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Politics

After Trumka’s Demise, A.F.L.-C.I.O. Faces a Crossroads

Richard Trumka’s twelve years as AFL-CIO president coincided with the ongoing decline of the organized workforce, but also with opportunities such as the election of a devout US president. With Mr Trumka’s death last week, the association faces a fundamental question: What is the purpose of the AFL-CIO?

For years, union leaders and senior officials have split into two big camps on this issue. On one side are those who argue that the AFL-CIO, which has around 12 million members, should play a supportive role for its constituent unions – that it should help build consensus on political and political priorities, for them To lobby Washington, provide research and communication support, and identify the best ways to organize and negotiate.

On the other side of the debate are those who argue that the Federation should play a leading role in building the labor movement – by investing resources in organizing more workers; by entering new branches of the economy; by funding non-traditional workers’ organizations, such as those representing undocumented workers; and by forging deeper alliances with other progressive groups, such as civil rights activists.

As President, Mr. Trumka identified more with the first approach, which several current and former union officials felt was particularly valuable given its close ties to President Biden. Liz Shuler, who has been acting president since Mr. Trumka’s death and hopes to succeed him, is said to have a similar orientation.

But while the association ponders its future, there is an inescapable fact that could sway the discussion: Mr Trumka’s approach did not seem to solve an existential crisis for the U.S. labor movement, where unions make up only 7 percent of the private sector workforce.

“The level of collective bargaining coverage of American workers is not comparable to that of any other similar democracy,” said Larry Cohen, a past president of Communications Workers of America. “If you’re not there to grow, you are in trouble. You’re just playing defense. You’ll be here until someone turns off the light. “

Funding for a dedicated department dedicated to the organization fell significantly during Mr Trumka’s presidency, to around 10 percent by 2019, according to documents on the Splinter website.

Ms. Shuler said in an interview on Friday that the department’s budget does not reflect other resources put into organizing, such as the millions of dollars the AFL-CIO sends to state unions and local labor councils that play an important role can organize campaigns.

Although union membership fell about 1.5 percentage points to below 11 percent during Mr. Trumka’s tenure, his influence in Washington contributed to several successes. These included a more worker-friendly revision of the North American free trade agreement, tens of billions of dollars in government aid to stabilize union pension plans, and a job creation bill now passing through Congress.

The economic rescue plan that Mr Biden signed in March sent hundreds of billions of dollars in aid to state and local governments that saw public sector unions, increasingly the face of the labor movement, as lifeguards.

But the cornerstone of Mr. Trumka’s plan to revitalize work was a law pending passage: the Right to Organize or PRO Law. The law would make organizing easier by prohibiting employers from requiring workers to attend anti-union meetings and fines against employers who violate labor laws. The association invested heavily in choosing officials who could help pass the measure.

During an interview with the New York Times in March, Mr. Trumka identified the PRO Act as the workers’ last best hope. Because of growing inequality, our economy is on the way to implosion, ”he said. “We have to find a way so that workers have more power and employers less. And that works best with the PRO Act. “

Ms. Shuler repeated this point, arguing that if the measure becomes law, the workforce will be prepared for a resurgence. “We have everything in harmony,” she said. “All that’s left is the PRO Act to unleash what I would say the potential for unprecedented organizing.”

But so far, workers’ hopes for a bill strongly opposed by Republicans and the business community have been dubious. While the House of Representatives passed the bill in March and Mr Biden strongly supports it, the odds are high in a divided Senate.

When asked if the AFL-CIO could support Mr Biden’s multi-trillion dollar job plan if it comes to a vote with no prospect of the PRO Act being passed, Mr Trumka refused to consider the option that he would have to make such a decision.

“I don’t see that,” he said in an interview. “This president and this government understand the power to resolve inequalities through collective bargaining.”

An alternative approach could have given higher priority to building power outside Washington by adding union membership and increasing the influence of non-union workers.

Daily business briefing

Updated

Aug 6, 2021, 6:12 a.m. ET

According to Mr. Cohen, former communications workers leader, one benefit of a large investment in organizing is that it allows the labor movement to bet in a variety of industries and jobs where workers are increasingly excited about union work , but in which traditional unions do not have a large presence – like the video game industry and other technology sectors.

Such funds can help workers who want to organize their free time from colleagues, as well as a small cadre of professionals to help them. “You have 100 people you pay $ 25,000 a year for and 15 full-time employees, and people can build where they live,” Cohen said.

Stewart Acuff, the AFL-CIO’s organizing director from 2002 to 2008 and then special assistant to its president, said the association’s role in organizing should include more than just directly funding these efforts. He said it was imperative to give membership a higher priority to all organized labor, as he had attempted under Mr. Trumka’s predecessor.

“We have challenged all levels of the labor movement to spend 30 percent of their resources on growth,” said Acuff, who criticized the leadership of the Federation under Mr. Trumka. “This wasn’t just referring to organizers. It meant using access to every lever, “such as pressure on companies to be more accepting of unions.

Mr Acuff also said the AFL-CIO must be more willing to place long bets on organizing workers who, with more members, may not pay off in the short term but help build power and influence for workers.

He cited the $ 15 struggle and a union, a year-long campaign to improve wages and facilitate union formation for fast food and other low-wage workers. The campaign, which received tens of millions of dollars from the Service Employees International Union, was successful in many ways, despite the fact that it produced few new union members. The AFL-CIO supported the US $ 15 battle but did not provide direct financial support.

Mr Cohen and Mr Acuff both cited the importance of building long-term alliances with outside groups – such as those advocating for civil rights or immigration or environmental issues – that can increase the power of workers, such as calling for an employer to resign while in a union Campaign.

During his tenure, Mr. Trumka tried at times to cultivate such alliances, but he was often hampered by resistance within the Federation.

Amid the rise of the Black Lives Matter movement, for example, Mr Trumka attempted to throw the AFL-CIO’s weight behind civil rights matters, including a speech he gave in Ferguson, Missouri, after a young black man, Michael Brown, who was there in 2014 shot by a police officer.

But Mr Trumka faced a backlash on that front from more conservative unions who felt that the AFL-CIO’s real job was to focus on economic issues that affect members rather than issues like civil rights.

“There have been some unions – not just construction – that have felt that the work is not what we should be focusing on,” said Carmen Berkley, a former director of the AFL’s civil, human and women’s rights division -CIO, in an interview last year.

Since Mr Trumka’s death, union leaders have begun to discuss what the association’s organizational and political challenges mean for the election of a successor. According to its bylaws, the AFL-CIO’s Executive Board will meet within three weeks to elect a successor for Mr. Trumka’s term, which expires next year.

One of the top candidates will be Ms. Shuler, who became the acting president after the death of Mr. Trumka as secretary / treasurer. If the Council selects Ms. Shuler to succeed Mr Trumka, this could advance her to the presidency next year and consolidate the direction of the Federation, a prospect that some reformers within the labor movement are concerned about.

Some of these reformers support Sara Nelson, president of the Association of Flight Attendants, as the next president of the Federation. Ms. Nelson has advocated redirecting much of the tens of millions of dollars the labor movement spends on political activities to help more workers unionize.

But Ms. Shuler insists that choosing between investing in the organization and the other priorities of the association is the wrong one.

“I don’t think they’re mutually exclusive,” she said. “After the way modern organizations work, you no longer have large institutional budgets filled with line items. We organize everything related to the campaign. We’ll identify a target where it’s hot. ”Then, she said, the organizations raise money and get things done.

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Politics

Cuomo at a Crossroads: What Comes Subsequent?

It was the office of Letitia James, the attorney general whose policies are clearly to the left of Cuomo, who outlined the discrepancies. What is the status of Cuomo’s relationship with James and is this just one example of a broader power struggle?

Difficult to say, but knowing the governor’s general approach to government I would suspect James won’t be invited to the mansion for brunch anytime soon. The power of their report was profound: it caused the first major release of new, higher numbers, which in turn undermined the governor’s oft-repeated argument that the state’s nursing homes perform better than most.

The surprising strength of James’ condemnation of the governor was particularly noticeable because the governor supported her and helped her get elected for the first time in 2018. I would be shocked if Cuomo were just as supportive in 2022 when she is up for re-election.

This scandal has drawn Cuomo criticism from many members of his own party, particularly those on the left. What kind of a revelation is this about the loyalty the savvy and breakneck governor enjoys and doesn’t enjoy from fellow New York Democrats when it comes down to it?

The schism – between center and left – that has perished nationally in the Democratic Party is in full swing in New York. The governor is disliked by many progressives in the state who view him as a die-hard centrist who sometimes plays a progressive for the cameras. Cuomo refuses and once says: “I am the left.” But that didn’t convince groups like the left-wing Working Families Party, which continues to wage war on Cuomo, including backing its main antagonist, Cynthia Nixon, in 2018.

That brings us to the next year, when the governor is up for a fourth term: he’ll almost certainly face a primary from that wing of the party. And that problem with the nursing home – its lack of transparency, its tendency to tenacious governance – plays right into the progressive argument that Democrats need someone new to the State Capitol.

Just a few months ago, many observers called Cuomo a kind of hero leader in the pandemic and formulated him as a kind of foil for President Donald Trump. There was even murmur about a possible position in Joe Biden’s cabinet. In your opinion, what lasting damage could the current scandal do to its reputation?

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Business

Covid Crossroads: The Haves, Have-nots and These Ready

For the vast majority of Americans, a coronavirus vaccine is like sleep to a new parent: it’s all you can think of, even if you have no idea when you’re going to get it.

People scroll through constantly crashing websites at 3 a.m. or drive 150 miles each way in the snow. Others stand in line for hours in grocery stores hoping to snap a shot or run to hospitals amid rumors of extra doses.

Many more throw themselves into bed in the dark and pray that tomorrow will be their mother’s lucky day.

A small fraction – about 11 percent – have received a vaccination or two, placing the nation in a medical and cultural interregnum. Some of those with just one shot are in precarious limbo, in conditions confused about the distribution of the second dose.

Byzantine rules defining levels of the eligible mean will hold their collective breath most months later as another set gently approaches the restoration of their lives on the other side of the chasm.

“I am impressed with the grief and loss the barriers to vaccine have caused,” said Niti Seth, 73, a psychologist and dean of Cambridge College in Boston.

She couldn’t get a vaccine appointment after reading and clicking online all day and all night. “Paradoxically, looking at the opportunities to reclaim our lives has resulted in a more tangible sense of what we had to give up,” said Ms. Seth.

The debates over masks, indoor eating, testing availability and reopening schools are now centered on a single axis: the delayed introduction of the vaccine.

It’s the alchemy of “relentless waves of exhaustion, fear, hope, insecurity, and pandemic fatigue,” said Lindsey Leininger, health policy researcher and clinical professor at the Tuck School of Business at Dartmouth, Hanover, NH using the lotus mud metaphor and think About how damn beautiful we’ll all be when we get out on the other side. “

Although the number of cases and hospitalizations continues to decline, and the pace of vaccinations is increasing, some Americans – including those now vaccinated and supposedly protected – approach spring and summer with quite a bit of fear. The gap between owners and non-owners is still wide, and many fear that even a vaccinated nation and world will not restore a sense of security or security.

Weeks after the rollout, there are stories of heroism, the greatest happiness and perseverance, as well as shame and widespread inequality. Some post their injections and vaccination cards on social media while their friends and neighbors ponder a source of double masking, a tool in the race between vaccines and the new, contagious variants of the virus that meander through the nation. The Nextdoor website has become a vaccination site sighting outpost as neighbors rush to update their browsers. There are stories of resentment and stories of guilt.

Marsha Henderson has become something of a whisperer with her friends in Washington, DC after securing cans to herself, her husband, and her 40-year-old healthcare daughter. Many of the websites on the city’s websites didn’t have vaccines, and she realized that all she had to do was check the times for grocery stores. She acted out to double check. “You need to have the ability to sit and sit at a computer in the middle of the day,” said Ms. Henderson, who is 71 years old. She got so good at it that an ambassador’s wife asked for advice.

Still, she said her second shot on Wednesday “won’t change my behavior.”

“I’m more comfortable with the Comcast man when it comes to fixing my computer and there is some rain damage that I need to fix,” she said. “But I’ll probably dine outside for another year, also because we don’t know the variants.”

In New York, Jamie Anderson emailed a not-for-profit group in north Manhattan on behalf of her 66-year-old father, Jimmy Mattias. “The nonprofit called me Tuesday to find out their details,” said Ms. Anderson, who lives in the Bronx. not far from her father in Washington Heights in Manhattan. “He was called on Wednesday to confirm an appointment and on Thursday morning he had his first dose. It was so fast I really couldn’t believe it. “

Mr Mattias, who works as a manager at a warehouse center, said extra efforts had been made to vaccinate people his age, but he had no intention of going through it himself because he was concerned about missing out on work. “She is my daughter and she takes care of me,” he said.

Updated

Apr. 8, 2021, 5:53 p.m. ET

His co-workers and bosses are all younger, jealous, yet enthusiastic about him, while friends his age are skeptical. “Some don’t believe the system evolved that quickly to make a vaccine,” he said. “I tell them this is not the 19th century, things are happening faster. Let’s face the facts, this is a terrible situation. “

Catherine Sharp, a freelance photographer based in Brooklyn, was less fortunate, like many New Yorkers. Ms. Sharp, 26, recently moved to Illinois to help her parents. This move has turned into a part-time job trying to record shots for her father, 67, who lives in Katonah, NY, and her mother, 65, in Morris, Ill.

“It was like a sneaker drop,” she said. “You won’t get the off-white trainers. It’s just impossible. “While she was waiting, she and her mother both contracted the virus, and her mother, a cancer survivor, was hospitalized.

“This is my worst nightmare,” said Ms. Sharp. “I know some of my mother’s friends got it. I just don’t understand the algorithm. I spend a good 40 percent of my time doing it. I wake up, get my coffee and say, “I have to do this.”

For some of the bottom line – mostly younger, healthier people who work from home – happiness and perseverance can pay off in split seconds, sometimes with guilt.

Darla Rhodes lives in Pasco, Washington, is 47 years old and works remotely for a start-up. Although she has diabetes, she didn’t think she would be getting a vaccine anytime soon. But when the assisted living center where her grandmother lives offered vaccines to residents and some of them turned them down, the vaccines had 30 minutes to get those shots into people’s arms or supplies would perish. Her sister, who happened to be dropping groceries for her grandmother, got the ball rolling.

Ms. Rhodes compared the sudden access to the flying standby. “It was completely unexpected,” said Ms. Rhodes. “But I jumped in the car, drove for 15 minutes, filled out a few papers and got a shot.” After posting about her experience on Facebook, she said, “One person said, ‘Hey, I can’t even get a shot for my grandma,’ and my response was that either it was or it’s going to be wasted.”

Doug Heye, a Republican adviser in Washington, DC, had heard of the trick of logging into grocery stores in hopes of getting leftover doses that weren’t used for high priority residents, such as grocery stores. B. for those 65 and over or frontline and essential workers.

“The more needles we hold in our arms, the faster we can get past them,” said 48-year-old Heye. “That also applied to me personally.”

He recently positioned himself at 5:15 a.m. in his local giant supermarket, where he was second in the pharmacy department. “I spent nine hours in a grocery store. Lunch consisted of beef dried meat and grilled potato chips. It’s a shame they don’t have the vaccine at Whole Foods or Balducci. It was like camping for Bryan Adams tickets back in the day and there is no VIP line or anything like that. “

At the end of a long day, staring into other people’s shopping carts, he and four others pulled the last of the cans.

“Obviously it’s a flawed process and there can and should be better ways to do it, such as registering seniors for extra doses first,” he said. “But that just doesn’t happen. I didn’t get in line, no VIP concierge nonsense, I didn’t ask for a favor. “

Mr. Heye said he was trying to get his life back by searching Facebook for friends who had received their two recordings so they could re-appear to be social.

Those with two shots – just over 2 percent of the total population as of Sunday – are essentially living alone on private islands at this point. Some may be in jobs like healthcare where many of their employees are also vaccinated. Others find themselves in some sort of floating animation, more comfortable in a grocery store, or hugging a grandchild, but still waiting for the rest of the nation to swim ashore.

“I am very happy to have received both doses of the Moderna vaccine,” said Pamela Spann, 68, who lives in Daingerfield, Texas. When the only pharmacy in her county started offering shots in the last week of December, she was told for the first time that she was too young to get the first dose. But one clerk wrote her name in a notebook. “I was so surprised when I received a call that evening for an appointment the next day,” said Ms. Spann. She received a second dose on January 26th.

After Ms. Spann missed her first year of retirement, she’s waiting for others in her circle to take pictures. “I am really looking forward to visiting my family again,” she said. “I also look forward to visiting friends and playing with them.”

However, they and many others who have been vaccinated or developed antibodies from contracting the virus feel anxious. “I think life will never be as carefree as it was before,” said Ms. Spann. “I will be more aware of new viruses around the world and what they could mean to me.”

New York-based Mr Mattias described himself as a loner who, because he worked every day, said he hadn’t felt so deprived in the past year, other than missing a trip with his wife to a Cracker Barrel restaurant over the annual vacation had in Pennsylvania.

“I’m looking forward to spending time with my grandchildren, going for a walk with my dog ​​and not having to cross the street so people don’t have to walk away from me first,” said Mattias. “My mother is 89 years old, I haven’t hugged in a while, so that’s a different one. Really, my whole life is little things. I’m counting on getting her back. “

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Business

‘Is Exxon a Survivor?’ The Oil Big Is at a Crossroads.

HOUSTON – For the past 135 years, Exxon Mobil has survived hostile governments, ill-fated investments, and the disastrous Exxon Valdez oil spill. From all of this, the oil company made wads of money.

But suddenly Exxon is slipping badly, its long latent weaknesses being exposed by the coronavirus pandemic and technological changes that promise to transform the energy world amid growing concerns about climate change.

The company, one of America’s most profitable and valuable companies for decades, lost $ 2.4 billion in the first nine months of the year, and its stock price has fallen about 35 percent that year. In August, Exxon was removed from the industrial average by Dow Jones and replaced by Salesforce, a software company. The move symbolized the handover of the baton from Big Oil to an increasingly dominant technology industry.

“Is Exxon a Survivor?” asked Jennifer Rowland, an energy analyst with Edward Jones. “Of course they are with great global fortune, great people, and great technical know-how. But the question is really, can they thrive? This is very skeptical at the moment. “

Exxon is increasingly under pressure from investors. DE Shaw, a longtime shareholder who recently increased its stake in Exxon, is calling for the company to cut costs and improve its environmental footprint, according to one informed person. Another activist investor, Engine No. 1, urges similar changes supported by the California State Teachers Retirement System and the Church of England. And on Wednesday, New York State Comptroller Thomas P. DiNapoli said the state’s $ 226 billion pension fund was selling stakes in oil and gas companies that weren’t moving fast enough to reduce emissions.

Of course, every oil company is grappling with the collapse in energy needs this year, and as world leaders, including President-elect Joseph R. Biden Jr., they commit to addressing climate change. In addition, many utility companies, automakers, and other companies have committed to significantly reducing or eliminating the use of fossil fuels, the largest source of greenhouse gas emissions, and have turned to wind, solar, and electric vehicles.

European companies like Royal Dutch Shell and BP have already started moving away from fossil fuels. But Exxon, like most American oil companies, has doubled its exposure to oil and gas and is investing relatively little in technologies that could help slow climate change.

As recently as last month, Exxon reiterated that it plans to increase fossil fuel production, albeit at a slower pace. The company is investing billions of dollars in oil and gas production in the Permian Basin, which stretches across Texas and New Mexico, as well as offshore fields in Guyana, Brazil and Mozambique.

Exxon committed to its strategy despite acknowledging that one of its previous big bets wasn’t going well. Exxon announced it would write off the value of its natural gas assets, most of which were purchased around 2010, by up to $ 20 billion. The company is laying off around 14,000 workers, or 15 percent of its total, over the next year to cut costs and protect a dividend it has increased every year for nearly four decades up to this year.

However, if this crisis poses an existential threat, Exxon’s executive suite, still known within the company as the “God Pod,” has not been recognized.

“Despite the current volatility and short-term uncertainty, the long-term fundamentals that drive our business remain strong and unchanged,” said Darren W. Woods, chairman and CEO of the company since 2017, at a recent annual general meeting.

Exxon is known in the oil world as an island company with a rigid culture that slows adoptive, decisive change. It has been so since John D. Rockefeller founded the company as Standard Oil in the late 19th century, a monopoly that was later dissolved by the government.

As a trained accountant, Rockefeller has introduced a deep commitment to numerical calculations that remains in the company’s DNA. Exxon is mostly run by engineers who typically work their way up to managerial positions. The executives are determined to overcome all conceivable hurdles such as oil embargoes, wars and OPEC sanctions. Such trust may be required to run a business that does business in dangerous or inhospitable locations.

As a trained electrical engineer and 28-year-old company veteran, Mr. Woods speaks with the same confidence as his better-known predecessors. But he has made less of a profile than Lee R. Raymond, who dismissed climate change concerns in the 1990s and early 2000s, and Rex W. Tillerson, whose international prowess helped him become President Trump’s first secretary of state between 2006 and 2016.

While Mr. Raymond and Mr. Tillerson were dominant figures in the industry, they left Mr. Woods with many problems that were at least partially obscured by higher oil and gas prices.

Mr. Raymond’s public skepticism about climate change damaged the company’s reputation. Mr. Tillerson was slow to take advantage of the shale drilling to stimulate the American oil industry. His foray into the former Soviet Union and Iraq turned out to be an expensive failure. When he bought XTO for over $ 30 billion a decade ago to gain fracking expertise and valuable natural gas fields, gas prices were at their peak. As the price of commodities fell in recent years, the company lost money and wrote off much of the investment over the past month.

“Darren Woods inherited a company that has been placing big bets in recent years that have been unsuccessful,” said Fadel Gheit, a retired Wall Street analyst who worked as a research and development engineer prior to its merger with Exxon in 1999 Was mobile.

“Exxon Mobil is like a big cruise ship,” he added. “You can’t change course overnight. You can weather the storm but you can’t go far. You need to transform to stay relevant. “

Economy & Economy

Updated

Apr. 10, 2020, 4:09 pm ET

Mr Raymond declined to comment. Mr. Tillerson did not respond to a request for comment. Exxon answered questions mainly by referring to previous public statements by Mr. Woods and the company.

Casey Norton, a company spokesman, said the acquisition of XTO “brought the people and technology in addition to potential resources” that helped the company thrive in shale fields in the Permian Basin.

In the early years of his tenure, Mr. Woods followed the strategy set out by Mr. Tillerson by borrowing and investing heavily to expand production. The pandemic forced Mr. Woods to change direction. The company now plans to spend a third less on exploration and production by 2025 than originally planned.

The changes Exxon is making may seem big in absolute terms, but seem tinkering when compared to the activities of European oil companies. BP has announced that it will increase its investment in low-carbon companies tenfold over the next decade to $ 5 billion a year while cutting oil and gas production by 40 percent. Royal Dutch Shell, Total of France and other European companies are taking similar steps at different speeds.

The only major American oil company getting close to setting European targets is Occidental Petroleum. The company recently pledged to achieve zero net carbon emissions by 2040 and use fuel by 2050. A facility is being built in Texas to capture carbon dioxide from the air and push crude oil out of the ground, keeping the greenhouse gas underground forever.

“We have moved from the slate era to the energy transition era, so there is greater divergence in strategy between companies, the greatest in modern times,” said Daniel Yergin, energy historian and author of The New Map : Energy, Climate and the Clash of Nations. “” Now the big debate is whether the oil summit will peak in the 2020s or 2030s or 2050s. “

Exxon executives have stated that an energy transition is underway and necessary. But they also claimed that it would make no sense for the company to get into the solar or wind energy business. Instead, the company invests in breakthrough technologies. One such project involves using algae to make fuel for trucks and airplanes. Exxon has talked about this project for years but has not yet started commercial production.

Exxon refineries could one day also become major hydrogen producers, which many experts believe could play an important role in reducing emissions. The company relies on carbon capture and sequestration. One project is to channel carbon emitted from industrial operations into a fuel cell that can generate electricity, reduce emissions and at the same time produce more electricity.

“Breakthroughs in these areas are critical to reducing emissions and would make a significant contribution to the achievement of the goals of the Paris Agreement, which we support,” Woods said in a message to staff in October, referring to the 2016 global climate agreement.

Energy experts said it is possible that Exxon could develop new uses for carbon dioxide, such as reinforcing concrete or making carbon fiber, which could replace steel and other materials.

“If Exxon and other big players in the oil industry crack these nuts, the whole discussion about hydrocarbons will change,” said Kenneth B. Medlock III, senior director at Rice University’s Center for Energy Studies. “This type of change is slow until it is no longer that way. Think of the wind and sun that were slow until they weren’t. “

A sharp spike in oil and gas prices could also allay some of the company’s concerns, at least temporarily. In the past few weeks, as oil prices have risen on optimism about a coronavirus vaccine, Exxon’s stock has soared.

Vijay Swarup, Exxon’s vice president of research and development, said in a recent interview that the company understood that it needed to cut emissions and develop better fuels, lubricants and plastics.

“As we develop this way to get there, we can’t stop providing affordable, scalable power,” said Swarup.

However, John Browne, a former BP executive director, said it was not clear that Exxon and the other major American corporations were reshaping their businesses appropriately for a low-carbon future.

“You can choose to just go ahead and harvest and say, ‘Let’s see what happens in the long run,” he said. “It’s a pretty risky strategy these days.”

Lauren Hirsch contributed to the coverage.