Exxon Mobil CEO Darren Woods warns that an abrupt transition to renewable energy will cause society to “pay a high price.”

The national average price for a gallon of gasoline is currently nearly $5, causing strife for all drivers, according to AAA.

In an interview with CNBC’s David Faber, Woods cautioned against a government policy that fails to balance the current demand for affordable energy with the need for lower emissions. He said that underinvestment in the oil and gas industry correlates to higher prices. Instead, Woods continued his calls for a price on carbon to create a market incentive for lowering emissions.