Exxon (US.XON) Mobil CEO cautions against an abrupt energy transition, warning underinvestment leads to high gas prices - 27 iunie 2022

 Exxon Mobil CEO Darren Woods warns that an abrupt transition to renewable energy will cause society to “pay a high price.” The national average price for a gallon of gasoline is currently nearly $5, causing strife for all drivers, according to AAA.

 In an interview with CNBC’s David Faber, Woods cautioned against a government policy that fails to balance the current demand for affordable energy with the need for lower emissions. He said that underinvestment in the oil and gas industry correlates to higher prices. Instead, Woods continued his calls for a price on carbon to create a market incentive for lowering emissions. In addition to impacting families who depend on affordable energy, Woods said that rising oil and gas prices have already pushed consumers in Europe to use other fossil fuels, like coal, rather than renewable energy. 

 Sherlina Nageer is an American activist in Guyana, where Exxon Mobil recently invested $10 billion in a fourth offshore oil production project.

https://www.cnbc.com/2022/06/26/exxon-mobil-ceo-darren-woods-on-energy-transition-gas-prices.html