27 December 2022 | Macroeconomics | CEOs

Chevron CEO denies claims by Biden and other officials

Chevron Chairman and CEO Mike Wirth discussed Joe Biden's claims regarding the oil industry. 

Despite the U.S. President's prioritizing further development of green energy, progressive states, including California, plan to impose windfall taxes on oil producers' excess profits. This is how Mike Wirth described these policies' impact on domestic investment in the country's energy sector.

These tax proposals could lead neither to increased supply on the market nor to lower prices. But there is a risk of the opposite. Chevron's CEO believes that there have already been historical precedents for taxation, for instance, in the 1970s and 1980s. But these measures have failed, so the government has no confidence that they will work today. Wirth also noted that taxes should not be raised, thereby discouraging people from investing, in order to increase gasoline supplies. A new solution should come into play for boosting supplies and ensuring price stability. This would have a positive impact on economic growth. 

Company MarketCheese
Period: 29.11.2024 Expectation: 700 pips
AUDCAD does not exit downward trend lines
Yesterday at 11:34 AM 30
Period: 02.12.2024 Expectation: 560 pips
Brent oil on its way up after exiting bilateral pattern
Yesterday at 09:47 AM 93
Alexandra_Belova
Alexandra_Belova

Listed among the best MarketCheese authors
2nd in the segments "Currencies" and "Oil and gas"
Period: 26.11.2024 Expectation: 2840 pips
Selling USDJPY with target at 152.00 influenced by BoJ policy
21 November 2024 87
Elena_Dorokhina
Elena_Dorokhina

Listed among the best MarketCheese authors
1st in the segments "Currencies", "Metals" and "Oil and gas"
Period: 25.11.2024 Expectation: 700 pips
EURUSD can not move far away from 1.052 level yet
20 November 2024 83
Period: 12.12.2024 Expectation: 2080 pips
Canadian statistics reverse USDCAD to selling
20 November 2024 64
Elena_Dorokhina
Elena_Dorokhina

Listed among the best MarketCheese authors
1st in the segments "Currencies", "Metals" and "Oil and gas"
Period: 30.11.2024 Expectation: 660 pips
Selling AUDCAD to 0.9040
20 November 2024 44
Nikolai
Nikolai

Listed among the best MarketCheese authors
3rd in the segment "Currencies"
Go to forecasts