-- US President Donald Trump and a number of senior government officials met executives from the oil and gas industry at the White House on Tuesday to discuss the implications of the Iran war, Axios reported on Wednesday.
Chevron (CVX) CEO Mike Wirth was among attendees, a company spokesperson confirmed to Axios.
The discussion covered domestic production, Venezuela's oil sector, the oil futures market, natural gas and shipping, a White House official told Axios, but nothing is known about the conclusions of the talks, if any.
While the US is relatively insulated from the supply shock that has mainly hit Asia since the Feb. 28 of the Iran war, higher gasoline prices in the US, amid growing competition for its hydrocarbons, risk repercussions for the administration.
Axios said average gasoline prices were $4.18 per gallon on Tuesday, citing to the American Automobile Association. That is the highest level since 2022.
With limited scope to lower prices, Axios said prolonged higher prices may result in demand destruction, basically less consumption, in the US, as has already been seen elsewhere.
The White House did not immediately respond to' request for comment.
(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)