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Gas prices keep rising, but do big oil companies plan to drill more? Not so far

NPR·Camila Domonoske·26 days ago
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An oil drilling rig in the Permian Basin on March 13, 2022, in Midland, Texas. Joe Raedle/Getty Images hide caption toggle caption Joe Raedle/Getty Images Stay up to date with our Up First newsletter sent every weekday morning. On a call with investors last week, Chevron CEO Mike Wirth summed up his plans for oil production in four words: "Steady as she goes." Not much about oil markets have been "steady" for the past few months . The war in Iran caused an unprecedented disruption to global oil flows, as traffic through the Strait of Hormuz dropped to a near standstill and some production in the Persian Gulf had to shut down. Markets in Asia are facing increasingly dire shortages of fuel . Worldwide, crude oil prices have been on a roller coaster . But some of the world's biggest oil companies, in their quarterly reports to investors, are signaling that their planned response to this upheaval is to stay the course.…

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