Shell CEO: Easy Oil Is Gone. Price Floor Is Rising for Years.

Wael Sawan, Shell's chief executive, told top corporate leaders on June 10 at the WSJ Leadership Institute that "all the easy oil and gas has been found." He argued upside pressure on prices will persist structurally, not just from geopolitical risk. The distinction matters: temporary conflict premiums fade; structural supply constraints reset forward curves and raise capital hurdle rates for energy-intensive industries across the board.