Drill, Exxon, drill: Largest U.S. Oil company announces Aggressive production Plan
ExxonMobil, America’s biggest oil company, has announced it plans to increase production by 20% by the end of the decade, a clear sign that renewable energy cannot keep up with the burgeoning demand for electricity, much of which is due to the growth of the artificial intelligence sector.
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“Our investors are interested in ExxonMobil growing the value of their holdings and doing it in a way that is advantaged versus the rest of our competitors and basically doing better than the rest of industry,” Exxon chief executive Darren Woods commented. Essentially, he is saying what public company CEOs usually say: that the interests of shareholders come before the interests of any other party.
Wood has the wind at his back. Energy needs, particularly in the U.S., are ballooning as artificial intelligence use — and its massive power demands — grows. And as AI server farms open in other nations, the demand will continue to rise. Despite the growth in renewable energy power, there is little evidence that oil and coal aren’t needed to satisfy most of this demand.
Wait and get whacked
Exxon also understands that governments will eventually crack down on oil production because climate change has become too dangerous to ignore, and so they are acting while the going is good.
Meanwhile, with the incoming Trump administration and its “drill, baby, drill” policies, Exxon will produce more oil because no one will stop it.
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