Chevron CEO Mike Wirth expects demand for natural gas to rise above current expectations, driven by growth in electricity consumption in the artificial intelligence and data center sectors.

Wirth said in an interview with CNBC on the sidelines of the Milken Institute Global Conference in Los Angeles that this growth may be higher than people expect, noting that it is currently difficult to measure. “Because this is developing very quickly on the AI side.”

This expected increase in demand is due to major factors, including the electrification of the transportation, heating, and manufacturing sectors, as these sectors require huge amounts of energy; This drives increased demand for natural gas as a reliable and affordable energy source.

The increased demand from data centers for large amounts of electricity to operate their computer systems leads to an increase in demand for natural gas.

Wells Fargo's analysis indicates that U.S. electricity demand is expected to grow 20% by 2030, driven by consistent energy growth over the past decade.

Wirth's statements and Wells Fargo's analysis underscore that natural gas will continue to play an important role in meeting growing energy needs in the future, despite efforts to shift toward renewable energy sources.