Exxon CEO Darren Woods says the cure for high prices will be high prices

Jun. 28, 2022 9:46 AM ETXOMBy: SA News Team85 Comments

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  • Speaking to the Financial Times at a conference in Brussels Monday, Exxon's (XOM) CEO Darren Woods indicated that energy prices are likely to remain elevated.
  • Woods said governments failed to deal "with the demand side of the equation" when coordinating a transition away from fossil fuels.
  • Going on to say that governments did not recognize that "you need a fairly robust set of alternative solutions if you're going to reliably and affordably meet the needs of people."
  • By restricting fossil fuel supply before developing adequate alternative solutions, policymakers have stunted oil and gas investment -- as Woods highlighted, "these are multibillion-dollars investments with long time horizons ... how do you think about that with the uncertainty associated with the transition? That is a difficult balance to strike."
  • Nevertheless, Woods said, "the cure to high prices is high prices. And that's exactly what I think we'll see."

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