Times; They are changing … especially in the power arena.
The two largest and largest oil companies have announced major changes this week, and OPEC + would like to thank the President of the United States of America, but no thanks, for their proposal to increase oil production.
Exxon Mobile announced that it would sell all its petroleum products at Barnet Shell in North Texas, and announced that it would change its name to Royal Dutch Shell.
The Shell Revolution began in the 1990’s with the geological organization Barnet Shell, which covers about 20 counties around Fort Worth. ExxonMobil got a late start, but became a big player when it got its own XTO.
ExxonMobil has 2,700 acres around 182,000 acres and is worth about $ 400 million. The company sells assets in Europe, Africa and Asia. By 2020, it had lost $ 22.4 billion.
Extremist groups have been the target of numerous allegations that Exxon is responsible for global warming. Recently, two environmentalists won the board of directors of Exxon.
Shell also targeted an activist investor seeking to split Shell into two companies due to weather concerns in May and a lawsuit filed in May.
In addition to changing his name, Shell decided that it was time to leave the Netherlands and move his headquarters to London. “We are shocked by this news,” said the Dutch Minister for Economic and Climate Policy. The government is deeply concerned about Shell’s decision to relocate its headquarters to the United Kingdom.
Meanwhile, President Joe Biden and his administration have called on OPEC + members to increase oil production to a higher level in an effort to lower oil prices and ultimately oil prices.
Officials from Saudi Arabia and the United Arab Emirates (UAE) met this week on December 2 to express support for the planned 400,000 barrels a day.
“This should be enough,” UAE Minister of Energy Suhail al-Mazuroi told Bloomberg. “We know and all the experts in the world say we will make a profit (in 2022). So we should not panic. We need to be calm.
However, with the rise of gasoline in the US, Biden’s administration is deeply concerned about the impact of rising energy prices on the economy, inflation and voter turnout.
Biden’s demand was a major change from the previous administration, which encouraged American oil to replace imports.
For Exxon Mobile and Shell, over time, changes have become crucial.
Alex Mills He is a former president of the Texas Energy Producers Association.
This article originally appeared on the Wichita Water Times Times Record and appeared in the column of Alex Mills, where the ever-changing petroleum industry is changing.