Paradoxal America, dependent on black gold and committed to the green transition, Eldorado of Big Oil and paradise of environmental subsidies. A few days apart, ExxonMobil announced the purchase of a heavyweight in shale gas and oil for nearly 60 billion dollars (56 billion euros), while the President of the United States, Joe Biden , promised $7 billion in federal credits for hydrogen.
Already campaigning for the presidential election in November 2024, Mr. Biden unveiled, Friday October 13, the seven regions which will house “hydrogen poles” and will produce a third of the volumes expected in 2030. “This is one of the largest advanced manufacturing investments in the history of this country,” he declared, repeating his mantra: “When I think of climate, I think of jobs, well-paid jobs, union jobs. » Often political locations: Michigan, West Virginia, which relies on coal and will share the project with Pennsylvania and Ohio, Texas… So many key states in the 2020 election.
The federal windfall will also benefit, for $1.2 billion, companies like ExxonMobil and Chevron, involved in the planned cluster on the coast of the Gulf of Mexico. They will also spend a few billion to decarbonize their refineries. Do they, however, need public aid, when they posted historic profits in 2022: $55.7 billion for the first and $36.5 billion for the second, partly returned to their shareholders?
Produce more and at lower cost
ExxonMobil has strengthened its position in shale oil and gas, extracted by the controversial technology of hydraulic rock fracturing, with the high-cost acquisition of Pioneer Natural Resources. By bringing together the hundreds of thousands of acres operated by the two companies between Texas and New Mexico, the Irving giant will always produce more and at lower cost, said its CEO, Darren Woods. Without worrying too much about the planet.
Ever more devastating fires, droughts and hurricanes do nothing, the Americans have other priorities than the climate fight. Candidate Biden knows this. Since the start of his mandate, he has urged American companies to redistribute less of their superprofits to shareholders and to invest more in production to lower the price of a barrel and the price of a gallon at the pump. They are likely to remain high due to the wars in Ukraine and Gaza. As the election of November 5, 2024 approaches, he will reiterate his request. Developing green (or blue) hydrogen does not prevent the production of more black gold.