Chevron Chief Executive Officer Mike Wirth has reportedly urged US consumers to rapidly prepare for the gas hype coming up this winter rather than relaxing to fallen gas price at pumps and barrels. Report
Chevron chairman and CEO Mike Wirth said in an interview according to Cable News Network on Tuesday business report said that “there’s certainly a risk that costs will go up” for American consumers.
Wirth is not predicting a rise of the magnitude seen in Europe, where prices have skyrocketed, largely due to the impact of Russia limiting exports of natural gas. The energy situation in the United Kingdom and on the continent is far more dire.
“Prices already are very high relative to history and relative to the rest of the world. We’re already seeing this impact being felt in the European economy and I do think it’s likely that Europe goes into a recession,” Wirth said.
Stakes and Shares of Chevron group of company went up nearly 40% in 2022, making them the best performer in the American stock market this year. Rival Exxon Mobil has soared almost 60%.
Chevron reported net income of $11.6 billion in the second quarter and analysts are forecasting that the company will post an annual profit of $36.2 billion.
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