Another big bet on affordable and reliable energy production.
Wall Street Journal (10/23/23) editorial: "The climate lobby’s pronouncements that the end of fossil fuels is nigh appear as premature as warnings two decades ago that supply would soon run out. Chevron on Monday announced a $53 billion bid for Hess Corp. because it knows the world will need oil and gas for the foreseeable future no matter how much politicians subsidize green energy. Chevron’s Hess acquisition comes on the heels of Exxon Mobil’s $60 billion tie-up with Pioneer National Resources this month. Higher interest rates are prompting consolidation across the U.S. economy, as smaller, less-capitalized companies struggle to borrow. Oil and gas giants are flush with cash owing to the run-up in prices over the past two years."
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"Apparently, these days there are two kinds the scientists, the right and the wrong kind. The wrong kind are those asking questions, even though science is by definition a process that involves a lot of question-asking."
-Irina Slav, Substack
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