May 31, 2026 – 4.00pmThe chairman of global oil giant Chevron says Australia is a prime example of a country that has risked fuel shortages because of poor policy choices, adding it would be too expensive to develop new local reserves.Michael Wirth, speaking at a major investor summit in New York, said projects in Australia could not compete for capital against Chevron’s other growth options. The Houston-headquartered company is Australia’s biggest exporter of liquefied natural gas and is among the world’s five largest oil producers by market value, behind Saudi Aramco and ExxonMobil.Subscribe to gift this articleGift 5 articles to anyone you choose each month when you subscribe.Subscribe nowAlready a subscriber? Fetching latest articles