The Rising Influence of Rising Affluence

[jbog]

Exxon Mobil CEO Woods predicts continued surge in oil markets, FT reports

Exxon Mobil's chief executive Darren Woods predicated a resurgence of investment in fossil fuel production and blamed oil and gas prices on pressures to move to cleaner energy, Tom Wilson and Justin Jacobs of The Financial Times reports.

Woods said efforts to reduce emissions by cutting production prior to addressing consumption needs has left the world struggling to meet energy demands. Woods pointed to an "optimistic view" of how quickly the transition to energy could happen.

Governments have failed to deal "with the demand side of the equation" and have not recognized "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. Woods believes the oil price will continue to climb until it spurs renewed investment in output.