Chevron CEO Criticizes Biden's Energy Policies

Mike Wirth's Warning

Mike Wirth, the CEO of Chevron, issued a stern warning at the Gastech conference in Houston on Tuesday. He criticized the Biden-Harris administration's stringent energy policies, particularly the moratorium on new liquefied natural gas (LNG) export permits. According to Wirth, these policies have led to increased prices and compromised the energy security of America's main allies.

Impact on Natural Gas

Wirth stated that the "attacks on natural gas" and the halt on new LNG export permits at Gulf Coast terminals have prioritized "politics over progress". This could potentially hinder climate initiatives, such as the shift from coal to NatGas. He argued that these policies increase energy costs by removing potential supply from the market. Wirth also expressed concern that these policies could jeopardize the reliability of LNG supplies, thereby undermining the energy security of US allies. Moreover, he suggested that these policies could slow down the transition from coal to natural gas, leading to increased emissions.

White House's Stance on LNG

In January, the White House suspended the issuance of new licenses for LNG exports. This move, which seemed to penalize Texas over a border dispute, was possibly influenced by wealthy donors, including the Rockefeller family, pressuring the government to move away from LNG. Wirth has previously criticized the Biden-Harris administration for their attacks on fossil fuel energy while simultaneously warning of a climate crisis that could only be averted by installing more solar panels and windmills.

Future of Refineries in the US

In an interview with Bloomberg TV in 2022, Wirth predicted that no new refineries would be built in the US, given that the last one was constructed in the 1970s. Despite a federal court overturning the LNG permit export moratorium in July, no licenses have been issued since the ruling due to industry-wide outrage over the green policies promoted by the White House.

Strain on US Power Grid

Domestically, the US power grid is experiencing unprecedented strain due to electrification trends, including power-hungry AI data and electric vehicles. Regional grids across the country are reducing fossil fuel power generation in favor of unreliable solar and wind energy. However, any new nuclear power development, which is the ultimate clean energy power source, could take years or even decades to become operational.

Call for Balanced Conversation

Wirth called for a "more balanced conversation about the future of energy," emphasizing that decisions should be based on "realistic science and impartial data, untainted by advocacy agendas." He suggested that instead of relying on children and radicalized climate activists who may not be capable of making rational decisions, individuals grounded in reality should be appointed to positions of power in the government.

Bottom Line

The debate over energy policies continues to be a contentious issue. While some argue for the necessity of transitioning to green energy, others, like Chevron's CEO, warn of the potential drawbacks and advocate for a more balanced approach. What are your thoughts on this issue? Do you agree with Wirth's perspective, or do you think the shift towards green energy is essential? Share your views with your friends and sign up for the Daily Briefing, which is available every day at 6pm.