Oil Market Could Remain Tight for Next 5 Years: ExxonMobil CEO

Contact Your Elected Officials
The Epoch Times Header

ExxonMobil CEO Darren Woods does not see oil prices cooling down over the next few years, he said while speaking at the Bloomberg Qatar Economic Forum in Doha on Tuesday.

Woods said that it would take some time for the volatility in the energy market to end. He is expecting oil markets to remain tight for the next three to five years, Reuters reported. He also called on the U.S. government to bring a more efficient investment process while pointing out that ExxonMobil is one of the few companies in America that has been actively investing in the refining sector.

Back in 2017, the firm kicked off an aggressive investment program, Woods stated. “The investment plan that we laid out five years ago is the plan we are currently on and the pipeline of the projects that we have are continuing; they are very robust,” the ExxonMobil CEO said at the event.

Woods’s statement comes after ExxonMobil recently faced criticism from President Joe Biden, who accused the company of being too greedy amid rising oil prices and inflation.

Exxon made “more money than God this year,” the president said on June 10, Reuters reported. He went on to blame Exxon for making money by “not producing more oil” and asked the company to start investing and “paying your taxes.”

An Exxon spokesperson pushed back at Biden’s comments, pointing out that the company lost around $20 billion in 2020 and borrowed over $30 billion to finance operations. In addition, the firm has paid $40.6 billion in taxes in 2021, which is $17.8 billion more than it paid the previous year.

Exxon also laid out measures Washington can take to address rising gas prices and high inflation.

“In the short term, the U.S. government could enact measures often used in emergencies following hurricanes or other supply disruptions—such as waivers of Jones Act provisions and some fuel specifications to increase supplies,” the oil giant said in a June 15 news release.

By Naveen Athrappully

Read Full Article on TheEpochTimes.com

The Epoch Times
The Epoch Timeshttps://www.theepochtimes.com/
Tired of biased news? The Epoch Times is truthful, factual news that other media outlets don't report. No spin. No agenda. Just honest journalism like it used to be.

CHARLIE KIRK, YOU WEREN’T PROVED WRONG

"I want to be remembered for courage for my faith,” Kirk had said in a podcast merely two months ago. May his courage spur us to be bolder in our faith.

Trump’s Proposal For NATO To Stop Buying Russian Oil & Start Tariffing China Is Unrealistic

Trump proposed on social media that NATO stop buying Russian oil and start tariffing China 50-100% as part of his plan for ending the Ukrainian Conflict.

The Choices We Make

Death and disagreement are inevitable. Love and hate are choices. We will all die. Before we do, what choices will we make?

Elon Musk Speaks at Unite the Kingdom Rally

Tommy Robinson held rally, with Elon Musk appearing virtually, calling attention to leftist politicians who allow foreign immigrants to invade England.

Doxed Democrats Are Getting Fired Left and Left

Not a misprint because a title of “left and...

Judge Rules Pro-Palestinian Activist Mahmoud Khalil Should Be Deported

A U.S. judge ordered pro-Palestinian activist and Columbia graduate Mahmoud Khalil deported after finding he omitted information on his green card application.

Charlie Kirk’s Widow, Erika, Named New CEO of Turning Point USA

Turning Point USA announced it named Erika Kirk as new CEO and board chair of Turning Point USA, which late husband, Charlie Kirk, co-founded.

Shares of Intel Increase 30 Percent on $5 Billion Nvidia Investment

Shares of Intel increased by about 30 percent at the opening bell after Nvidia announced a $5 billion investment in the struggling chipmaker on Sept. 18.

Kennedy Lauds McDonald’s Initiative to Invest $200 Million in Regenerative Agriculture

HHS Sec. RFK Jr. announced McDonald’s will invest $200M over 7 years to advance sustainable and regenerative agriculture practices.

Trump, Starmer Seal Record $340 Billion ‘Tech Prosperity Deal’

President Trump and British PM Keir Starmer announced a new partnership worth $340 billion in technology, nuclear power, and private equity.

Rubio Says US Visa Revocations Underway After Charlie Kirk Death Celebrations

SoS Marco Rubio said foreign nationals who made celebratory comments over Charlie Kirk’s assassination will have their U.S. visas revoked.

Trump Supports Designating Antifa a Terrorist Organization

President Trump said he would support designating the antifa movement a terrorist organization in the wake of Charlie Kirk’s assassination last week.

US Conducts Strike on Another Drug Boat From Venezuela: Trump

Three people were killed in a U.S. strike on a Venezuelan drug boat, President Donald Trump announced on Sept. 15.
spot_img

Related Articles

Popular Categories

MAGA Business Central