Chevron CEO Mike Wirth suggested on Sunday that gas prices have not peaked, undercutting some assessments within the Trump administration.
Wirth told CBS News’s Margaret Brennan on Face the Nation that “it’s very hard to say” prices at the pump have peaked. The oil executive pinned the sticky prices on the Strait of Hormuz blockade that has halted some 20% of global shipping for nearly two months.
“What’s really needed is for flow to resume through the Strait of Hormuz. You can’t take 20% of the energy out of the system,” Wirth said.
But even when the strait reopens, Wirth predicted gas prices will remain elevated for the foreseeable future.
“Even if the strait were to open today, getting supplies to where they’re needed and resuming the normal functioning of the system is going to take some time,” he added.
The Chevron CEO also issued a stark warning about jet fuel costs,
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