This could be Big Oil's last surge
Chevron, ExxonMobil, and BP declined to comment. Shell and TotalEnergies didn't respond to requests for comment.
"If we don't develop gas, we burn more coal. That's what happened last year, which means higher emissions and an affordability crisis, which isn't consistent with ESG," DellaVigna said, referring to environmental, social, and governance principles that some investors are pressuring companies to adopt.
In the long term, however, Russia's war might expedite the transition to renewables, said Hugh Daigle, an associate professor at the University of Texas at Austin. He pointed to the way Europe — which many energy analysts thought was on the verge of a severe crisis this winter — quickly decreased its dependence on Russian gas, in part by building renewables, a model Daigle expects other countries to follow.
"With every step of decarbonization, you need more electricity," he said."That demand will grow three to four times over the next 30 years over current levels. And it's not just a question of building new supply, like more solar, wind, and EVs, but also building the infrastructure to deliver that power, which is missing today."
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