Oil CEOs argue with US Department of Energy officials
Companies should deal with climate change

However, a US Department of Energy official said industry has a moral obligation to address climate change and the economic opportunities it presents.
Saudi Aramco, Exxon Mobil and Chevron executives speaking at the World Petroleum Congress in Houston on Monday blamed the recent fuel shortages and price volatility on the demand for renewable energy and a lack of investment in fossil fuels.
The conference was marked by the withdrawal of senior energy ministers due to travel restrictions and concerns about the coronavirus. The verbal banter came at a time when oil demand has rebounded significantly after a slump during the coronavirus pandemic as world governments stress the urgency of tackling climate change.
"The volatility in commodity prices and the impact on the economy and people," said Anders Opedal, CEO of Equinor ASA, "illustrates the risks we face in an unbalanced transition."
Deputy Secretary of Energy David Turk opposed the position of industry and said the climate issue should not be put on the back burner.
"There is no alternative to combating the threat of climate change," he said in front of the audience in the largely empty hall.
Consumers in Asia and Europe are grappling with shortages of natural gas, coal and electricity as prices have risen to multi-year highs due to the decline in production. In the United States, the Biden administration has criticized oil and gas companies on the grounds that they put their profits above consumers.
The tension between investing in oil and gas, technologies to reduce carbon emissions, and responding to investor demands for higher returns will be an ongoing issue for big oil companies, executives said.
"The future of energy lies in lower carbon exploration and production," said Liz Schwarze, vice president of global exploration for Chevron.
Amin Nasser, CEO of Saudi Aramco, the world's largest oil producer, said there were too many misconceptions about the pace at which consumers will move from oil and gas to renewable energy.
People "assume that the right conversion strategy is in place, but that is not the case," said Nasser. "Energy security, economic development and affordability are clearly not getting enough attention".





