Chevron executive Andy Walz suggested that Americans could save money by driving less and trying to conserve energy. When Walz was asked how Americans could try to save money at the pump, he told CBS News, “People should try to drive less. They should try to save energy.” “We should do this all the time. Energy is essential to people’s lives, but we must conserve it.”Since the beginning of the war, ship traffic in the Strait of Hormuz, which supplies about 20% of the world’s oil and gas, has been affected, resulting in skyrocketing fuel prices. Prices of international benchmark Brent crude have risen to around $100 a barrel in recent weeks. Walz said there is probably no “silver bullet” to help lower prices for Americans over the long term while oil prices remain high for everyone else. “This is a global market for crude oil,” Walz said. “We have crude oil here, close to us, that we’re all processing and using. That’s helping Americans buffer their price. … If this goes on for a long time, it’s probably going to get tougher.”Walz also warned of potential supply chain problems if the crisis continues.“The US is more dependent on local production, but there are countries in Asia and other parts of the world that are much more dependent on Middle East crude,” he said. “They can’t get it. They can’t refine it. They can’t make the products that people need, and they’re starting to run out. And that’s a real problem. We’re worried about the price here. There are other countries that don’t have the products. And to me, that’s a big concern.”The White House dismissed concerns about the US economy amid the Iran war, calling the increased prices a “short-term disruption”. White House spokesman Kush Desai said last week, “As the Administration ensures the free flow of energy through the Strait of Hormuz, the U.S. economy remains on a solid trajectory due to the Administration’s strong supply-side agenda of tax cuts, deregulation, and energy abundance.”
