WASHINGTON, DC - APRIL 14: (L-R) Mark Lashier (Chairman and CEO - Phillips 66), Jeffrey W. Martin (Chairman & CEO - Sempra) and Rohan Goswami (Business Reporter - Semafor) speak on stage during Semafor World Economy 2026 on April 14, 2026 in Washington, DC. (Photo by Tasos Katopodis/Getty Images for Semafor World Economy)

WASHINGTON, DC - APRIL 14: (L-R) Mark Lashier (Chairman and CEO - Phillips 66), Jeffrey W. Martin (Chairman & CEO - Sempra) and Rohan Goswami (Business Reporter - Semafor) speak on stage during Semafor World Economy 2026 on April 14, 2026 in Washington, DC. (Photo by Tasos Katopodis/Getty Images for Semafor World Economy)

WASHINGTON, DC - APRIL 14: Mark Lashier (Chairman and CEO - Phillips 66) speaks on stage during Semafor World Economy 2026 on April 14, 2026 in Washington, DC. (Photo by Tasos Katopodis/Getty Images for Semafor World Economy)

WASHINGTON, DC - APRIL 14: Jeffrey W. Martin (Chairman & CEO - Sempra) speaks on stage during Semafor World Economy 2026 on April 14, 2026 in Washington, DC. (Photo by Tasos Katopodis/Getty Images for Semafor World Economy)

Michelin North America CEO Matthew Cabe speaks during the Semafor World Economy 2026 conference in Washington, DC, on April 14, 2026. (Photo by SAUL LOEB / AFP via Getty Images)

Michelin North America CEO Matthew Cabe speaks during the Semafor World Economy 2026 conference in Washington, DC, on April 14, 2026. (Photo by SAUL LOEB / AFP via Getty Images)

Former US Treasury Secretary Hank Paulson speaks during the Semafor World Economy 2026 conference in Washington, DC, on April 14, 2026. (Photo by SAUL LOEB / AFP via Getty Images)

Michelin North America CEO Matthew Cabe speaks during the Semafor World Economy 2026 conference in Washington, DC, on April 14, 2026. (Photo by SAUL LOEB / AFP via Getty Images)