With the U.S. presidential election approaching, Mike Wirth, CEO of Chevron, highlighted the importance of coherent energy policies in a recent interview. He emphasized that affordable and reliable energy is crucial for controlling inflation, which is why stable policies are needed to encourage investment. Wirth noted that energy forms a vital part of the global economy and that any political restrictions on supply could trigger widespread inflationary pressures.
Wirth stated that energy prices affect all aspects of the economy and pointed out that other countries look to the U.S. for long-term commitments and investments in global energy supply. Chevron aims to maintain good relations with both political parties, emphasizing a preference for leadership that supports free markets and can invigorate the economy.
He added that the demand for electricity in the U.S. will continue to rise, necessitating a diverse energy mix including wind, solar, and natural gas. While electric vehicles are gaining popularity, internal combustion engine vehicles remain significant and are widely produced. Moreover, oil plays a role beyond gasoline, contributing to the production of petrochemicals used in various manufacturing processes, including materials for electric vehicles.
Wirth believes that there is room for all energy solutions and that every economically feasible option should be pursued.
Looking at the presidential candidates' energy policies, Democratic candidate Kamala Harris focuses on driving a clean energy revolution through large-scale subsidies and innovation incentives to boost the economy and employment while strengthening the U.S.'s leadership in global climate governance. On the other hand, Republican candidate Donald Trump supports traditional energy, advocating for the relaxation of restrictions on the oil and gas industry to ensure energy security, reduce costs, and enhance international competitiveness.
