Chevron CEO Warns of Gas Shortages and Economic Slowdown Due to Strait of Hormuz Closure
Chevron's CEO Mike Wirth warned that the closure or blockage of the Strait of Hormuz could lead to physical gas shortages, forcing economies to slow down. He compared the potential impact to the oil crisis of the 1970s and noted current surpluses are limited. Shell’s CEO also highlighted a reduction in global jet fuel consumption due to ongoing conflicts.
Topics: economic impact gas prices geopolitical conflict oil