BP’s CEO Warns Of Oil And Gas Price Spikes If Energy Transition Is Rushed

The energy transition needs to happen in an orderly fashion, BP's chief executive Bernard Looney said on Tuesday, warning of renewed oil and gas price spikes if supply is cut too quickly without a drop in demand. "Reducing supply without also reducing demand inevitably leads to price spikes – price spikes, leads to economic volatility," Looney said at the International Energy Week event in London today, weeks after BP scaled back its emissions targets and said it would produce more oil and gas for longer. In early February, Looney stressed…