if you want to remove an article from website contact us from top.

    exxonmobil ceo makes stunning prediction on electric vehicles

    James

    Guys, does anyone know the answer?

    get exxonmobil ceo makes stunning prediction on electric vehicles from EN Bilgi.

    The CEO Of One Of The Biggest Oil Companies Says That Every New Passenger Car Sold In The World Will Be Electric By 2040

    Advertisement Exxon Mobil thinks that it won’t be long before all the cars will be electric vehicles in the future. The oil giant is estimating that by 2040, every new passenger car sold in the world will be electric, CEO Darren Woods told CNBC’s David Faber in an interview. In 2021, just 9% of all […]

    The CEO Of One Of The Biggest Oil Companies Says That Every New Passenger Car Sold In The World Will Be Electric By 2040

    Rameesha SajwarJune 30, 2022

    0 Twitter

    Advertisement

    Exxon Mobil thinks that it won’t be long before all the cars will be electric vehicles in the future.

    The oil giant is estimating that by 2040, every new passenger car sold in the world will be electric, CEO Darren Woods told CNBC’s David Faber in an interview. In 2021, just 9% of all passenger car sales were electric vehicles, including plug-in hybrids, according to market research company Canalys. That number has gone up to 109% from 2020 says Canalys.

    Woods stated that Exxon Mobil is evaluating how the reduction in gasoline sales could impact its business. Exxon Mobil is one of the largest publicly traded international gas companies and an industry leader. Its website states that it is the largest “refiner and marketer of petroleum products,” as well as a chemicals company.

    Woods spent the time of his career on the chemical side of the company’s operations. He says that chemicals will be instrumental in keeping the company profitable during the clean energy transition. The plastics that Exxon Mobil produces can be used in the manufacturing of electric vehicles.

    ExxonMobil’s calculations stated that oil demand in 2040 would be equivalent to what the world needed in 2013 or 2014. Woods explained to CNBC that the company was still profitable at that time.

    Woods seemed unfazed by the prediction, saying “that change will not make or break this business or this industry quite frankly.”

    Advertisement

    Source : wonderfulengineering.com

    ExxonMobil CEO Makes Bold Prediction About Electric Vehicles

    ExxonMobil CEO Makes Bold Prediction About Electric Vehicles ExxonMobil CEO Darren Woods claimed that every passenger car in the United States and the world will be electric by the year 2040. “With respect to electric vehicles, the first thing we did was to ask ‘what’s the relevance? How material is it to our business?’ And we […]

    Business & MarketsCommoditiesCompaniesEconomyElectric VehiclesExxonMobilMarketsUSUS News

    ExxonMobil CEO Makes Bold Prediction About Electric Vehicles

    By admin June 28, 2022 166 Share Facebook Twitter Pinterest WhatsApp Linkedin ReddIt

    ExxonMobil CEO Makes Bold Prediction About Electric Vehicles

    ExxonMobil CEO Darren Woods claimed that every passenger car in the United States and the world will be electric by the year 2040.

    “With respect to electric vehicles, the first thing we did was to ask ‘what’s the relevance? How material is it to our business?’ And we did some work very early on and said, ‘Let’s just make the assumption that people begin to shift and that ultimately, every car in the world sold is electric,’ and ultimately, I think we got to about 2040 that every vehicle in the world is electric,” Woods told CNBC this week.

    In 2021, about 9 percent of all passenger car sales were electric vehicles, including plug-in hybrid vehicles, according to market research company Canalys.

    Woods appeared to be unfazed by the 2040 prediction, and claimed that the “change will not make or break this business or this industry, quite frankly.”

    Earlier in June, ExxonMobil responded to President Joe Biden’s letter suggesting that he may take executive action to deal with gas prices and oil production while accusing oil companies of price-gouging.

    “In the short term, the U.S. government could enact measures often used in emergencies following hurricanes or other supply disruptions—such as waivers of Jones Act provisions and some fuel specifications to increase supplies,” Exxon said in a news release on June 16.

    Gas Prices

    It comes as AAA data show that gas prices across the United States remain elevated. Currently, the average price for a gallon of regular gas stands at around $4.88, representing a slight decline from last Tuesday’s average of $4.96 per gallon. Earlier in June, the average price reached $5 per gallon for the first time in history.

    But prices for gas could likely increase if a significant hurricane or tropical storm hits the Gulf Coast, as a significant portion of the U.S. refinery capacity is located in that region. On Friday, an oil analyst suggested that gas prices could reach “apocalyptic” levels if a major hurricane strikes.

    “I think for gasoline, we go back above five [dollars per gallon], and … apocalyptic numbers come into play with hurricanes,” Oil Price Information Service energy analysis global head Tom Kloza told Fox Business. “The thing that people have to watch … [what] is really insidious for inflation are the values for diesel and jet fuel. Stocks of those fuels are not building. They’re tight internationally, and that’s where … we’re going to have to pay the piper in the last hundred days of the year.”

    He added: “I think a lot of refiners would like to see that, that would mean we’d be able to import stuff that doesn’t meet U.S. muster in the summer, and it’s a positive sign … unfortunately, positive signs between now and … the middle of August may be just overwhelmed if we have an active tropical season.”

    Follow

    Jack Phillips is a breaking news reporter at The Epoch Times based in New York.

    RECOMMENDED Tags Bold CEO electric Electric Vehicles ExxonMobil Prediction THE EPOCH TIMES vehicles Share Facebook Twitter Pinterest WhatsApp Linkedin ReddIt RELATED ARTICLES Business & Markets

    US Housing Market Proving Resilient

    July 1, 2022 agriculture

    Ukraine War’s Disruption Sends Agriculture Input Prices up Nearly 10 Percent in First Quarter: Eurostat

    July 1, 2022

    Constitutional Rights

    White House Journalists Demand End to Biden Admin’s ‘Restrictive’ Prescreening of Reporters

    July 1, 2022

    Source : newzspy.com

    Exxon CEO says no new gas cars globally by 2040, goes wolf in sheep's clothing about CO2

    Every new passenger car sold in the world will be electric by 2040, according to Exxon Mobil CEO Darren Woods in an interview aired this weekend by CNBC. The interview also covered the company’s climate ambitions, putting a flashy coat of paint on an organization that is the world’s fifth-largest historical polluter and has pushed […]

    Exxon CEO says no new gas cars globally by 2040, goes wolf in sheep’s clothing about CO2

    Jameson Dow

    - Jun. 26th 2022 10:14 am PT

    68 Comments

    Every new passenger car sold in the world will be electric by 2040, according to Exxon Mobil CEO Darren Woods in an interview aired this weekend by CNBC.

    The interview also covered the company’s climate ambitions, putting a flashy coat of paint on an organization that is the world’s fifth-largest historical polluter and has pushed climate denial at a high level for half a century.

    Exxon Mobil CEO Darren Woods sat down with CNBC’s David Faber for a long interview about climate change. The full interview is 35 minutes long (on top of a previous hour-long interview) and mostly discusses climate change and Exxon’s carbon capture and storage desires.

    The interview sounds, at first glance, surprisingly reasonable and candid. Woods does not deny the scientific reality of climate change, calls for carbon reductions and a higher global carbon price, and recognizes that electric cars are coming.

    But in view of Exxon’s history, Woods looks more like a wolf in sheep’s clothing.

    No new gas cars by 2040

    Of particular note is that he seems to think that sales of new gas-powered passenger vehicles will end in 2040 globally – before even many governments do. Some governments have set a target earlier than that – for example, 2035 in California and Europe (some European countries will go even earlier); 2030(-ish) in Washington; and the gold standard, 2025 in Norway. But there are others that have either set no target or that have set later targets, like China’s and Japan’s 2035 targets that still allow gas cars, and the US, which currently has no target but the earliest nationwide proposal is for 2045.

    We’ve written before about how many of these targets will likely be exceeded (and also why post-2035 ambitions are pathetic), but the notion that Exxon also sees these targets being exceeded is quite interesting. Particularly given that not long ago Saudi Aramco, the world’s largest oil company, said that it expects 90% of vehicles to still be driven by internal combustion engines in “mid-century,” and industry analyst IHS Markit thinks only 30% of new cars in “key automotive markets” (i.e., not globally) will be electric in 2040.

    So Exxon is a big outlier here and is predicting a much earlier end to gas vehicles than most other groups.

    However, Woods still claimed this isn’t a threat to Exxon’s business. He said that even if all new cars were electric by 2040, that would only drop oil demand back down to 2013-2014 levels by Exxon’s calculations. Since the company was profitable then, he sees a future where it can remain profitable, even with that level of demand.

    A much larger part of the interview is devoted to Exxon’s plans for carbon capture, which it is clear that Woods sees as a potential future revenue stream that Exxon can leverage.

    Carbon Capture as another revenue stream

    Woods paints a rosy picture of Exxon’s potential for contribution, but it’s easy to see the dollar signs in his eyes while he does so.

    He claimed that Exxon is responsible for more carbon capture than any other company in the world (by capturing CO2 from its facilities, some of which it stores and some which it uses again in operaitons), and thinks that Exxon can be a leader in “direct air capture” in the future.

    Direct air capture is the idea that carbon can be taken directly out of the air and then sequestered in some way to make sure it stays out of the atmosphere. Environmentalists have questioned whether it is a valuable goal, or if it risks delaying climate action or simply works to serve oil industry profits.

    Currently, it is very costly, as Woods pointed out in the interview, stating that it is “too expensive” to consider right now. (Would this excuse work if you threw your trash in the street and told your neighbors/city it’s “too expensive” to pay taxes for trash pickup? try it out and report back in the comments.) And the least expensive carbon storage would be to leave that carbon in the ground, where it currently is, in the first place.

    On this tack, Exxon has recently asked for a higher carbon price because this would help incentivize companies to develop carbon capture technology, which is true – if Exxon, or some other company, could eventually capture carbon at a cost of $80 a ton and the carbon price is $100 a ton. Then it could profit by removing carbon from the air, and this will incentivize cleanup while disincentivizing pollution.

    But we’ve heard this carbon pricing story before from Exxon. Last year, Exxon lobbyist Keith McCoy was caught on tape by Greenpeace, revealing the company’s reason for publicly supporting carbon pricing. The lobbyist said that Exxon felt it was politically safe to advocate for carbon pricing because it makes the company look good (known as “greenwashing“) but that “a carbon tax is not going to happen,” so Exxon benefits from goodwill but gets to continue benefiting from massive subsidies.

    It is possible that Exxon has now earnestly changed its position only one year later, but even if it has, it certainly feels like Exxon may have only changed that position because it sees potential for profit. And given Exxon’s history on climate, the wolf-in-sheep’s-clothing theory is quite persuasive.

    Source : electrek.co

    Do you want to see answer or more ?
    James 3 month ago
    4

    Guys, does anyone know the answer?

    Click For Answer