Chevron has published record profits, yet is continuing to exacerbate the cost of living struggles for US consumers to reward shareholders. The company is swimming in cash and has a responsibility to its customers to make petroleum consumption — a basic necessity in the US — more affordable.
The investment Chevron executives are making in the company is not just about lining their own pockets — it's about future-proofing. Chevron's capital spending is still well below pre-COVID levels and, although oil prices have fallen from the highs of last summer, the reopening of China's economy will keep demand for crude oil high and maintain the pressure of global supplies.
There is a 50% chance that the real price of gas will be at least $3.59 per gallon in the US in April 2023, according to the Metaculus prediction community.