Insiders debate how to secure America’s energy future at CERAWeek

The annual CERAWeek by S&P Global energy conference in Houston, which wrapped up Friday, could not have come at a better — or more fraught — time.

Energy executives, policymakers and thousands of others gathered in Texas this week as Russia’s invasion of Ukraine has thrust energy — prices, security, the transition to renewables — into the headlines, alongside the tales of human suffering.

Energy Secretary Jennifer Granholm was a keynote speaker, and she surprised the audience with a strong call to pick up the pace of oil production. Across hundreds of panels, and between every session in the conference’s halls, experts debated what happens next, and what the global energy complex should look like going forward. Should the U.S. drill more oil and gas? Does energy security mean building out renewables and moving away from dependence on hydrocarbons? Will natural gas be the bridge fuel? What role do investors play in production policies?

On the ground at the conference, there was a sense of optimism among attendees in the oil and gas industry over the vital services that their companies provide. Through conversations with more than a dozen people, who were granted anonymity in order to speak freely about the companies they represent, opinions differed over matters including whether spiking oil and gas prices will fuel or cool the energy transition. But a common thread was that so-called traditional energy companies need to be part of the conversation.

“I actually feel very proud to work for an oil and gas company … we’re providing energy for the people,” said one conference attendee. “There has been kind of an attack on the oil and gas industry,” said another, before adding that the conflict has put a spotlight on energy integration. “There will be an energy mix. We’ll need fossil fuels and then we also need to move into renewable energy, but it has got to be a gradual process,” the person said.

“I’m very happy to work in oil and gas … it is an industry of technology [and] innovation,” one attendee put it. “I think our industry is leading the way,” echoed another, adding that “natural gas infrastructure can contribute to ambitious environmental goals including decarbonization, and net-zero.”

At this point no one doubts, even in the oil and gas industry, that the energy transition is coming — it is, after all, unfolding before our eyes. But opinions vary widely on what the pace will look like. Projections for when oil demand will peak are all over the place. Against this uncertain backdrop, oil and gas companies have made some forays into decarbonization technologies like carbon capture and hydrogen, which were on display at CERAWeek. Companies including Exxon, Oxy, Saudi Aramco and Petronas had sleek displays showcasing their efforts on these fronts.

“It’s…