Gasoline and diesel prices surged as the Ukraine war tightened fuel supplies already wavering in the face of a rebounding pandemic economy. At the same time, oil companies faced new pressures from investors and regulators to reduce their emissions of climate-warming gases.
We recognize though that we have to lower the carbon footprint of what we do, and we're actively engaged in doing that, whether it's just reducing the amount of energy we consume at our facilities, becoming more energy efficient to lowering the carbon footprint of the fuels that we produce, looking at technologies to mitigate carbon in the atmosphere.
Gasoline demand may have hit a peak, we believe, in North America between fuel economy standards tightening up and electric vehicles coming into the marketplace, but globally demand continues to increase. So we've got to balance that. It kind of shifts how we manage the molecules but that's what we do. We're good at managing molecules.
We need rapid deployment of renewables. Period.