Oil CEOs Clash with U.S. Energy Dept Official over Energy Transition

Executives from Saudi Aramco, Exxon Mobil and Chevron blamed demand for renewables and lack of investment in fossil fuels for recent fuel shortages and price volatility.

Marianna Parraga and Erwin Seba, Reuters

Top energy executives this week urged a more cautious transition of energy policy away from oil and gas, but a U.S. Energy Department official said the industry has a moral obligation to address climate change and the economic opportunity it represents.

Executives from Saudi Aramco, Exxon Mobil and Chevron, speaking at the World Petroleum Congress in Houston on Dec. 7, blamed demand for renewables and lack of investment in fossil fuels for recent fuel shortages and price volatility.

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