40 years ago, mike wirth joined chevron. today, mike wirth's ceo of chevron and dealing with the multiple issues that energy companies deal with, including renewable energy. i sat down with mike wirth to talk about what it is like to run chevron in the current environment. tell me about the state of the oil right now. it seems as if large oil companies are doing quite well. have record revenues and as a result, some in the white house and other places have suggested a windfall profits tax. is the industry and such shape that it can afford this? mike: it is a cyclical industry. we see prices go up and down. windfall profits tax is not going to encourage more supply. it is not likely to reduce prices. in fact, you can do the opposite. president carter tried this in 1980. it was rescinded several years later. it did not result in fort -- in more investment but less. normally, if you want less smoking, you tax cigarettes, but if you want more supply of oil to bring prices down, putting out cash taxes on energy production is not

i am joined by the ceo of chevron mike wirth.s, fareed. >> so when you look at the price of oil now around $83, $84 a barrel it is where it was before russia invaded ukraine and most people said the war is going to cause severe constraints on supply once china re-opens they will consume $2 million a day and they stopped doing covid. how come it's still at $83 a barrel? >> the fear was, and prices ran up on the concern that russian supplies would come out of the market. that hasn't happened. russian crude is in different places and the policy of both the u.s. and the eu has been to keep those supplies flowing to try to impact the price at which that oil trades. so the fact that prices are largely the same as what they were before because supply and demand is largely what it was before the war, there are risks that china and demand were to increase and we'll see in terms of how the recession in the u.s. would play out and the risks on the demand side of the two biggest economies. >> i want to ask you the big question that people lo

i'm joined by the ceo of chevron, mike wirth.t the price of oil now, around $83, $84 a barrel, it is where it was before russia invaded ukraine and most people said that the war is going to cause severe constraints on supply, once china reopens they will consume 2 million barrels a day that they stopped during covid. so how come it is still at $83 a barrel? >> the fear was, and prices ran up on the concern that russia supplies would come out of the market. that hasn't happened. russian crude is still flowing to different places but it is still in the market. and the policy of the u.s. and the e.u. has been to keep those supplies flowing to try to impact the price at which that oil trades. so i think the fact that prices are largely the same as they were before is because supply and demand is largely the same as it was before the war. there are risks that china demand could increase, we'll see how the concerns about a recession in the u.s. play out, but i think the risks are on the demand side in the two biggest economies. >> i wa

president kept talking about why aren't oil companies taking advantage of all leases here is what mike wirthtold me watch this is in december. >> i don't know anything about 9,000 lease number i don't know where it comes from we don't have anything approaching a fraction of that. when we get a lease just begins the process we have to acquire a number of permits. >> where bureaucracy begins permiting congressman are you surprised federal government is quietly revising the number because 9,000 number came out of nowhere? >> well, it is only taken two yeared a field hearing in midland, texas, 20 plus congressman and women came from all over the country one things we talked about were leaves let me give viewers factual information, it takes between 30 and 50 leases, are permits excuse me for each lease each well that is drilled, on federal lands 30 to 50, if you have 200 wells that are in works that are trying to be drilled that is 10,000 permits that is just on federal lands doesn't included private land mr. wirth is correct the numbers issue bogus takes more work in assault against energy, the

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mike wirth the project will be implemented by 2024.t, it will be possible to increase the supply of kazakh. and oil to the european union, by the way, according to the results of the twenty-second year, chevron is in second place in terms of oil production in kazakhstan, about 20% of all oil pumped out of kazakhstan's bowels falls on this american company, by the way, there are one more americans from exxonmobil in the top three. yandex.food service. entered the market of uzbekistan about 200 cafes are already connected to the aggregators and restaurants in tashkent also have the possibility of delivering goods from grocery and flower shops. in the future, the company plans to expand the range, uzbekistan is one of the largest e-markets. cis now we already have uh, yandex food business yandex uh in belarus in kazakhstan uh in armenia uh and uzbekistan well, in fact, in size, probably smaller than kazakhstan now, but more or less uh corresponds in potential to the belarusian market now. uh, if you take, probably, the market, tashkent, t

today, mike wirth is the ceo of chevron and dealing with the multiple energies energy companies have to deal with today, including renewable energy. i sat down with him to talk about what it is like to run chevron today in the current environment. so, tell me about the state of the oil world right now. it seems as if the large oil companies or carbon energy companies are doing quite well. they have record profits, record revenues. and as a result of that, some people in the white house and other places have suggested a windfall profits tax. so, is the industry in such great shape it can afford that? mike: well, it is a cyclical industry, david. we see prices go up. we see prices go down. a windfall profits tax is not going to encourage more supply. it's not likely to reduce prices. in fact, it can do quite the opposite. president jimmy carter tried a windfall profits tax in 1980. it was rescinded several years later and collected less revenue than was expected, and didn't result in more investment. it resulted in less investment and less production. normally, if you want less of some

i listened earlier today to mike , mike wirth speaking, and i'm not picking on him, but i heard how in kazakhstan, we may go up to one million barrels. ok. are we going -- are we going to go down in emissions? >> one of the questions that begins to come back at us is what happens to demand, exactly as you said, if there is a continuing demand and prices increase and as a result of that, you get political instability in the support for the transition, so managing these pieces together -- secretary kerry: correct. managing that is critical, but i believe these companies have -- i mean, they have great managers. their ceo's are good managers. the question is, well their business plans match the skill set of the ceo's so we are doing what we need to do? the biden administration -- president biden embraces completely the idea that we are right now trying to do everything. we are supportive of fully exploring smr's and trying to see if that will be a major contributor. the ira is a tremendous step forward, huge, with major global impact that i'm sensing and feeling, and that is a game change

mike wirth the project will be implemented by 2024.l be possible to increase the supply of kazakh. and oil to the european union, by the way, according to the results of the twenty-second year, chevron is in second place in terms of according to the volume of oil production in kazakhstan, about 20% of all pumped oil from the kazakh subsoil falls on this american company, by the way, in the top three there are still some americans already from exxonmobil. yandex.food service. about 200 cafes and restaurants in tashkent have already entered the market of uzbekistan. about 200 cafes and restaurants in tashkent have already been connected to the aggregators. there is also the possibility of delivering goods from grocery and flower shops. in the future, the company plans to expand the range of one of the largest markets. g. now we already have a business yandex food yandex e-e in belarus in kazakhstan e in armenia e and uzbekistan well, in fact , in size, probably less than kazakhstan now, but more or less e corresponds in potential to the

later today, ivan interview -- i have an interview with mike wirth.he goods in the market was not inspired. we will break down what is next. guy: european equities are selling off hard into the close. let's look where be finished. a little higher in the last couple minutes of the session. ftse 100 broadly positive. the dax and cac both negative. a series of data points have unnerved the market. tomorrow we get a tally in cpi. tune in to bloomberg radio. we will discuss all of this and talk about the u.k. housing market. alix: just mentioned chevron and its buyback. any report says a global dividends broke some records in 2022 but it will not happen in 2023. ♪ this is bloomberg. ♪ ♪ >> this>> is bloomberg markets. you're looking at a live shot of the principal room. coming up, marc benioff joining bloomberg tv, 7:30 p.m. new york time. this is bloomberg. ♪ alix: janus henderson investors released its global dividend index report. this is what they found, that global dividends grew over a percentage points. 12 countries saw record paid -- payouts. joini

oil companies saying they have all this opportunity to drill they're not doing it i spoke with mike wirth chevron the big issues with permitting are you getting this president to agree to permitting you are looking for. we've seen with capitals sent a bill to his desk last week, dealing with crime in d.c. where initially came out against it crime out of control in d.c. we should why let people hardened criminals walk scot-free after we sent it he was against it now said he will sign i think when country sees how smart energy policy can lower costs not just at pump prices 40% higher since biden took office household the electricity double digits higher more at grocery store if public gets engaged in this issue like they are in crime, i think we have a chance of getting this done, but it starts with patching in it the housing having a full debate two weeks this bill is going to be on house floor, you've got energy commerce committee natural resources transportation involved in putting this package together going to show the country how we can be energy-independent even though biden administ

i asked mike wirth about which was the more existential threat to chevron, elon musk or the governmentnd he kind of punted. but he did say, oil is going to be here for a very, very long time he added a "very." >> yeah. >> what? >> i'm just trying to think about ev adoption. i'm just going back to what you said, which is, like, game over, like musk wins >> it depends on whether you have a compelling -- >> you need to explain to people -- the margins on that car are far more significant >> you get the benefit >> it's because of -- it's because of the basic production of it. it's so much cheaper to put them together >> it's the model -- >> there's hardly any moving parts. >> he's the model t without the existential baggage that henry ford delivered to our great country. it's the model t you can't compete. >> meanwhile, rivian has recalls, miss on production, delivery, miss on revenue. >> that's a suboptimal situation at rivian. remember when amazon said they'd buy every truck that rivian makes? if they make like 2,000 trucks, that's not a problem >> remember when rivian had more than a $1

. >> by mike wirth at chevron, is he buying back every share or what >> that price.s been quite a week >> this is my focus. the deflation is happening so quickly, well, the ecb wouldn't know what hit them if a 2 by 4 hit them, but our fed is smart they do a huge amount of work, and i don't know what they're going to find that is up i mean, what's up since the last meeting? what food stuff is up? this is a crucial moment, because i think everyone is seeing prices have flattened or gone down, except for airline tickets. but if you go back to what united said, i think you would even question whether airline tickets. find me something that was up more than it was last month. even lennar did not give a high sign that housing is going down. housing is going -- i think this is a crucial moment where the fed can declare victory for once it's winning in every single front. why not declare victory? go home? a "w" is a "w. >> we'll take a break here quick reminder, you can get in on the cnbc investing club with jim. sign up and find out more at cnbc.com, or you can use the qr c