Bloomberg Talks Chevron Chairman & CEO Mike Wirth Talks Trump's Energy Policy
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Feb 5, 2025 Mike Wirth, Chairman and CEO of Chevron, shares insights into the evolving U.S. energy policy landscape. He discusses how tariffs could boost Venezuelan oil and Trump's commitments to increase domestic oil production. Wirth emphasizes the need for streamlined permitting processes and stable policies to guide energy investments. He also highlights the rising energy demands from data centers and electric vehicles, while addressing the challenges of transitioning away from coal in a reliable manner.
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Shifting Energy Conversation
- Mike Wirth observes a shift towards pragmatism in energy discussions, emphasizing a balance between affordability, reliability, and environmental impact.
- He notes the current administration's focus on American energy abundance as a sign of this change.
Keystone Pipeline Example
- Mike Wirth discusses the Keystone Pipeline's failure as an example of permitting process issues.
- It was stopped by opposing interests, hindering investment and demonstrating the need for reform.
Long-Term Policy and Investment
- Long-term policy clarity is crucial for investment decisions in the energy sector, according to Mike Wirth.
- Chevron faced criticism for not rapidly adopting renewables due to policy uncertainty, highlighting the need for durable, long-term policies.