August 15, 2022

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Darren Woods, CEO of ExxonMobil, talks about the energy transition and gas prices

Darren Woods, CEO of ExxonMobil, talks about the energy transition and gas prices

ExxonMobil CEO Darren Woods warns that a sudden transition to renewable energy will cause society to pay a “heavy price”.

The national average price for a gallon of gasoline is currently approximately 5 dollarscausing a struggle for all drivers, according to AAA.

In an interview with CNBC’s David Faber, Woods warned against government policy that fails to balance current demand for affordable energy with the need for lower emissions. He said that the lack of investment in the oil and gas industry is linked to high prices. Instead, Woods has continued his calls for a price on carbon to create a market incentive to cut emissions.

In addition to affecting families who depend on affordable energy, Woods said rising oil and gas prices have already pushed consumers in Europe to use other fossil fuels, such as coal, instead of renewable energy.

Sherlina Nagyer is an American activist in Guyana, where ExxonMobil recently invested 10 billion dollars In a fourth offshore oil production project. She told Faber that all oil development must be halted, saying: “The long-term negatives outweigh any short-term positives.”

Catherine Hayhoe, chief scientist at The Nature Conservancy, emphasized the importance of shifting away from fossil fuels. “If we don’t fix climate change, it will fix us,” she warned.

When Faber Woods asked what ExxonMobil would look like in 10 years, he predicted that the company might continue to be involved in oil and gas exploration, although it would also engage in renewable energy solutions such as biofuels.

As Exxon Mobil navigates the energy transition, Woods stressed his commitment to balancing current demands for affordable energy with “the needs of the future as well, which represent lower emissions.”

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Watch the full interview in video and watch the full “ExxonMobil at the Crossroads” documentary on YouTube, Peacock and CNBC.com.