Chevron executive Andy Walz says Americans should drive less during the Iran war.
Chevron executive Andy Walz suggested Americans could save money by driving less and conserving energy. Asked how Americans can try to save money at the pump, Walz told CBS News: “People should try to drive as little as possible. They should try to conserve energy.” “We should always do this. Energy is vital to people’s lives, but we should conserve it.”Since the outbreak of the war, ship traffic in the Strait of Hormuz, which carries about 20% of the world’s oil and natural gas supplies, has been affected, causing fuel prices to soar. Brent crude, the international benchmark, has surged in recent weeks and is hovering around $100 a barrel. Walz said there may not be a “silver bullet” to help Americans lower gas prices in the long run while gas prices remain high for everyone else. “This is a global crude oil market,” Walz said. “We have crude oil here, much closer to us, we’re all processing it and using it. That helps Americans cushion prices…If this continues for a long period of time, things could get tougher.”Walz also warned that supply chain problems could arise if the crisis continues.“The United States relies more on local production, but countries in Asia and other parts of the world rely heavily on Middle Eastern crude,” he said. “They can’t get it. They can’t refine it. They can’t make the product that people need, and they’re starting to run out. That’s a real problem. We’re worried about the price here. There are other countries that don’t have these products. To me, that’s a big concern.”The White House dismissed concerns about the U.S. economy amid a war with Iran, calling rising prices a “short-term disruption.” “As the administration ensures the free flow of energy through the Strait of Hormuz, the U.S. economy remains on a solid track thanks to the administration’s strong tax cuts, deregulation and energy-rich supply-side agenda,” White House spokesman Khush Desai said last week.
