Exxon Mobil CEO Darren Woods cautions that an abrupt shift to renewable resource will trigger society to “pay a high price.”
The nationwide typical cost for a gallon of fuel is presently almost $5, triggering strife for all motorists, according to AAA.
In an interview with CNBC’s David Faber, Woods warned versus a federal government policy that stops working to stabilize the existing need for budget friendly energy with the requirement for lower emissions. He stated that underinvestment in the oil and gas market associates to greater rates. Instead, Woods continued his require a cost on carbon to develop a market reward for decreasing emissions.
In addition to affecting households who depend upon budget friendly energy, Woods stated that increasing oil and gas rates have actually currently pressed customers in Europe to utilize other nonrenewable fuel sources, like coal, instead of renewable resource.
Sherlina Nageer is an American activist in Guyana, where Exxon Mobil just recently invested $10 billion in a 4th overseas oil production job. She informed Faber that all oil advancement must stop, stating, “the negatives in the long term outweigh whatever positives may be reaped in the short term.”
Katharine Hayhoe, primary researcher at The Nature Conservancy, worried the significance of transitioning far from nonrenewable fuel sources. She warned, “If we don’t fix climate change, it will fix us.”
When Faber asked Woods what Exxon Mobil will appear like in 10 years, he anticipated that the business might continue to take part in oil and gas expedition, although it will likewise participate in renewable resource services like biofuels.
As Exxon Mobil browses the energy shift, Woods highlighted his dedication to stabilizing existing needs for budget friendly energy with “the needs of the future as well, which is lower emissions.”
Watch the complete interview in the video and see the complete documentary, “ExxonMobil at the Crossroads,” on YouTube, Peacock and CNBC.com.
