The world will need more oil in the coming decades—at least, that is what oil executives have recently promoted as their companies’ future. Renewable energy will not come online fast enough; the move to EVs has been slow, and crude is plentiful and widely profitable.
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Recently, Exxon’s CEO blamed the public for the climate crisis. It is unwilling to pay for the transition to greener fuel. Oil remains cheap, which keeps daily energy use of widely used fuels like gasoline low.
According to the FT, oil giant Saudi Aramco says fossil fuels will be a significant energy source for decades. It plans to profit from this trend even as manufacturers of fossil fuel-based products like cars discontinue manufacturing gas engines. They will be built by other companies. Aramco made a nearly $1 billion investment in Horse Powertrain. Other investors include Chinese car company Geely and France’s Renault. Yasser Mufti, the executive vice president at Saudi Aramco, said, “It will be incredibly expensive for the world to completely stamp out, or do without internal combustion engines. If you look at affordability and a lot of other factors, I do think they will be around for a very, very long time.”
Horse views itself as an arms merchant to the fossil fuel engine industry. It describes itself as “HORSE develops, manufactures and supplies energy-efficient internal combustion and hybrid powertrains and transmissions to partners around the world.” There is no mention of renewables. Theoretically, its customers could be as large as Ford, GM, Toyota, and VW. It is no coincidence that among the largest car companies in China, the world’s largest car market, and Europe have made such huge investments.
Oil Demand Drives M&A
Climatecrisis247 believes this is part of a chorus of big oil executives who are willing to say in public that their place in the energy world will not change for years, and they will continue to pump as much oil as possible. Fossil fuel engines are part of that food chain. The expected demand has also caused a wave of M&A in the industry.
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