In an appearance on Bloomberg Television, Chevron CEO Mike Wirth pushed back on accusations by the Biden Administration that oil companies are profiteering from the surge in prices after the Russian invasion of Ukraine
- Jan 04, 2023, 12:30 PM CST
“Through the cycle, it’s an industry that generates 10%-ish returns on capital employed, which is I think, by the standards of many other industries, a pretty modest return,” Wirth told ‘The David Rubenstein Show: Peer-to-Peer Conversations’. The oil market sets the price of oil and gasoline, not producers, Wirth said, adding, “I disagree with that characterization,” when commenting on the accusations of price gouging. If oil firms don’t invest in increasing production and refining capacity, “they’re going to pay a higher tax on their excess profits and face other restrictions,” President Biden said in October.
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