Chevron CEO Mike Wirth applauded the Trump administration’s energy policy shift during a Permian Basin tour. He emphasized that America’s energy strength provides both economic advantages and national security benefits.
Speaking to Maria Bartiromo, Wirth highlighted the Permian Basin’s role as America’s richest oil and gas region, projecting it will supply 70% of U.S. oil by 2040. He noted that innovation and improved recovery methods ensure long-term production.
Wirth praised the administration for policies encouraging domestic energy investment, contrasting them with previous efforts aimed at reducing U.S. oil and gas production. He explained that current measures strengthen economic competitiveness while maintaining environmental protection priorities.
The CEO specifically cited the purchase of one million barrels of crude for the Strategic Petroleum Reserve and sanctions on major Russian oil companies as examples of effective policy action. He stressed that energy independence directly supports national security goals.
Reducing regulatory obstacles and streamlining permitting processes were also central points in Wirth’s comments. He noted that eliminating red tape accelerates energy projects, enabling faster deployment of resources to meet domestic and global demand.
Wirth additionally emphasized that resumed lease sales in deep-water Gulf areas signal renewed investment opportunities for U.S. companies. He encouraged codifying these policy shifts into legislation to ensure stability for long-term planning.
Chevron is committing two-thirds of its global capital spending, between $15 and $20 billion this year, to U.S.-based projects. Wirth explained that a decade ago most investment went abroad, reflecting the importance of supportive domestic energy policies.
The CEO concluded that America’s abundant resources, combined with favorable government policy, create a powerful synergy for sustained economic growth. By harnessing energy strength, the U.S. can remain competitive while enhancing national security.
Overall, Wirth’s remarks underscore the critical role of U.S. energy leadership, innovation, and policy alignment in maintaining long-term global competitiveness. He reiterated that energy strength is essential for both prosperity and national defense.
