Oil CEOs Warn That High Prices Jeopardize Energy Transition

Author of the article: Bloomberg News Kevin Crowley and David Wethe (Bloomberg) — High fossil-fuel prices may jeopardize efforts to pivot to cleaner renewable energy sources, the leader of one of Europe’s largest oil companies warned. A prolonged period of elevated prices for fuels such as natural gas “might jeopardize the development” of alternatives, TotalEnergies…
Oil CEOs Warn That High Prices Jeopardize Energy Transition

Author of the article:

Bloomberg News

Kevin Crowley and David Wethe

(Bloomberg) — High fossil-fuel prices may jeopardize efforts to pivot to cleaner renewable energy sources, the leader of one of Europe’s largest oil companies warned.

A prolonged period of elevated prices for fuels such as natural gas “might jeopardize the development” of alternatives, TotalEnergies SE Chief Executive Officer Patrick Pouyanne told the World Petroleum Congress on Monday. 

“Some Asian countries about to switch from coal to gas might be discouraged by too high energy prices,” he said.

Pouyanne’s remarks came the same morning that Saudi Aramco CEO Amin Nasser told the conference in Houston that renewable energy supplies are not yet robust enough to sideline fossil fuels. Aramco raised prices on Sunday for crude it’ll ship out next month in a signal that the world’s largest oil exporter is bullish on demand. 

Meanwhile, the chief of Norwegian oil giant Equinor ASA echoed some of Pouyanne’s concern. Recent spikes in energy prices from China to Europe illustrate the risks “we face in an imbalanced transition,” CEO Anders Opedal told the conference.

©2021 Bloomberg L.P.

Bloomberg.com

Financial Post Top Stories

Sign up to receive the daily top stories from the Financial Post, a division of Postmedia Network Inc.

By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc. You may unsubscribe any time by clicking on the unsubscribe link at the bottom of our emails. Postmedia Network Inc. | 365 Bloor Street East, Toronto, Ontario, M4W 3L4 | 416-383-2300

Read More

Total
0
Shares
Leave a Reply

Your email address will not be published.

Related Posts
Bitcoin recovers, climbs 7.6% to pass $20,400
Read More

Bitcoin recovers, climbs 7.6% to pass $20,400

Author of the article: Bitcoin on Sunday rose around 7.6% to $20,404 from its previous close, signaling a recovery from a sharp drop on Saturday. Bitcoin, the world’s biggest and best-known cryptocurrency, is now up 16.7% from this year’s low of $17,592.78 on June 18, when it tumbled on investor worries about growing troubles in…
Putin accuses Ukraine of Crimea bridge blast; calls it terrorism
Read More

Putin accuses Ukraine of Crimea bridge blast; calls it terrorism

Author of the article: Reuters Max Hunder and Jonathan Landay KYIV — Russian President Vladimir Putin on Sunday accused Ukraine of orchestrating the powerful blast that damaged a key bridge linking Russia and Crimea the day before, describing the explosion as an “act of terrorism.” “There is no doubt. This is an act of terrorism…
Investing in 2022 Will Be More Challenging, CalSTRS’ Ailman Says
Read More

Investing in 2022 Will Be More Challenging, CalSTRS’ Ailman Says

Author of the article: Bloomberg News John Gittelsohn (Bloomberg) — The second-largest U.S. public pension fund’s chief investment officer is looking back at 2021’s lucrative environment with a touch of pessimism about what’s next. “It’s going to be a challenging year,” said Chris Ailman of the California State Teachers’ Retirement System in a Bloomberg Television…