Chevron director questions future of oil industry

By Joe Carroll and Javier Blas on 2/28/2018

HOUSTON (Bloomberg) -- Chevron Corp.’s youngest director questioned the future of an industry the world’s third-largest oil explorer helps lead.

Dambisa Moyo, an economist and author who joined Chevron’s board in October 2016, on Wednesday tweeted, “If #oil energy consumption is declining and #renewableenergy consumption is on the #rise, what does that mean for the future of the oil industry?”

Her tweet concluded with, “#energy #fall #environment #getsmarter #happywarrior,” along with two charts credited to CNBC. Chevron is the No. 3 oil producer by market value, behind ExxonMobil Corp. and Royal Dutch Shell Plc.

Phone and email messages seeking comment from Chevron’s San Ramon, California, headquarters weren’t immediately returned. But in a U.S. filing last week, the company said its forecasts already “reflect long-range effects from renewable fuel penetration, energy efficiency standards, climate-related policy actions, and demand response to oil and natural gas prices.”

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