Oil executives and ministers from around the world gathered in Houston this week to discuss the future of the energy industry and their role in the transition to cleaner fuels at the World Petroleum Congress, an event held once about every three years.
The conference heard speakers lash out against policy decisions to prioritize renewable fuels and score calls for oil companies to reassess their strategies and embrace low-carbon fuels. The four-day event was marred by the rise of a new coronavirus variant that led to abrupt withdrawal of ministers from top oil-producing nations.
Top executives warned against a rapid move to renewables, pointing to soaring prices and shortages of gas and power due to too little investment in fossil fuel production. They clapped back at COP26 portrayal of dire climate outcomes, saying society would be harmed by a too rapid move to clean fuels.