Chevron bets on Peak Green Energy
Chevron bets on Peak Green Energy
Claims from the climate lobby that the end of fossil fuels is near seem as premature as warnings two decades ago that reserves would soon run out. Chevron announced Monday a $53 billion bid for Hesse Corp. because she knows the world will need oil and gas in the near future, no matter how much politicians subsidize green energy.
Chevron’s acquisition of Hess follows Exxon MobileThe $60 billion partnership with Pioneer National Resources this month. Rising interest rates are causing consolidation in the U.S. economy, while smaller, less capitalized businesses struggle to borrow. Oil and gas giants are flush with cash due to rising prices over the past two years.
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