Energy

Exxon CEO responds to White House’s call for investigation of ‘anti-consumer behavior’

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Darren Woods, Chairman and CEO, Exxon Mobil.

Katie Kramer | CNBC

Exxon said Wednesday that President Joe Biden’s call to investigate “potentially illegal conduct” within the oil and gas industry is unwarranted.

“If you go back in time in history, every time we see the supply and demand imbalances get tight and prices rise, you see similar types of investigations,” Exxon’s CEO Darren Woods said to CNBC Wednesday, before adding that there’s “nothing” there.

“This is a commodity market. The prices are set by the amount of supply that’s out there, and by the amount of demand. If you restrict that supply and you don’t do anything about demand, I promise you prices will go up,” he added.

The…



Source cnbc.com

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