Exxon Mobil boss doesn’t believe in fuel discounts

Esso petrol station in Oldenburg

“The last thing you want to do is stimulate additional demand,” says the head of Exxon Woods on the German tank discount.

(Photo: dpa)

New York The head of the US oil company Exxon Mobil expects oil and gas prices to remain high for a long time. “Structurally, there isn’t enough supply on the market,” Darren Woods said in an interview with Handelsblatt. This is only partly due to the consequences of the war in Ukraine, the main reason being the lack of investment in funding during the crown pandemic. “Prices will remain higher until an additional offer hits the market,” Woods said.

Woods believes that the fuel rebate introduced in Germany, which is meant to relieve drivers, makes little sense. Here, too, the situation is mainly determined by the low supply. “So the last thing you want to do is stimulate additional demand,” the manager said. On the other hand, Woods sees an opportunity for Germany in the controversial fracking technology: “I think fracking is an important possible lever that needs to be used.”

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Handelsblatt energy information

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