{"id":59333,"date":"2021-09-16T14:50:16","date_gmt":"2021-09-16T19:50:16","guid":{"rendered":"https:\/\/olduvai.ca\/?p=59333"},"modified":"2021-09-16T15:07:53","modified_gmt":"2021-09-16T20:07:53","slug":"chevron-ceo-warns-new-dynamics-to-boost-energy-prices-amid-global-supply-crunch","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=59333","title":{"rendered":"Chevron CEO Warns &#8220;New Dynamics&#8221; To Boost Energy Prices Amid Global Supply Crunch"},"content":{"rendered":"<header class=\"ArticleFull_header__11o5_\">\n<h3 class=\"ArticleFull_title__2cUI6\"><a href=\"https:\/\/www.zerohedge.com\/commodities\/chevron-ceo-warns-new-dynamics-boost-energy-prices-amid-global-supply-crunch\">Chevron CEO Warns &#8220;New Dynamics&#8221; To Boost Energy Prices Amid Global Supply Crunch<\/a><\/h3>\n<\/header>\n<div class=\"NodeContent_mainContent__38L44\">\n<div class=\"NodeContent_body__2clki NodeBody_container__1M6aJ\">\n<p>Soaring energy prices are stoking new concerns about a stagflationary environment of high prices and waning economic growth. Natural gas prices in Europe and the US are through the roof, and WTI futures are over $70 per barrel.<\/p>\n<p>Chevron Corp.&#8217;s CEO Mike Wirth spoke with\u00a0<a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2021-09-15\/chevron-ceo-warns-of-high-energy-prices-and-supply-crunches?sref=RJ2RlMrh\">Bloomberg<\/a>\u00a0on Wednesday and warned about elevated prices due to tightening supply. He said oil and gas companies are holding back on drilling new projects.<\/p>\n<blockquote><p><em>&#8220;<strong>There are things that are interfering with market signals right now that we haven&#8217;t seen before.<\/strong>\u00a0Eventually, things work out, but eventually can be a long time,&#8221; Wirth said.<\/em><\/p><\/blockquote>\n<div class=\"Advert_desktop__1J5vD Advert_tablet__3QEBr Advert_mobile__1rlLc Advert_placement__1I4yb Advert_align__N0_fw\">\n<aside id=\"in-content-video\" class=\"Advert_verticallySpaced__wnPy3\" data-google-query-id=\"CNXGsZKfhPMCFQO0hwodAR8KOg\">\n<div id=\"google_ads_iframe_\/21841313772,21778456762\/zerohedge\/in_content_video_0__container__\">His outlook for the energy market, including gas, liquefied natural gas, and oil, is a bull trend in prices &#8220;for a while,&#8221; without laying out a timeframe.<\/div>\n<\/aside>\n<\/div>\n<p>He said although commodity prices are moving higher, &#8220;signaling, we could invest more,&#8221; equity prices are sending mixed signals.<\/p>\n<blockquote><p><em><strong>&#8220;There are two signals I&#8217;m looking for, and I&#8217;m only seeing one of them right now,&#8221;\u00a0<\/strong>he said. &#8220;We could afford to invest more. The equity market is not sending a signal that says they think we ought to be doing that.&#8221;<\/em><\/p><\/blockquote>\n<p>Wirth added that shareholders would rather see cash returned to them than invested in new or existing drilling projects. Investors are cautious about plowing billions of dollars into low-return projects. They are also concerned about climate change initiatives targeting energy companies to reduce carbon emissions that would hurt future returns.<\/p>\n<blockquote><p><em>&#8220;You&#8217;ve got some real new dynamics, whether it&#8217;s government policy, efforts to constrain capital into the industry, to make it harder for the industry to access capital markets,&#8221; Wirth said. &#8220;That is the short term could create some risk for the global economy.&#8221;<\/em><\/p><\/blockquote>\n<p>\u2026click on the above link to read the rest of the article\u2026<\/p>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Chevron CEO Warns &#8220;New Dynamics&#8221; To Boost Energy Prices Amid Global Supply Crunch Soaring energy prices are stoking new concerns about a stagflationary environment of high prices and waning economic growth. Natural gas prices in Europe and the US are through the roof, and WTI futures are over $70 per barrel. Chevron Corp.&#8217;s CEO Mike [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2,3],"tags":[129,21424,328,31769,554,592],"class_list":["post-59333","post","type-post","status-publish","format-standard","hentry","category-economics","category-energy-2","tag-chevron","tag-energy-price","tag-fossil-fuels","tag-mike-wirth","tag-natural-gas","tag-oil-price"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/59333","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=59333"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/59333\/revisions"}],"predecessor-version":[{"id":59334,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/59333\/revisions\/59334"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=59333"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=59333"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=59333"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}