Despite global efforts to shift towards renewable energy and electric vehicles, the American oil industry is thriving, extracting unprecedented amounts of crude oil, particularly from the shale rock in West Texas. Companies like Exxon Mobil and Diamondback Energy are seeing record or near-record stock levels.
Why?
The surging prices that are influenced by Russia's war in Ukraine and the cost-cutting: reduced spending, laid-off workers, and automated operations.
While producing and burning fossil fuels contribute to greenhouse gas emissions and global warming, higher oil prices have made cleaner energy sources more competitive. But the changes could be faster! With global consumption reaching new records and the demand persisting, the transition to renewable energy might take longer and be more challenging than anticipated.
Major companies like Exxon are still expecting to boost production in the Permian, the highest-producing oil field in the United States, by 50% by 2027. As long as there is a drop in oil demand, big oil companies will squeeze money out of it. 👿
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Congrats Exxon, too bad for the rest of the world
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This is so heartbreaking. American government should focus on renewable energy projects instead of continuing exploiting fossils fuels.
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Really sad but we soldier on.