In an exclusive conversation with Fox Businesss’ Maria Bartiromo during a tour of the Permian Basin, Chevron CEO Mike Wirth said America’s vast energy resources are not just an economic advantage – but also a matter of national defense – while praising President Donald Trump’s energy initiatives.
“Energy security and national security are linked,” Wirth said in a preview of his interview on “Sunday Morning Futures,” which will air in full on “Mornings with Maria” Monday.
“The U.S. is blessed with an abundance of natural resources,” he continued. “And we now have an administration that wants to see the energy industry invest in those resources to make sure that America’s energy strength translates into economic strength and competitiveness and, importantly, security.”
EXPERT SAYS ENERGY ABUNDANCE WILL ‘REBALANCE’ AMERICA AS DEMAND HITS RECORD HIGHS NATIONWIDE
Wirth spoke from the Permian Basin in Midland, Texas, home to America’s richest pool of oil and gas, which is expected to provide 70% of U.S. oil production by 2040.
“The Permian Basin will be producing for decades to come as we continue to innovate and find ways to improve recovery,” the CEO said.
While primarily discussing the technology and innovation that will power U.S. energy independence, Wirth’s interview follows the Trump administration’s decision to purchase one million barrels of crude oil to replenish the Strategic Petroleum Reserve and separately sanction two of Russia’s leading oil companies.
“We’ve gone from an administration that openly declared its intent to try to reduce and eliminate our industry over time, and we now have an administration that sees American energy strength, American energy dominance, as linked to economic competitiveness. We’ve seen a policy shift,” Wirth noted.
“We’ve seen senior Cabinet officials that actually understand energy. And look, this administration wants to protect the environment as well. But it wants to use the resources of our country to support our economy and our security,” Wirth added, “and we’ve seen that in policies across the board.”
Chevron’s CEO highlighted the elimination of red tape in permitting processes that streamline the path from application to approval.
“We’ve seen a reversal of policies that stopped lease sales in the deep water [of the] Gulf of America, and we’ve now resumed lease sales in an area that’s got tremendous potential,” Wirth said.
“The thing that would be really most important now is to see those codified in legislation that ensures that they’re durable. We’ve got a long-term plan that we have continued to follow,” he expanded. “We’re investing two-thirds of our global capital spending, which is between $15 and $20 billion this year, is right here in the United States. If you go back a decade or more ago, it was reversed – most of the spending was going outside of this country.”
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