Exxon Mobil CEO Darren Woods on energy conversion, gas prices

Exxon Mobil CEO Darren Woods warns that an abrupt transition to renewable energy will make society “pay a high price”.

The national average price for a gallon of gasoline is currently nearly $ 5, causing controversy for all drivers, according to AAA.

In an interview with CNBC’s David Faber, Woods warned against a government policy that fails to balance current demand for affordable energy with the need for lower emissions. He said that underinvestment in the oil and gas industry correlates with higher prices. Instead, Woods continued its demand for a price of carbon to create a market incentive to reduce emissions.

In addition to affecting families who depend on affordable energy, Woods said rising oil and gas prices have already forced consumers in Europe to use other fossil fuels, such as coal, instead of renewable energy.

Sherlina Nageer is an American activist in Guyana, where Exxon Mobil recently invested $ 1[ads1]0 billion in a fourth offshore oil production project. She told Faber that all oil development should stop, saying: “the negative ones in the long run outweigh the positives that can be reaped in the short run.”

Katharine Hayhoe, chief researcher at The Nature Conservancy, stressed the importance of moving away from fossil fuels. She warned: “If we do not fix climate change, it will fix us.”

When Faber asked Woods what Exxon Mobil would look like in 10 years, he predicted that the company could continue to participate in oil and gas exploration, although it would also engage in renewable energy solutions such as biofuels.

While Exxon Mobil navigates the energy transition, Woods stressed its commitment to balancing existing affordable energy requirements with “future needs as well, which are lower emissions.”

Watch the full interview in the video and watch the entire documentary, “ExxonMobil at the Crossroads,” on YouTube, Peacock and CNBC.com.