Exxon Mobil CEO Darren Woods on power transition, gasoline costs

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Exxon Mobil CEO Darren Woods warns that an abrupt transition to renewable power will trigger society to “pay a excessive value.”

The nationwide common value for a gallon of gasoline is presently almost $5, inflicting strife for all drivers, based on AAA.

In an interview with CNBC’s David Faber, Woods cautioned towards a authorities coverage that fails to steadiness the present demand for inexpensive power with the necessity for decrease emissions. He stated that underinvestment within the oil and gasoline trade correlates to greater costs. As a substitute, Woods continued his requires a value on carbon to create a market incentive for decreasing emissions.

Along with impacting households who rely on inexpensive power, Woods stated that rising oil and gasoline costs have already pushed customers in Europe to make use of different fossil fuels, like coal, quite than renewable power. 

Sherlina Nageer is an American activist in Guyana, the place Exxon Mobil just lately invested $10 billion in a fourth offshore oil manufacturing challenge. She advised Faber that every one oil growth ought to cease, saying, “the negatives in the long run outweigh no matter positives could also be reaped within the quick time period.”

Katharine Hayhoe, chief scientist at The Nature Conservancy, confused the significance of transitioning away from fossil fuels. She cautioned, “If we do not repair local weather change, it is going to repair us.”

When Faber requested Woods what Exxon Mobil will appear to be in 10 years, he predicted that the corporate might proceed to take part in oil and gasoline exploration, though it is going to additionally have interaction in renewable power options like biofuels. 

As Exxon Mobil navigates the power transition, Woods emphasised his dedication to balancing present calls for for inexpensive power with “the wants of the longer term as nicely, which is decrease emissions.”

Watch the total interview within the video and see the total documentary, “ExxonMobil on the Crossroads,” on YouTube, Peacock and CNBC.com.

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