Name: Chevron CEO Mike Wirth on Why He Refused Congress’s Production Freeze
Uploaded: 2025-12-23T20:00:00Z
Duration: 2 min 13 s
Description: Chevron CEO Mike Wirth details the high-pressure exchange that put Chevron’s production plans at the center of a Congressional showdown. Recorded on Dec. 9, 2025.

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Chevron CEO Mike Wirth details the high-pressure exchange that put Chevron’s production plans at the center of a Congressional showdown. Recorded on Dec. 9, 2025. Photo: Sean T. Smith for the WSJ Leadership Institute

https://m.wsj.net/video/20251211/cdf2f5db-9b87-4b95-8c28-fc78659d7d98/1/hls/manifest-hd-wifi.m3u8

Chevron CEO Mike Wirth details the high-pressure exchange that put Chevron’s production plans at the center of a Congressional showdown. Recorded on Dec. 9, 2025.

Chevron CEO Mike Wirth on Why He Refused Congress’s Production Freeze

At one point, you had a member of Congress saying, "You should stop right now, producing, exploring for more oil." And in fact, some of the European companies made exactly that commitment. What was your reaction to that?

Well, I was asked under oath in a congressional hearing to pledge that we would never again produce any more energy than we were at that point in time. And some of the other companies that were at that hearing agreed to that. I did not, because I said, "Look, the demand for our products is going up, not down, and we need to meet the demand." If we don't, what happens is, prices go higher, and that's not good for the economy, it's not good for consumers. And so, it's back to, I talked about the fundamentals of supply and demand and technology. If the demand for your products is growing, you should work to meet that demand, and not pledge to not do so.

Well, you have supply and demand, but you also have externalities. I mean, how do you think, in that context, how do you think about the climate challenge?

Well, the climate challenge is real. I think the world has begun, you've seen people like Bill Gates, the International Energy Agency, modifying what had previously been positions which, I think, fed a belief, a misguided belief, that this energy transition could happen faster than it, in fact, can. And I always had a view that we would see the energy system evolve the way that it always has for the last 150 years. But as long as demand is growing, it's really a system that has added new forms of energy supply over time. The world uses as much biomass today as it did in the 1850s when biomass was the predominant source of energy in the world. In fact, we've never seen a supply of any type of energy actually decline. The demand for coal is higher than it's ever been today. Demand for oil is higher than it's ever been. Demand for hydro is higher than it's ever been, wind, solar. We've seen a system that adds new supplies to meet the needs of a growing world where most of the people still don't have a lifestyle that you and I would recognize.

The WSJ Leadership Institute Presents: Leaders. A new podcast series bringing you revealing conversations with top executives shaping business today. Hosted by Alan Murray, president of the WSJ Leadership Institute, the series goes beyond headlines to explore how leadership really works in times of upheaval, transformation, and uncertainty. Our first episode was released Monday, Sept. 22, at 5:00 a.m. ET, with new episodes every other Monday.