With oil demand crushing supply, ExxonMobil chief predicts a resurgence in oil investment

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Darren Woods said efforts to reduce emissions by cutting supply before addressing demand has left the world struggling to meet energy needs.

Darren Woods, the head of the biggest western oil and gas supermajor, said efforts to reduce emissions by cutting production before addressing consumption had left the world struggling to meet energy needs, pointing to an “optimistic view” about how quickly the energy transition can happen.

Global crude prices have surged this year to well more than US$100 a barrel as Russia’s invasion of Ukraine has tightened oil markets, fuelling decades-high inflation around the world. Brent crude was trading at about US$115 a barrel on Monday.Article content They always say that the cure to high prices is high prices. And that's exactly what I think we'll see“They always say that the cure to high prices is high prices. And that’s exactly what I think we’ll see. So it’s a question of how high prices eventually rise.”

 

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yesss

Bring back Keystone!!!

Did anyone ask why they’re making record profits while some people have to choose between food or gas? Go green.

But whose brave enough to invest? We've already watched G7 leaders pull the rug out from under oil and gas several times per political whim. Investors want some assurances, not watching multi year projects get yanked in their final year.

Not in Canada. Not under Trudeau. You'd be an idiot to do that here under present circumstances.

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