Making a Bet on Future Energy
The International Energy Agency has its opinion. Darren Woods has his. If you are the betting sort, wager on Woods. He just wagered $59.5 billion. The IEA, which thinks consumption of petroleum will peak and begin to decline by 2030, says the world is at “the beginning of the end of the fossil fuel era.” Woods, ExxonMobil’s CEO, is spending $59.5 billion to buy Pioneer Natural Resources, whose CEO told the Financial Times that, including the natural gas and natural gas liquids with the oil, what ExxonMobil is buying in the Texas-New Mexico Permian Basin is “as big as Saudi ...