Chevron CEO warns of high energy prices

High costs: A gas cylinder delivery man refreshes during a hot day in Amritsar. Wirth expects strong prices for gas, liquefied natural gas and oil, at least ‘for a while,’ without specifying a timeframe. — AFP

NEW YORK: The world is facing high energy prices for the foreseeable future as oil and natural gas producers resist the urge to drill again, according to Chevron Corp’s top executive.

“There are things that are interfering with market signals right now that we haven’t seen before. Eventually things work out, but eventually can be a long time,” chief executive officer Mike Wirth said in an interview at Bloomberg News headquarters in New York.