Chevron CEO Emphasizes Energy’s Role in National Defense and Economy

During a recent interview with FOX Business, Chevron CEO Mike Wirth underscored the significance of U.S. energy resources for both national security and economic growth. Speaking from the Permian Basin in Midland, Texas, Wirth praised the energy policies of the Trump administration and highlighted the basin’s critical contribution to U.S. oil production.

In an exclusive conversation with Maria Bartiromo, Wirth stated, “Energy security and national security are linked.” He elaborated that America’s substantial natural resources represent more than just an economic advantage; they are vital for the country’s defense strategy. His comments will be featured in full on “Sunday Morning Futures,” airing on Monday.

Wirth emphasized the importance of the Permian Basin, which is expected to account for 70% of U.S. oil production by 2040. He noted, “The Permian Basin will be producing for decades to come as we continue to innovate and find ways to improve recovery.” This statement aligns with recent trends indicating a surge in domestic oil production, driven by advancements in technology.

The discussion comes on the heels of the Trump administration’s decision to purchase one million barrels of crude oil to replenish the Strategic Petroleum Reserve. Additionally, the administration has imposed sanctions on two prominent Russian oil companies. Wirth remarked on the policy shift, stating, “We’ve gone from an administration that openly declared its intent to try to reduce and eliminate our industry over time, to one that sees American energy strength as linked to economic competitiveness.”

Wirth noted the presence of senior Cabinet officials who understand the energy sector. He mentioned that the current administration recognizes the need to protect the environment while leveraging the nation’s resources to bolster economic and national security.

The CEO also highlighted the easing of regulatory hurdles in the permitting process, which facilitates quicker approvals for energy projects. “We’ve seen a reversal of policies that stopped lease sales in the deep water Gulf of America, and we’ve now resumed lease sales in an area that’s got tremendous potential,” he added.

Wirth expressed the need for these changes to be codified into legislation, ensuring their longevity. He stated, “We’ve got a long-term plan that we have continued to follow.” Chevron is investing between $15 billion and $20 billion in capital spending this year, with two-thirds of that investment focused in the United States, a significant shift from previous years when most spending occurred abroad.

As the energy landscape evolves, Chevron’s commitment to innovation and resource development underscores its pivotal role in shaping the future of U.S. energy independence and economic resilience.