Will Big Oil Embrace Clean Energy? How the 2024 Election Could Shape Incentives for Transition

In the 2024 election, candidates may shape the future of clean energy for big oil. Doug McIntyre and David Callaway discuss the potential for major oil companies to pivot towards clean energy, with companies like BP backtracking on previous commitments due to high costs and the European energy crisis. Callaway argues that Kamala Harris is more likely than Trump to incentivize this shift, recognizing that oil companies’ expertise and infrastructure could be harnessed for renewable energy development. While some oil companies, such as Exxon, are already investing in electric vehicle minerals, others remain hesitant. Harris might support mergers and investments if clean energy stock values fall, pushing for oil giants to transition. In contrast, Trump would likely advocate for traditional oil production, with less emphasis on renewable investments. This election outcome could greatly impact the oil industry’s clean energy trajectory.