Chevron CEO Mike Wirth said on CNBC's “Squawk Box” on Tuesday that “Russian crude remains on the market” despite sanctions against Russia. He added that “sanctions imposed on Iran have not been implemented.”
Wirth said, “Gasoline prices in the United States are determined by supply and demand and competition. It's not set by the president of the United States, it's not set by the CEO of an oil company, it's set by the market. The world. It's a commonly traded commodity. And when the Ukraine war broke out, the price of oil went up, so the price went up. The price went down because people realized the oil supply wasn't threatened. So, Sanctions were imposed against Russia, but Russian oil continued to flow into the market. Sanctions imposed on Iran have not yet been implemented.”
Co-host Andrew Ross Sorkin then interjected and asked a question. “But do you always praise or blame a particular president for pipelines that were built or not built, supply chains or ports that were open or not open?” Because all of that comes down to price. Because it also affects ”
Wirth said: “But that's a different issue than today's gas prices. It's about investing in long-term infrastructure, long-term energy supply and energy security. Those are important issues, but the short-term It has little to do with gasoline prices.”
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