If supply increase relative to available refinery capacity then refiners drive pricing dynamics. Someone that works in this industry could chime in to add more info.

[@thatisabsolutelykooooge2211]

How much does futures contracts play a role in all of this?

[@chuckbrown8344]

You have no insensitive to increase production and decrease the value of oil is what I get out of this. Status quo.

[@eric3434]

In a perfect world we could wave our hands and summon oil wells and refineries into existence... But for now, these things take a lot of time and money to build.

[@memyselfandi8544]

It’s all baloney, just like everything that comes out of Joes lips.

[@viirusiiseli]

He's smart and not outspending into a looming recession despite demand being strong now. Unlike you. BTW its incentive, not insensitive.

[@leokim9951]

Who is still talking about demand and supply of oil & gas???

[@mariaqueen2944]

I came here to learn how to trade after listening to a guy on radio talking about the importance of investing and how he has made $470,000 in 4 months from $160k. Somehow this video has helped shed light on some things but I'm confused, I'm a newbie and I'm open to ideas.

[@robinsonatkinson5649]

Have to make money in trade for many years now

[@robinsonatkinson5649]

You too can do the same provide you have money to start up maria

[@timemachineeddie1146]

Shit shut down all the refiners and destroy Lien Bieden.

[@PrashantTayshetye]

Permian has stopped pumping a while back

[@lisalove6327]

The actual need and the environmental goals are in two different places ... The green price tag is still too high

[@steven4315]

Houston oil refinery is closing next year.

[@mattyoder8203]

I can feel him lying. He does not care. He couldn’t if he wanted to.

[@lawngaiyi]

Grow organic oil. Produce organic gas.

[@Nabraska49]

He looks like a very intelligent and worldly knowledgeable bloke but he’s definitely hiding what’s on the radar for the near future and long term.. just should have straight out asked him how long we’ve got before the oil is gone and the economy collapses ..

[@INFJ595]

Really, are you sure you need 2 more years to produce and refine ⛽. There's a clutch clause that can be implemented by the President of the United States to facilitate production. Or, does the ⚖️ Dept. need to get involved?

[@akeniry]

Are you suggesting they surpass operating capacity putting the entire facility and surrounding areas in danger? You're pointing the finger at the wrong people. The govt created too much money for people the spend causing out of control demand (inflation). You think demand comes out of thin air? 7 TRILLION printed out of thin air in 2 years. You seemed surprised at the results.

[@INFJ595]

@@akeniry one good investigation is all it takes ... there's too much ---- negative agenda .

[@aggieschoonover4235]

I would believe you if you hadn't had record profits during the pandemic when demand was low.

[@therienacevedo841]

Historic prices

[@therienacevedo841]

And have to pay inflation price for I don't know what

[@paradox5389]

Basically we need new players in oil business. Since oil is essential for world economy to function. Lift all the sanctions from oil rich countries and we will see oil 30 per barrel again.

[@rickschneider1057]

We don't need new players in the oil business as we have the greatest oil companies in the world. We need government leaders that have a brain and not be political. We had energy independence as recently as 2 years ago and prices were reasonable.

[@exploringtejas2357]

You seem like a smart man, Mike. How can you agree to do this?

[@patriciavasquez8856]

Rails, Mr Wirth?

[@therienacevedo841]

What cars Russia have here ?

[@therienacevedo841]

Electric cars use gas for charged

[@steven4315]

This guy is thinking about this years bonus, it's gonna be a whopper.

[@joeschmo9953]

Cool. You should strive to get his job someday.

[@Melki]

9:00 wow 👍

[@ankitsharma3938]

Lebanon refinery fdi

[@JuanRodriguez-rh4kp]

Their profits are record high. They are not going to pump more.

[@glennprevost7140]

Sorry I understand all of the issues he mentioned before an increase in production. The companies and shareholders profits are the number one priority. If this country were under attack by a foreign adversary, you better believe production would ramp up significantly in just a few weeks.

[@mwgilmore9953]

do some research on "peak oil" and get back to me.

[@fredrice9314]

@@mwgilmore9953 i am old enough to remember the arab oil embargo, rationing, shortages, gas station lines,..then there was 'shale'

[@samuelmorales2344]

If you are worried about their profits, that is jealously. You don't know much about fossil energy business. All you focus on is their money. That is exactly what Biden and other politicians want you to focus on. Invoking patriotism isn't going to do much either. The US is not under attack.

[@mwgilmore9953]

@@fredrice9314 what about shale? I follow Devon (DVN) (getting killed this week). It's one of the best pure plays in the E&P shale sector. But, with respect to increased production, please review the "red queen" effect with respect to oil production. that will help inform you about the challenges the nation facing in its attempt to increase and HOLD production.

[@glennprevost7140]

@@samuelmorales2344 Sorry try again.

[@mikeharrison3618]

The bestseller by ALEX EPSTEIN "Fossil Future" on sale now June,2022

[@mikeharrison3618]

See also Michael Shellenberger,Steve Koonin,Bjorn Lomborg,Robert Bryce and a growing list of fossil fuel,nuclear and hydro defenders. All have books so make their intellectual effort pay off. SEE ALEX EPSTEIN 's bestseller "Fossil Future" on sale now June,2022. Thank you

[@thorsrensen3162]

they could be more agressive towards him with that big rib of they have done on the average Joe.

[@therienacevedo841]

Daco