Chevron CEO says Biden should stop criticizing Big Oil, calls for change of approach According to Reuters

© Reuters. FILE PHOTO: Michael Wirth, President and CEO of Chevron Corp., speaks during a CNBC interview at the floor of the New York Stock Exchange (NYSE) in New York City, U.S., May 1 3, 2022. REUTERS / Brendan McDermid / File Photo

By Sabrina Valle

HOUSTON (Reuters) – Chevron’s Chief Executive Michael Wirth on Tuesday dismissed criticism by White House officials of the oil industry over energy costs, saying lowering fuel prices would require the government to “had to change the approach”.

The White House has asked the executives of seven refineries and oil companies, including Chevron (NYSE:) to a meeting this week to discuss how to lower high energy prices. Wither said he would attend.

“Your administration has largely sought to criticize, and at times defame, our industry,” Wirth said in a letter to President Joe Biden. “These actions are not conducive to meeting the challenges we face.”

On June 10, Biden criticized oil companies for making record profits and urged them to increase oil production to lower gasoline prices. He also accused Exxon Mobil Corp (NYSE:) of making money “more than God” and not being lenient enough in comments in Los Angeles earlier this month.

Biden is under pressure over record gasoline prices and inflation a top voter issue ahead of the November election with congressional control under threat.

Wirth said the oil industry needs clarity and consistency on policy issues, from leasing and licensing on federal lands, to permitting and building critical infrastructure. and cost-benefit regulations.

“We need an honest dialogue,” Wirth said. “One of our industrial recognitions is a vital sector of the US economy and essential to our national security.”

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