President Donald Trump and top administration officials met with oil and gas executives, including Chevron CEO Mike Wirth, at the White House on Tuesday to discuss the energy fallout from the ongoing conflict with Iran. The meeting, reported by Axios, covered domestic production, Venezuela, oil futures, natural gas, and shipping.
White House chief of staff Susie Wiles, Treasury Secretary Scott Bessent, and envoys Steve Witkoff and Jared Kushner were among those present. A White House spokesperson said the president meets frequently with energy executives to gather feedback on domestic and international energy markets.
The meeting came as US gas prices hit $4.18 per gallon, the highest since 2022. Analysts at Citi estimate that the conflict, which began on February 28, has removed 500 million barrels of crude and refined products from global markets due to the near-total closure of the Strait of Hormuz. Surging prices have begun to destroy demand from consumers and refiners.
In a CBS News interview, Chevron's Mike Wirth warned that upward pressure on prices is likely to continue. He noted that jet fuel inventories were already low before the conflict and that Middle East refiners, which supply 75% of Europe's imported jet fuel, are currently unable to export.
Hours after the meeting, Trump issued a threat against Iran on Truth Social, posting a mocked-up image of himself holding an assault rifle with the caption: 'No more Mr Nice Guy!' He wrote that Iran must sign a non-nuclear deal or face consequences.
