People should “try to drive less,” a Chevron (CVX) executive told CBS News when asked how Americans can save money at the pump, as gas prices remain elevated due to the Iran war.
“They should try to conserve energy,” said Andy Walz, Chevron’s (CVX) president of downstream, midstream and chemicals. “We should always be conserving energy, whether it’s your light switch or the miles you drive or what kind of car you buy.”
“So I would encourage everybody to try to conserve, hang in there and hopefully prices will be coming down soon,” he added.
The oil shock caused by the blockade of the Strait of Hormuz pushed U.S. gas prices in April to their highest levels since 2022. The national average gas price is currently $4.078 per gallon, according to GasBuddy.
Walz said there’s probably no “silver bullet” to help bring down gas prices in the U.S. over the long term while oil prices remain high elsewhere in the world. “If this goes on for an extended period of time, it’s probably going to get tougher,” he warned.
Walz pointed to other countries that rely heavily on Middle East crude. “They can’t get it. They can’t refine it. They can’t make the products people need, and they’re starting to run out.”
“We’re worried about price here. There are other countries that don’t have the products. And to me, that is a big worry,” he added.
Author: phinds
