Khaberni - U.S. Energy Secretary Chris Wright said today, Thursday, that the world needs to more than double its oil production.
At the same time, Wright criticized the European Union and the state of California for squandering money on what he described as inefficient green energy.
In recent years, discussions about energy at the World Economic Forum in Davos have focused on ways to enhance policies for reducing carbon emissions. However, during a discussion between Wright and Occidental Energy CEO Vicki Hollub in Davos, they emphasized that the world will rely on oil for decades to come.
Wright said that environmental regulations for companies in the European Union pose risks to energy cooperation with the United States.
Wright added, "These regulations may expose American producers to legal liabilities when exporting gas to Europe... We are working with our colleagues here in Europe to remove these barriers."
The European Union requires oil and gas importers to Europe to monitor and report methane emissions associated with those imports, as part of its efforts to reduce emissions of this gas that causes the planet to heat up.
After months of pressure from companies and governments, the European Union last month agreed to scale back the scope of two major laws, which relate to corporate sustainability reporting and corporate sustainability due diligence.
Wright said that increasing the production of natural gas and investments in liquefied natural gas export facilities enabled the United States to compensate for the significant reduction in European gas imports from Russia following the onset of the conflict in Ukraine in 2022.
He criticized energy policies in California, which he said are similar to those of Europe.
Wright wondered, "If California had not pursued a misguided energy policy... what would the situation of Californians be like, and what would their quality of life be?"
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According to the latest data from the U.S. Energy Information Administration, California produced 300,000 barrels per day of crude oil in 2024, which is nearly half compared to the previous decade.
Hollub said that Occidental had pulled out of California due to state laws.
