Oil executives are predicting lower prices in 2026 as the Permian basin begins production
Maria Bartiromo offers ‘Maria’s depth’ with an inside view of the Permian Basin – The beating heart of American Oil and gas – as President Donald Trump’s Revival – as President Donald Trump drives a new era of US Energy freedom.
Pipes are leaking, and sand and water are coming in again as America’s oil executives focus on increasing domestic supply and aim to bring prices to a “low point” by 2026.
“We’re prepared for prices in ’26 to be lower than they were in ’25,” Chevron CEO Mike Warth said on FOX’s Maria Bartiromo this week – offering an in-depth look at jobs in Texas’ Permian Basin.
“That’s the current outlook. As we get to the other side of that and that supply is back in the market, the market will come back into balance and I think we’ll see prices come back to a little bit higher, and ’26 could be the low point,” Wirth said.
“Economic money allocation decisions
Chevron CEO Congratulates Trump Administration’s Energy Shift During Permian Basin Tour
During a visit to Midland, Texas, Bartiromo noted that the Barmian Basin is the largest oil reserve in the world, currently accounting for about 40% of the world’s production – projected to reach 70% by 2040.
The Permian Basin, the hot shale basin lying beneath Texas and New Mexico, is in North America’s most expansive region. (Pet Pictures)
As of Monday morning, oil prices were set lower – down more than 1% before the market opened. The DIP was followed by reports that US and Chinese officials have reached a “major framework” to avoid 100% tariffs, a move expected to boost oil demand, according to Reuters.
“If you go back 20 years ago, the US was the third largest producer in the world. Saudi Arabia and Russia were bigger, and at that time, if you put Saudi Arabia and Russia together,” Wirth said.
“That’s why the Permian Basin is so amazing. It’s been producing for over 100 years and it’s been abandoned two or three times, and here now we’re producing more than 6 million barrels a day,” he added. “And all that’s left is, really, a 150-mile radius of where we are today.”
‘Sunday morning futures’ host Maria Bartiromo gives her exclusive view of the Permian basin and an interview with Chevron CEO Mike Wirth, examining how EnerMes’ energy is linked to economic competitiveness.
WIRTH, together with Chevron Shale and the Vice President of the firm Kim Mchugh, noted that the resources of the American superpower are not only of economic benefit – but also a matter of national defense by defending against Russia and Iran.
“I’m a second generation driver. I grew up driving around,” said Mchugh. “My husband is in the industry. My daughters are in the industry. I believe in what we are doing. This is a cause for people in need.”
“Energy security and national security are connected. The US is blessed with an abundance of natural resources, and now we have an administration that needs to invest in the economy and competitiveness and, importantly, security,” said Wirth.
Find FOX business on the go by clicking here
Continental Resources founder and Chairman Harold Ham Ham Ham Ham discussed President Donald Trump’s plan to buy billions of barrels of oil for the petroleum reservation strategy in the morning.
Last week, fellow panelist Harold Ham Dam warned that global oil demand may soon outpace cheap supply.
“Like about 18 months, when it will be gone. And then we need to be aware of price shocks after that point. As soon as you go through the supply,” those things warn. “Therefore, they should have an energy sector in this country. Energy independence is very important to us.”
Read more from fox business
