Chevron Executive Says Americans Should ‘Drive Less’ And ‘Conserve Energy’ As Gas Prices Remain High
Chevron executive Andy Walz said Americans should “try to drive less” and “conserve energy” as gas prices remain high as a result of the war in Iran and the blockade of the Strait of Hormuz.
Speaking to CBS News, Walz said the practice should take place regardless of prices. “We should be doing that all the time. Energy’s essential for people’s lives, but we should conserve it.”
Current gas prices, however, are dominating headlines due to the size and speed of their increase since the beginning of the war in Iran, which has led to Tehran’s closure of the key waterway through which about 20% of the world’s energy passes.
The price of Brent Crude oil has spiked from about $70 in February to between $90 and $100 at the moment, briefly climbing to almost $120 in late March.
Elsewhere in the interview, Walz said there is no “silver bullet” to help bring down gas prices if crude remains at current levels.
“We have crude here, that’s closer to us, that we’re all processing and using. That’s helping Americans buffer their price. … If this goes on for an extended period of time, it’s probably gonna get tougher,” he warned.
The spike has already impacted inflation levels. The Bureau of Labor Statistics said the energy index jumped 10.9 percent in March alone and 12.5 percent over the year. Gasoline prices rose 21.2 percent on the month and 18.9 percent over 12 months, while fuel oil surged 30.7 percent in March and 44.2 percent from a year earlier. Fuel alone accounted for nearly three quarters of the monthly increase in the CPI, which saw a 0.9 percent increase in a single month, the largest gain since June 2022.
The development compounds to economic challenges during the Trump administration, which are reflected in polls about the economy. A recent Harvard CAPS/Harris survey found that 53 percent of respondents say the economy is worse now than it was during the administration of former President Joe Biden. Meanwhile, 47 percent said they believe conditions have improved.
The same poll shows a clear shift in responsibility. Sixty-two percent of Americans blame Trump for the current state of the economy, compared to 38 percent who place responsibility on the Biden administration.
The findings underscore how economic perceptions are evolving in real time, particularly as voters continue to rank the economy as their top issue. A Gallup poll conducted in late 2024 previously identified economic concerns as the most important factor for voters heading into elections.
