HOUSTON, Texas -- The largest meeting of oil and gas giants and leaders began converging in downtown Houston on Monday and will run until Friday.
Oil and gas leaders and producers from around the globe will discuss a wide range of topics, including energy markets, workforce, and innovation, during the five-day conference. "I think a lot of people think that the oil companies influence prices, and they don't actually. Oil prices are impacted by market volatility which you see right now, and consumer demand," said Mehnert. "Many people are pulling out of Russia, including the oil companies. So what you're starting to see is the world responding to a perceived supply gap."
As for Houston's economy, Louis said,"We have a lot of energy and energy-related companies in Houston. They're going to be reacting in one way is they know that this is a short-term cycle versus a long-term trend. The profit they're getting from high oil prices is probably one of four things."