Chevron CEO Warns Diesel Export Ban Could Raise Prices in Parts of U.S.
Mike Wirth said export bans could pull supply from world markets as global diesel inventories remain at very low levels.
- On Wednesday, Chevron CEO Mike Wirth warned that a U.S. diesel export ban would be "unwise," arguing the policy risks worsening global supply problems rather than solving them.
- Diesel prices climbed above $6 a gallon nationally in September, marking a record high as disruptions linked to wars in Iran and Ukraine tightened global supplies and prompted export restriction discussions.
- Following G7 nations' agreement to release 100 million barrels of diesel from reserves, Donald Trump pulled back from the export ban idea and signed an executive order on Monday allowing red-dyed diesel access.
- The White House estimates the policy could save truckers more than $100 per fill-up by allowing access to fuel exempt from the 24.4-cent-per-gallon highway tax through year-end.
- Saudi Aramco CEO Amin Nasser warned that restoring global oil inventories could take two years, while the U.S.-Iran war threatens the Strait of Hormuz, which handles around 20% of global oil supplies.
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Following the G7's decision to release oil and diesel reserves on October 2, the US government eventually retreated from the threat of a ban on gas oil exports.
Chevron CEO warns against ‘unwise’ diesel export ban, says it could make energy crisis worse
Chevron CEO Mike Wirth warned Wednesday it would be "unwise" of the US to impose a ban on diesel exports, saying such a policy could actually make the global energy crisis worse.
Chevron CEO warns ‘unwise’ US diesel export ban could worsen global fuel crunch
Chevron CEO Mike Wirth called a potential US diesel export ban “unwise”, warning it could worsen global fuel shortages and undermine America’s reputation as a reliable energy supplier amid rising tensions and supply disruptions.
The Trump Administration Considered a Diesel Export Ban. Chevron's CEO Called The Notion 'Unwise.'
"Export bans, be they in the U.S. or in other countries, actually take supply off the global market and they run the risk of making the situation worse," Mike Wirth added.
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