By the end of this decade, the report found, the fossil-fuel industry aims to sanction nearly four times this amount – 31bn barrels of oil equivalent – across 64 additional new oil and gas fields.
Gas is the only cost-efficient energy generation capable of providing the type of 24/7 reliable power required by the big technology companies to power the AI boom.
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Macquarie models U.S. production exiting 2025 at about 14.5 MMbpd, despite expectations for significantly lower crude prices.
Energy shares jumped 124% so far since Biden took over at the Oval Office vs. a 65% decline for the comparable period under Trump.
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Demand for fossil fuels will not grow indefinitely, but it will probably be more resilient than most may expect.
US Oil Rig Count Rises: The oil rig count was 510 in the week ended Mar 15, increasing from the week-ago figure of 504.
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ExxonMobil has been able to grow reliable, affordable, low-carbon production while reducing emissions, which Cahir said is vital.
