Climate Policies Could Hand Power and Profits Back to OPEC
The Western rush to replace oil has Gulf producers laughing all the way to the bank.
While U.S. President Joe Biden preaches a net-zero emissions goal for 2050 to slow global warming, and activist shareholders force Exxon Mobil Corp. to embrace solar and wind power, Saudi Arabia sees a bright future for what it knows how to do best: pumping oil.
Let others indulge their fantasies that alternative fuels can nullify the need for new investment in petroleum supplies, said Saudi Energy Minister Prince Abdulaziz bin Salman. Asked about a report by the International Energy Agency that made such a recommendation, the 61-year-old royal was ready with a snappy comeback. “I believe it is a sequel to the La La Land movie,” he said at the online OPEC+ press conference on June 1. “Why should I take it seriously?”
No comments:
Post a Comment
Note: only a member of this blog may post a comment.