Energy

The oil industry is getting greener much more quickly as U.S. focus shifts to climate change

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A worker wrestles a stand of drill pipe into place on a drilling rig near Midland, Texas.

Nick Oxford | Reuters

The greening of the American oil industry has gone into overdrive.

Dan Yergin, IHS Markit vice chairman, said it’s an important turning point for the oil and gas sector, which has been anticipating big changes with President Joe Biden’s climate-focused, clean energy policies.

“The oil and gas industry is calibrating itself to what has become the new benchmark – net zero carbon by 2050.  There’s a lot of variation in strategies and thinking about what will be the new map to get there.,” said Yergin. “But the big cross-cutting themes that jump out this week are hydrogen, carbon…



Source cnbc.com

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