Exxon Mobil and Chevron are spending tens of billions of dollars buying oil and gas assets, betting that the International Energy Agency’s predictions of declining oil demand are wrong.
The prediction, which has stirred controversy among oil producers, is a sign of a sweeping transformation in the global energy landscape.
Despite the rapid growth of electric vehicles and solar power, other efforts to tackle warming are lagging, according to the International Energy Agency.
Despite the rapid growth of electric vehicles and solar power, other efforts to tackle warming are lagging, according to the International Energy Agency.
Jason Bordoff and Meghan O’Sullivan map out how decarbonization will transform the world economy and geopolitics.
More technology and creature comforts, as well as a parade of new electric vehicles, have complicated the job after accidents.
Electric cars aren’t nearly as fun to drive.
The International Energy Agency said oil consumption will hit a peak in a few years, with shrinking gasoline use after 2026.
About 80 percent of new cars sold in Norway are battery-powered. As a result, the air is cleaner, the streets are quieter and the grid hasn’t collapsed. But problems with unreliable chargers persist.
The oil industry enjoyed record profits in 2022 after Russia invaded Ukraine, but the prices of oil and natural gas have fallen sharply in recent months.