Executives from Saudi Aramco, Exxon Mobil and Chevron, speaking at the World Petroleum Congress in Houston on Monday, blamed demand for renewables and lack of investment in fossil fuels for recent fuel shortages and price volatility.
U.S. deputy Energy secretary David Turk pushed back against the industry position, saying addressing climate cannot be put on the back burner. Consumers in Asia and Europe have been dealing with shortages of natural gas, coal and power due to production declines that pushed prices to multi-year highs. In the United States, the Biden administration has criticized oil and gas companies, saying they put profits over consumers.
"The future of energy is lower carbon from exploration discoveries and production," said Liz Schwarze, vice president of global exploration at Chevron.
They’ll clash with anything that takes their money and power.
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