Physical Oil Shortages Are Beginning to Appear, Says Chevron Boss

Mike Wirth said the United States won’t be able offset all the lost oil, LNG, and refined-product that flows to to Europe and Asia.

Chevron CEO Michael Wirth speaks during an interview on CNBC. Brendan McDermid/Reuters

Chevron CEO Michael Wirth said on May 4 that ​physical shortages in oil supply would begin appearing around ‌the world because of the closure of the Strait of Hormuz.

“We will start to ​see physical shortages,” Wirth said during ⁠a discussion sponsored by the Milken Institute.