U.S. Energy Secretary Chris Wright stated on Thursday that the world needs to more than double its oil production, criticizing the European Union (EU) and California for wasting money on inefficient green energy.

Recent years of discussions at the World Economic Forum (WEF) have focused on strengthening low-carbon policies. This has been a platform for publicizing the argument that a transition from conventional fossil fuels to so-called "green energy" is necessary.

However, in a discussion with Vicki Hollub, CEO of Occidental Petroleum, at Davos, Secretary Wright emphasized that the world will rely on oil for decades to come.

Wright pointed out that EU environmental regulations could pose risks to energy cooperation with the United States, warning that this could affect U.S. gas imports to Europe.

"These regulations could be a threat in terms of legal liabilities when U.S. producers supply gas to Europe," Wright said. "We are working with our colleagues in Europe to remove these barriers."

The EU requires companies importing oil and gas into Europe to monitor and report on methane emissions associated with those imports, in an effort to curb potent greenhouse gas emissions.

Following months of pressure from businesses and governments, the European Union agreed last month to significantly scale back two key legislative proposals: the Corporate Sustainability Reporting Directive (CSRD) and the Corporate Sustainability Due Diligence Directive (CDD).

By U.S. NNP Representative Reporter Sung Ku Hong / Special Correspondent NNP info@newsandpost.com