October 15, 2022 - Chevron chief blames western governments for energy crunch

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October 15, 2022

Chevron chief blames western governments for energy crunch by Derek Brower
Appeared in the Financial Times on October 13, 2022

Gina's Thoughts

This week, the CEO of one of the biggest companies in the world spoke out against the effort to transition from fossil fuels. Mike Wirth, Chevron's CEO said "this premature transition has resulted in "unintended consequences," including energy supply insecurity from crisis-hit Europe to California." He went on to say "despite heavy global investment in renewables in the past 20 years, fossil fuels still met about 80 per cent of global demand. "The reality is, oil and gas is what runs the world today. It's going to run the world tomorrow and five years from now, 10 years from now, 20 years from now." Another reality Wirth talked about is the fact that "the source of the energy crunch predated Russia's invasion and followed years of under-investment in new oil supply." Demand for energy has continued to rise and investment in oil and gas projects is about half the rate it used to be. Chevron will continue to operate as an oil and gas company and as such, will continue to increase oil supply. Wirth does not apologize for supplying a product that society wants and needs and that improves quality of life around the globe.

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