Hello everyone and welcome to At Barrens. I'm Andy Surworth and welcome to our guest Mike Worth, CEO of Chevron.

Mike, great to see you.

Andy, it's good to be here.

So the price of oil has gone up a lot recently over the summer, say from the high 60s earlier this year at about 90 bucks.

Where is it headed now, Mike?

And why is that the case?

Well, one of the things you learn in our business

is it's very difficult to predict oil prices.

And we don't actually plan our business around an oil price.

We look at a range of them.

What's going on right now is we've got a global economy

that's pretty healthy.

It's growing even in China, although maybe a little bit slower.

And the real issue is on the supply side.

So the three biggest producers in the world, Russia, the United States and Saudi Arabia,

for one reason or another, have some questions about their ability to continue to grow their

production.

So markets are tight, inventories are coming down, and there's a perception that supply

may be more difficult incremental supply to come into the market.

And so I think you're seeing prices reflect that.

And so is there a natural equilibrium, maybe ever ever or at least given the economy today where

you think that price would make sense?

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