Gas Shortages Are Coming, and Chevron’s CEO Says Economies Will Have to Slow.
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When you’re concerned about something, it’s often good to consult someone who knows a lot about it. So if you’re concerned about rising gas prices due to the Iran war, and about how the conflict will impact our economy in general, you might want to hear from a bigwig in the energy realm. Enter Chevron (NYSE: CVX) CEO Mike Wirth, who recently issued a warning.
Here’s what he said and what it may mean for you. The CEO said… Most of us are focused on the price of gas (and maybe oil as well), but speaking at the Milken Institute on May 4, Chevron’s CEO brought up a related and even more troubling issue. “We will start to see physical shortages” due to the closure of the Strait of Hormuz, he said, explaining that so far, most of the world hasn’t been experiencing major supply issues because the U.S. and others have been tapping surpluses and national strategic reserves — which are, ultimately, limited.