Elon Musk, CEO of Tesla, shared some thoughts on Twitter about the current situation with oil and gas and Russia.
has reported that many oil companies are making an exodus. Shell, BP, and Exxon are cutting ties with Russia. BP was the first to do so when it announced its plans to unwind a 20% stake in Rosneft. BPs chairman, Helge Lund, said: “This military action represents a fundamental change.”
Shell and Exxon followed BP’s lead. Exxon, which has a long history with Russia, shared that it is standing with the people of Ukraine as they try to survive and defend their country. “ExxonMobil supports the people of Ukraine as they seek to defend their freedom and determine their own future as a nation. We deplore Russia’s military action that violates the territorial integrity of Ukraine and endangers its people.”that the US will release 30 million barrels of oil from the Strategic Petroleum Reserve as part of a global effort to protect both consumers and businesses from rising fuel prices.
Another myth is that the oil and gas industry can quickly ramp up production to make a dent in prices. Compared to what Elon said about sustainable energy solutions reacting instantaneously, it may seem as if the oil and gas industry can move faster than sustainable solutions. Maybe, maybe not. Vox cited the earnings calls that oil companies have held with their shareholders. According to these calls, these companies don’t plan to produce much more. In 2020, demand for oil crashed due to the pandemic. Now, demand is relatively high for oil and gas, but not historically high. Pioneer CEO Scott Sheffield told“Whether it’s $150 oil, $200 oil, or $100 oil, we’re not going to change our growth plans. If the president wants us to grow, I just don’t think the industry can grow anyway.
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