High prices at the pump and rewards for energy-company shareholders after record losses during the pandemic will persist for the foreseeable future, a major energy executive says.
With gasoline prices continuing to break all-time records daily, drivers can expect to continue dumping more money into their tanks through the upcoming busy summer travel months, thanks to steady demand, limited supply and reduced refining capacity.
The national average for gasoline reached yet another new high Friday of $4.43 per gallon, 35 cents higher than a month ago and 32 cents higher than when gas last hit record levels in 2008.
Vicki Hollub, president and CEO of Occidental Petroleum, said Friday during a web conference among Federal Reserve officials, lawmakers and energy executives that consumers should expect the prices of oil and gasoline to remain elevated and for energy firms to keep prioritizing returns for investors.
“We need to respect the fact that the supply
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