Uzi Yemin, Executive Chairman of Delek US Holdings, Inc., said that the conflict between Russia and Ukraine has shown that the world is underinvesting in energy.
Nevertheless, he cautioned that while energy sources such as solar, wind and hydrogen are promising, they will not be solutions to the energy crisis for some time.
Yemin, who participated in a one-on-one interview with the Post’s Deputy CEO Maayan Hoffman at The Jerusalem Post Annual Conference in New York, said that many companies are not investing more in fossil fuels and the traditional energy market because they are wary of regulation or fear that fossil fuels will not last. As a result, he said, people end up paying higher prices.
Why are people paying higher energy prices?
He predicted that higher energy prices would continue until the world transitions to different energy sources.
“We think about the future – fusion, carbon capture, solar, and renewable diesel. But if we don’t invest today – and the world is consuming 100 million barrels daily – we will pay higher prices.”
Delek, which is a diversified downstream energy company with assets in petroleum refining, logistics, asphalt, renewable fuels and convenience store retailing, is investigating different energy technologies, Yemin said. “We are shifting a piece at a time, to try to match what the world will need. We are trying to prepare ourselves for the next generation.”