Chevron CEO Wirth Warns US Diesel Export Ban Could Raise Prices

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Chevron Corp. Chief Executive Officer Mike Wirth warned on Tuesday that a US ban on diesel exports could push prices higher in some parts of the country and strain relations with allies that depend on American supplies. Speaking at the Energy Intelligence Forum in London, Wirth said "you could see some upward pressure on prices in some parts of the country" and that such a move "would send a very bad signal where the US has been a reliable supplier in a time of need." Late last week, President Donald Trump said he would not ban US diesel exports, retreating from his earlier consideration of possible curbs, after Group of Seven nations and their partners agreed to release some emergency fuel stockpiles to bring down soaring prices. Wirth also said demand for oil and gas will continue to grow after the end of the Persian Gulf war, and that Chevron could join an Iraq-to-Mediterranean oil pipeline consortium. He added that, amid technological advances, Chevron is drilling more wells with fewer rigs than ever before.

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