In 2023, US oil and gas production was the highest in history. And not surprisingly, after earning more than $4 trillion in profits in 2022, big oil and gas companies doubled down on fossil fuels. BP scaled back its commitment to cut emissions by 35 percent by 2030. ExxonMobil walked back funding in algae-based biofuels. And Shell announced that it would not increase its investments in renewable energy in 2023.
