{
  "id": 8731361,
  "title": "Chevron CEO sends a strong message on oil price and the economy",
  "url": "https://urgent.news/2026/09/20/chevron-ceo-sends-a-strong-message-on-oil-price-and-the-economy",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-09-20T16:47:00.000Z",
  "source": {
    "name": "Yahoo Finance",
    "slug": "yahoo-finance",
    "url": "https://finance.yahoo.com/energy/articles/chevron-ceo-sends-strong-message-164700338.html"
  },
  "original_language": "en",
  "account": "Chevron's CEO Mike Wirth warned that oil prices are more likely to continue rising than falling in the coming months, as the mechanisms that initially helped absorb the shock of the Iran war have largely been exhausted. Since the conflict began in late February, Americans have paid an additional $97 billion for fuel, or roughly $740 per household, according to CNN. President Trump has suggested prices will decrease after the midterms, but Wirth expressed skepticism about a quick resolution, stating that the risks remain to the upside.\n\nWirth highlighted that countries had several ways to handle the initial supply disruption, such as releasing crude from strategic reserves or drawing down commercial inventories. However, those measures have largely been used up, and the energy system no longer has the buffers it had at the start of the war. The loss of flexibility became more acute after attacks on a major Saudi crude pipeline, which knocked out an estimated 2.5 million barrels of oil per day.\n\nThe average U.S. diesel price crossed $6 per gallon for the first time on September 10, while gasoline prices reached about $4.32 a gallon, both records. Crude prices have been climbing for weeks due to attacks on shipping and energy infrastructure, with Brent crude for November delivery trading near $105 a barrel, up about 50% from the $70 it was before the Iran war began in late February.\n\nWirth emphasized that the previously effective tools to lower prices, such as tapping the Strategic Petroleum Reserve and easing restrictions on sanctioned crude, are no longer sufficient. He did not predict when or how prices would stabilize, but noted that the forces needed to bring prices down are harder to identify right now compared to six months ago. Diesel, crucial for American economic activities like trucking, farming, construction, and freight transportation, is particularly affected when prices rise, leading to increased costs for businesses and households.",
  "summary": null,
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}