Dan Pickering, CIO of Pickering Energy Partners, talks about why global oil giants are doubling down on fossil fuels in a recent U.S. News and World Report article, "Chevron, Exxon Megadeals Show It’s Still the Age of Oil Despite Political Pressures to Go Green."
“Investors today want companies to explore on Wall Street rather than under water or wherever,” says Dan Pickering, chief investment officer of Pickering Energy Partners. “While everyone would like to quickly decarbonize, we’re still a country that needs a lot of hydrocarbons.”
Pickering says that while the global oil giants are hedging their bets with large investments in alternative energies, the desire to bulk up their fossil fuel portfolios makes sense at a time of strong demand and uncertain supply.
“These companies are going to be the last ones standing 30 years from now,” he says. (U.S. News & World Report)