Saudi Aramco CEO Amin Nasser (pictured) said on Tuesday that European Union's plans to deal with the energy crisis by capping prices and taxing energy companies will not help tackle the crisis in the long term.
"Freezing or capping energy bills might help consumers in the short term, but it does not address the real causes and is not the long-term solution," Nasser stated at a forum in Switzerland. "And taxing companies when you want them to increase production is clearly not helpful," he explained.
The Aramco CEO also insisted that the Ukraine war is not the sole cause of the energy crisis and warned that, "even if the conflict stopped today" the crisis would not be over. He stressed that another cause of the crisis is underinvesting in the hydrocarbons sector while alternatives to fossil fuels are still not widely available.
