Chevron CFO: Why Are Gasoline Prices Not Falling?

Chevron's CFO explained the reasons behind gasoline prices remaining stuck at current levels. The company's top executive stated that bottlenecks in refinery capacity and global supply constraints are keeping prices elevated. He also emphasized the impact of geopolitical uncertainties and investment shortfalls during the energy transition process. The CFO noted that demand continues to remain strong, but supply-side limitations are preventing prices from declining. In particular, the failure of U.S. refinery capacity to fully return to pre-pandemic levels stands out as a significant factor keeping prices high. Chevron does not expect this situation to change in the short term. While the company focuses on operational efficiency under current market conditions, it is evaluating investments that could increase supply in the long term. However, the CFO added that uncertainties arising from the energy transition process are discouraging new refinery investments. This is not investment advice.