Chevron CEO says the surge in diesel prices caused by Trump may not see relief until 2027.

[Cypress]

Chevron CEO warns oil buffers that cushioned the Iran war shock have been ‘drained’—and diesel relief may not come until 2027​

The Iran war has pushed fuel prices to record highs, and the head of America's second-largest oil company says the world has run out of easy ways to absorb the shock.

"Those are all buffers in the system that have bought us time, but they've been drained," Chevron CEO Mike Wirth told CNBC's Squawk Box Europe on Oct. 7. "And so we're at much lower levels of inventory right now, and it makes the system more vulnerable to disruption."

Wirth said the world entered 2026 well supplied. "We came into this year with high inventories," he said, pointing to commercial stocks held by companies and strategic reserves held by governments worldwide. Since the war began in late February, those cushions have been steadily depleted: Companies have drawn down commercial inventories, governments have released emergency stocks, and sanctioned barrels have been allowed to reach buyers.

He called it "a very serious situation."

Wirth was blunt that stockpile releases are only a stopgap. They "buy time," he said, but the underlying problem is "constrained flows out of some of the biggest producing areas in the world."

Chevron CEO warns oil buffers that cushioned the Iran war shock have been ‘drained’—and diesel relief may not come until 2027

Mike Wirth says commercial stockpiles, emergency reserves, and once-sanctioned barrels have all been tapped, leaving the global energy system more exposed just weeks before the midterms.

www.yahoo.com

 

[Guno צְבִי]

Chevron CEO warns oil buffers that cushioned the Iran war shock have been ‘drained’—and diesel relief may not come until 2027​

The Iran war has pushed fuel prices to record highs, and the head of America's second-largest oil company says the world has run out of easy ways to absorb the shock.

"Those are all buffers in the system that have bought us time, but they've been drained," Chevron CEO Mike Wirth told CNBC's Squawk Box Europe on Oct. 7. "And so we're at much lower levels of inventory right now, and it makes the system more vulnerable to disruption."

Wirth said the world entered 2026 well supplied. "We came into this year with high inventories," he said, pointing to commercial stocks held by companies and strategic reserves held by governments worldwide. Since the war began in late February, those cushions have been steadily depleted: Companies have drawn down commercial inventories, governments have released emergency stocks, and sanctioned barrels have been allowed to reach buyers.

He called it "a very serious situation."

Wirth was blunt that stockpile releases are only a stopgap. They "buy time," he said, but the underlying problem is "constrained flows out of some of the biggest producing areas in the world."

Chevron CEO warns oil buffers that cushioned the Iran war shock have been ‘drained’—and diesel relief may not come until 2027

Mike Wirth says commercial stockpiles, emergency reserves, and once-sanctioned barrels have all been tapped, leaving the global energy system more exposed just weeks before the midterms.

www.yahoo.com

And goods are transported by trucks

 

[T. A. Gardner]

When you account for inflation, gasoline is cheaper right now than under Biden or Obama. Diesel is up in price slightly.

 

[Cypress]

And goods are transported by trucks

I don't really care if MAGA truckers have to pay $1,800 to fill their rig.

 

[Crepitus]

Chevron CEO warns oil buffers that cushioned the Iran war shock have been ‘drained’—and diesel relief may not come until 2027​

The Iran war has pushed fuel prices to record highs, and the head of America's second-largest oil company says the world has run out of easy ways to absorb the shock.

"Those are all buffers in the system that have bought us time, but they've been drained," Chevron CEO Mike Wirth told CNBC's Squawk Box Europe on Oct. 7. "And so we're at much lower levels of inventory right now, and it makes the system more vulnerable to disruption."

Wirth said the world entered 2026 well supplied. "We came into this year with high inventories," he said, pointing to commercial stocks held by companies and strategic reserves held by governments worldwide. Since the war began in late February, those cushions have been steadily depleted: Companies have drawn down commercial inventories, governments have released emergency stocks, and sanctioned barrels have been allowed to reach buyers.

He called it "a very serious situation."

Wirth was blunt that stockpile releases are only a stopgap. They "buy time," he said, but the underlying problem is "constrained flows out of some of the biggest producing areas in the world."

Chevron CEO warns oil buffers that cushioned the Iran war shock have been ‘drained’—and diesel relief may not come until 2027

Mike Wirth says commercial stockpiles, emergency reserves, and once-sanctioned barrels have all been tapped, leaving the global energy system more exposed just weeks before the midterms.

www.yahoo.com

He is loving the profits.

 

[Crepitus]

When you account for inflation, gasoline is cheaper right now than under Biden or Obama. Diesel is up in price slightly.

 

[T. A. Gardner]

View attachment 98826

What, Creepy Tits? Can't accept that? It's true.

With Obama, the average gas price was $2.36 with a high of $3.97

Using 2010 as the baseline, then in 2026 that's $3.65 and $6.13 respectively.

With Biden, the average gas price was $3.46 with a high of $5.01.

Using 2024 as the baseline, then in 2026 that's $3.72 and $5.39 respectively.

Like it or not, both Autopen and Empty Suit had comparable gas prices or higher to Trump's today--accounting for inflation--and in both cases it was largely due to their pushing the Greentard agenda.

 

[Crepitus]

What, Creepy Tits? Can't accept that? It's true.

With Obama, the average gas price was $2.36 with a high of $3.97

Using 2010 as the baseline, then in 2026 that's $3.65 and $6.13 respectively.

With Biden, the average gas price was $3.46 with a high of $5.01.

Using 2024 as the baseline, then in 2026 that's $3.72 and $5.39 respectively.

Like it or not, both Autopen and Empty Suit had comparable gas prices or higher to Trump's today--accounting for inflation--and in both cases it was largely due to their pushing the Greentard agenda.

That math ain't mathin' kid.