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A new Dallas Fed survey finds that three out of four oil and gas industry executives see a global supply shortfall by 2023. Seventy-six percent of executives said they believe there will be a global crude oil supply gap in the next two to four years. The majority of the executives — 83 percent — said they don’t have investments in wind and/or solar. Seven percent note they already have an investment, and 9 percent are planning to make an investment by 2025. Eighty-two percent of executives believe a carbon tax shouldn’t be instituted to reduce carbon emissions. The remaining 18 percent believe a carbon tax should be instituted for that purpose.

Fifty percent of executives believe tax credits to fund investments in carbon capture will be more effective in reducing carbon emissions than a carbon tax. Ten percent believe a carbon tax will be more effective. Those who did not choose between the options were allowed to answer “None of the above” (22 percent) or “A combination of a carbon tax and tax credits” (17 percent).

Chevron won’t cut oil and gas production.Unlike European supermajors, U.S. Chevron doesn’t have any plans to reduce its oil and gas business to invest in solar or wind power. BP to stick with oil and gas for decades.BPwill continue producing oil and gas for decades to come and will benefit from rising oil prices even as it reduces output as part of its shift to low-carbon energy, Oilprice said.

Shareholders have ramped up pressure on the world’s largest public companies—including Chevron—to start preparing their business for profits in the energy transition. Most European oil and gas supermajors have pledged to become net-zero energy businesses by 2050 and to invest growing amounts of cash into renewable and low-carbon energy solutions. At Chevron, 61 percent of shareholders backed a proposal at the annual general meeting last month that the company cut its so-called Scope 3 emissions, the ones generated by the use of its products, rebuffing the board, which had urged shareholders to reject it, Charles Kennedy noted.

Chevron will be investing in technology to cut emissions from its operations, instead of investing in renewable energy sources such as wind or solar power, according to CFO Breber. The U.S. firm plans to invest around $3 billion in emissions-cutting technology and actions through 2028, Breber said at the Reuters Events Global Energy Transition conference. Out of the planned investment, Chevron will invest $2 billion to cut emissions from its production and another $750 million to produce renewable fuels such as renewable natural gas, Breber noted.

At its annual investor meeting in March, Chevron said it would reduce carbon intensity by 35 percent by 2028 and achieve zero routine flaring by 2030. Chevron also plans to invest in low-carbon technologies such as hydrogen and carbon capture, utilization, and storage (CCUS). Chevron’s approach differs from that of the major European oil firms, which expect to lower their oil production going forward while raising investment and production of renewable electricity. Shell, for example, affirmed earlier this year its oil production peaked in 2019. BP looks to slash oil and gas production by 40 percent by 2030, while Eni sees its oil production peaking in 2025.