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The U.S. is not in the middle of an energy transition, and the “vast majority” of energy will come from hydrocarbons for at least the next three decades, Liberty Energy (NYSE:LBRT) CEO Chris Wright told Bloomberg on Monday.
“We’re investing a lot of money in some new energy technologies; some of this is great, but it’s not an energy transition,” Wright said, adding that subsidies for wind and solar will only drive up power prices and increase grid instability.
“Shoveling subsidies to wind and solar, who are 3% of global energy, that’s not going to meaningfully change greenhouse gas emissions,” the CEO also told Bloomberg, contradicting the public positions staked out by many other oil and gas executives.
Liberty Energy (LBRT) recently reported better than expected Q2 earnings of $0.55/share and issued strong guidance for Q3.