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After a profitable year, some oil companies are decelerating their shift to renewables, with industry leaders now advocating for a more gradual reduction in fossil fuel use despite acknowledging climate change.
After a profitable year, some oil companies are slowing their pivot to renewables. Oil executives have mostly stopped denying climate change, but now argue that the world should not act quickly to cut fossil fuel use. In fact, last year, industry leaders slowed down climate plans.
Oil futures don’t tell the whole story. The Iran war is tightening crude supplies, widening the gap between benchmark prices and what buyers actually pay.
Trump officials say the oil-market disruption is temporary, but Chevron’s Mike Wirth and others warn global supplies are running low, with no respite in sight
California diesel prices average $7.91 a gallon, with several stations charging over $9 and some pump displays hitting their $9.999 limit, GasBuddy reports.
Analysts warn the escalating Iran war could deepen global fuel shortages, push diesel prices higher and intensify inflation as energy supplies dwindle.
Chevron and SLB have signed major Venezuela oil deals, but political uncertainty and financial risks are keeping smaller Houston firms on the sidelines.
The oil outlook has shifted from potential surplus to sustained tightness—and Dan Pickering does not expect a quick return to the market that existed before the fighting in Iran began earlier this year.
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