Chevron executive Andy Walz told CBS News that consumers should try to drive less as oil-market disruption followed President Donald Trump's order for the U.S. Navy to block Iranian tankers transiting the Strait of Hormuz.
Walz said energy conservation should be a regular practice and warned that prolonged disruption could push prices higher across the economy because transportation costs affect food and goods.
Michigan filed an antitrust lawsuit in January against BP, Chevron, Exxon and Shell, accusing the companies of colluding to stall electric vehicle development; Chevron lawyer Theodore Boutrous Jr told Reuters the state is highly dependent on oil and gas.
The United States remains the world's leading oil producer but is part of a global market where domestic companies can sell overseas if overseas prices rise, limiting relief for U.S. drivers.
This report is based on information originally published by Jalopnik.
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