ExxonMobil’s chief executive predicted a resurgence of investment in fossil fuel production as he blamed soaring oil and gas prices on an “optimistic view” about how quickly the energy transition can happen.
Darren Woods, the head of the biggest western oil and gas supermajor, said pressure to reduce emissions by cutting production before addressing demand had left the world struggling to meet energy needs.
Governments had not only failed to deal “with the demand side of the equation” but also did not recognise “that you need a fairly robust set of alternative solutions if you’re going to reliably and affordably meet the needs of people”, Woods told the Financial Times.
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