"People are not holding back supply. People are not slow-walking anything - they're producing as much in the refining system as possible," CEO Mike Wirth told Fox Business on Thursday in reference to the oil industry.

President Joe Biden and other White House officials have accused the oil industry of slow-walking production in a bid to keep prices high. The Biden administration sent a letter to Chevron, ExxonMobil, BP, and other top producers last month, suggesting the federal government could take executive action.