Marianna Perraga and Erwin Seba

HOUSTON, (Reuters) – Top executives in the energy sector urged a cautious shift away from oil-and gas imports this week. However, a U.S. Energy Department official stated that the industry is morally responsible for addressing climate change and the potential economic benefits it brings.

For Executives Saudi Aramco (SE:), Exxon Mobil (NYSE: Chevron (NYSE): Speaking at the World Petroleum Congress Houston, Monday, he blamed current fuel shortages as well as price volatility on low demand for renewables.

Over travel restrictions and concern over the Coronavirus, top ministers with energy resigned from the conference. This verbal spat took place at a moment when oil demand is recovering from the collapse of the Coronavirus pandemic, while world governments stress the importance of combating climate change.

Equinor ASA’s Chief Executive Anders Opedal stated that “the volatility in commodity prices, and its impact on people and businesses,” “illustrates how we are exposed in a transition that is unbalanced.”

David Turk, the U.S. deputy Energy Secretary, reacted to the industry’s position by saying that climate change cannot be left behind.

He said, “There’s no alternative to acting up and fixing climate change,” to an audience sitting in silence.

Due to price declines, consumers in Asia and Europe are facing shortages of power, coal, and lignite. The Biden administration in the United States has criticised oil and gas firms, claiming that they place profits above consumers.

Executives stated that the tension in investing in oil, gas, and carbon reduction technologies, as well as responding to investors who demand higher returns, will remain a problem for large oil companies.

Chevron vice president for global exploration Liz Schwarze stated that “the future of energy will be lower-carbon exploration discoveries and more production.”

Amin Nasser (CEO of Saudi Aramco), the largest oil producer in the world, stated that too many assumptions are made regarding the rate at which oil- and gas consumers will switch to renewables.

Many people “assume” that the correct transition strategy has been established. It’s not,” said Nasser. Evidently, energy security and economic development are not getting enough attention.