Case in point: On Tuesday, when much of the power industry was centered on whether President Joe Biden would intervene in vitality markets, Exxon CEO Darren Woods launched a press release detailing how his company is investing $15 billion over the next six years to develop a "lower-carbon future." That features spending on reducing emissions in heavy business and energy era, developing carbon capture and storage and researching hydrogen and biofuels.
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The United States has known as for Gulf states together with Saudi Arabia to ramp up their crude manufacturing, which could drive prices down further. Biden has set a aim of reducing carbon emissions by as much as 52% by 2030, rolled out new methane rules and returned the United States to the Paris climate agreement.
The company has stated it can attraction the verdict, however simply tightened emissions targets for its own operations.
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>On April 8, oil futures slid to a four-12 months low as investors priced in the potential of a recession, pushed tensions between the world’s two largest economies. Pressure from socially conscious traders hit a crescendo earlier this yr when activist traders received board seats at ExxonMobil (XOM), America’s largest oil company.