Oil Price. (2021, August 22). Will Big Oil Use High Oil Prices To Go Green? Retrieved August 22, 2021, from https://oilprice.com/Energy/Energy-General/Will-Big-Oil-Use-High-Oil-Prices-To-Go-Green.html

 

A strong rebound in fuel demand has caused oil prices to surge so high that President Joe Biden was forced to ask OPEC+ for more oil. According to Wood Mackenzie, “this is the best time for big oil to accelerate its decarbonization efforts.” The Wood Mac report states that companies are working to achieve a low carbon future, as a result of pressure from shareholders, environmentalist groups, and the U.S. government. Hopefully, big oil companies will begin to shift their focus entirely towards working to achieve a carbon free future. 

 

Hopefully, this increase in oil prices will lead our country towards a greener future. As we have seen, big oil companies are already beginning to turn towards lower carbon options. However, if we are unable to produce solutions to lower carbon options, it may lead to a continuous increase in oil prices. This can have positive or negative effects, because on one hand, the rapidly increasing oil prices would put pressure on the creation of lower carbon solutions. However, if this does not happen, there may be an increase in the demand for crude oil. This would inevitably lead to negative environmental impacts, because there would be a surge in harvesting oil.