Oil Will Stay Strong, Electric Cars ‘Moving Emissions From Tailpipe to Smokestack’: Aramco CEO

March 6, 2018

 

The changeover from traditional fossil fuels to alternative and renewable energy will take a lot longer than many think, the CEO of Aramco said at CERAWeek in Houston.

Amin Nasser said oil and gas will be the standard fuel for decades to come, there will be more uses for oil including chemicals and plastics and the adoption of electric cars will not come quickly.

The Houston Chronicle quotes Nasser as saying Tuesday, “I am not losing any sleep over peak oil demand or stranded resources.”

“The transition to electric cars worldwide will require huge investments in charging stations, especially in the developing world,” the newspaper said.

And Nasser emphasized that coal will remain the world’s biggest electricity source for years to come, with wind and solar only pieces of the puzzle.

“We are simply moving emissions from tailpipe to smokestack,” Nasser said, so long as the world relies so much on coal.