And we're joined now by Chevron Chairman and CEO Mike Worth.

Welcome to Face the Nation.

Thank you, Margaret.

It's good to have you here, particularly in this moment in time,

because it feels like we're in this global energy shock.

What we heard from the head of the International Energy Agency,

he said, if you combine the 1973 Arab oil embargo,

the 1979 Iranian oil crisis, and what happened around

2022 when Russia invaded Ukraine, if you combine all those things that still isn't the scope of

what we are experiencing. Is that how you put it? Well, the way I would frame it is the energy system has lost an incredible amount of flexibility.

The global economy consumes about 100 million barrels of oil every day.

A barrel is 42 gallons.

About 20% of that moves through the Strait of Hormuz.

That's been significantly disrupted.

Normally, the energy system has shock absorbers in it.

So we have inventory in tanks at facilities.

We've got inventory on the water in ships.

We've got inventory in strategic reserves.

All of those have been pulled down over the last couple of months

as these events have unfolded.

And what has done is it's taken those shock absorbers and made them much less effective in the

system.

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