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The West Caused Its Energy Crisis By ‘Doubling-Down’ On Climate Policies, Chevron CEO Says

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Jack McEvoy Energy & Environment Reporter
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Chevron CEO Michael Wirth blamed Western nations’ climate policies for the global energy crisis during a Wednesday interview with The Financial Times.

Wirth stated that governments must be realistic about energy policy instead of “doubling down” on ambitious climate agendas to avoid jeopardizing energy security, as renewable energy sources cannot currently keep up with global demand, according to the FT. The Biden administration and the European Union (EU) are pushing forward with plans to phase out fossil fuels and invest in green energy; however, the U.S. and EU are facing soaring energy costs due to global fuel shortages. (RELATED: Exxon CEO Raises The Alarm Bell About Biden’s Latest Energy Plan)

“The conversation [about energy] in the developed world for sure has skewed towards climate, taking affordability and security for granted,” Wirth told the FT.

The climate-focused Biden administration has issued the lowest amount of federal oil and gas leases since the 1940s, according to The Wall Street Journal. Domestic gasoline prices, which hit over $5 per gallon in June, have soared throughout President Joe Biden’s time in office and may rise again to over $4 per gallon in October.

“There’s not a lot of deep energy expertise in the [Biden] administration,” Wirth said. “There’s a point of view that you find quite visible in the administration that we can move from system A to system B very quickly and easily … and it’s not that simple.”

Wirth claimed that the lack of investment in the oil industry combined with growing demand has contributed to energy shortages, the FT reported. Such a problem “illustrates the risk” of discouraging the use of fossil fuels and nuclear energy while rapidly promoting green energy alternatives, according to Wirth.

U.S. households will spend 28% more on heating their homes from October 2022 to March 2023 than they did during the same period a year earlier due to natural gas price hikes, according to the Energy Information Administration. Worldwide demand for natural gas has skyrocketed as Russian gas deliveries into Europe have been constantly disrupted due to the invasion of Ukraine.

“I don’t think most people want to move backwards in terms of their quality of their life,” Wirth said.

A man pumps gas in a Chevron station on October 5, 2022 in Monterey Park, California. (Photo by FREDERIC J. BROWN/AFP via Getty Images)

The EU is attempting to implement its Green Deal which seeks to produce “net-zero” carbon emissions by 2050; however, EU governments will tax energy companies’ windfall profits and are planning to place price caps on electricity to help households pay utility bills.

Wirth stated that fossil fuels “run the world today” and will continue to do so for at least the next 20 years, according to the FT.

Chevron did not immediately respond to the Daily Caller News Foundation’s request for comment.

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