Chevron CEO Praises Trump’s Energy Policy Shift on Permian Basin Visit

Chevron’s CEO, Mike Wirth, recently praised former President Donald Trump’s energy policies during an exclusive interview with Maria Bartiromo, hosted on Emegypt. This event took place in the Permian Basin, a region in Midland, Texas, recognized for its vast oil and gas resources.

Chevron’s Views on U.S. Energy Policy

Wirth emphasized that the economic power of America’s energy sector is closely tied to national security. “Energy security and national security are linked,” he stated. According to Wirth, the U.S. possesses abundant natural resources, along with an administration keen on encouraging investment in energy. This perspective aligns energy strength with economic competitiveness and national security.

The Potential of the Permian Basin

Located in Midland, Texas, the Permian Basin is projected to yield about 70% of U.S. oil production by 2040. Wirth remarked, “The Permian Basin will be producing for decades to come as we continue to innovate and find ways to improve recovery.” He underscored the necessity for the U.S. to reinforce energy independence through technological advancements.

Shift in Energy Policy

This discussion follows significant policy changes initiated during Trump’s presidency. The administration’s actions included purchasing one million barrels of crude oil to replenish the Strategic Petroleum Reserve and sanctioning key Russian oil companies. Wirth noted, “We’ve seen a policy shift” that promotes American energy strength.

• Investment Focus: Chevron is allocating approximately two-thirds of its global capital spending, estimated at $15 to $20 billion, within the United States.
• Policy Changes: The current administration has reversed prior restrictions on lease sales in deepwater Gulf areas.
• Impact: These changes aim to bolster domestic energy production and secure energy resources for the economy.

Looking Ahead

Wirth also pointed out the importance of establishing durable legislation to uphold these favorable policies. He expressed optimism regarding the long-term plans in place for U.S. energy development. As the U.S. continues to innovate, the focus remains on enhancing recovery techniques and maintaining strong energy production positioned for future demands.