Exxon Mobil CEO cautions against an abrupt energy transition, warning underinvestment leads to high gas prices

Key Facts

• In an interview with CNBC’s David Faber, Woods cautioned against a government policy that fails to balance the current demand for affordable energy with the need for lower emissions.
• In addition to impacting families who depend on affordable energy, Woods said that rising oil and gas prices have already pushed consumers in Europe to use other fossil fuels, like coal, rather than renewable energy.
• READ MORE ABOUT ENERGY FROM CNBC PRO When Faber asked Woods what Exxon Mobil will look like in 10 years, he predicted that the company may continue to participate in oil and gas exploration, although it will also engage in renewable energy solutions like biofuels.
• As Exxon Mobil navigates the energy transition, Woods emphasized his commitment to balancing existing demands for affordable energy with “the needs of the future as well, which is lower emissions.”

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