Oil Giants: No Quick Relief at Pump

0:00Exxon and Chevron's top execs are pouring cold water on hopes for quick relief at the pump, even if the Iran conflict wraps up soon. They say disruptions in the straight-of-war moves won't unwind fast, so oil and gas prices won't plunge right away. Expect a one-to-two-month lag before flows normalize, according to Exxon's Darren Woods. Iran just floated a fresh ceasefire proposal to the U.S. urging less tough talk and demands. That sparked some optimism, dropping crude prices nearly 3 percent to around $102 a barrel on May 1st. Energy stocks dip, too, with Exxon at about $153 and Chevron near $191 a share. Gas prices are actually climbing nationally to $4.40 a gallon per AAA data, with warnings they might keep rising. The straight normally handles 20 percent of global oil, leaving Asia especially exposed while the U.S. sits on solid stockpiles. Both companies reported solid quarters, beating Wall Street forecast despite lower profits

1:02year over year. Their global ops let them shuffle supplies smoothly amid the chaos, and they're eyeing big upside in Venezuela. Chevron's ramping up there, Exxons, scouting heavy oil prospects. All this means market-stay jittery until the straight reopens and tankers flow free, but these giants are positioned to ride out the storm either way. This has been Durham News Today, powered by AI.