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Chevron buys Hess for $53 billion in second mega oil merger this month

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The deal signals that energy giants — flush with cash since oil prices spiked after Russia’s invaded Ukraine — are leaning into fossil fuels despite calls for cleaner options.

By Aaron Gregg, The Washington PostA pedestrian walks past a tanker at a Chevron gas station in San Francisco, Monday, Oct. 23, 2023. Chevron is buying Hess Corp. for $53 billion as major producers seize the initiative while oil prices surge.

The investments run counter to U.S. and global climate policies, which aim to rapidly phase out the internal combustion engine and shift power grids to zero emissions energy. The International Energy Agency reported last month that demand for oil, gas and coal will peak by 2030 before going into a steady decline, leading its executive director, Fatih Birol, to warn oil company executives that decisions to double down on fossil fuel infrastructure could prove misguided.

Alex Witt, senior adviser for oil and gas at the advocacy group Climate Power, said the Hess acquisition shows the company’s true priorities. “Today’s news proves what we already knew - Chevron executives only care about the short-term, putting potential profits over the lives of families and the future of our planet,” Witt said in a statement Monday.

The consolidation also comes as the major energy players are flush with cash following the run-up in crude prices in the aftermath of the Russian invasion of Ukraine in February 2022.

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