Good morning; here's what the Oilman has for you today:

• API Calls EPA Out on Car Ban Plan

• LNG in Storage Hits Record

• Tweet of the Day

API Calls Out EPA on Car Ban Plan

The American Petroleum Institute has called the EPA’s tighter emission rules proposal an effective ban on cars with internal combustion engines.

The EPA itself has admitted the new rules, once implemented, should lead to a big change in new car sales in just a few years.

The new rules "will benefit the climate, air quality, environmental justice”

That’s according to the California Air Resources Board, which is, of course, all for the new rules.

According to the API, "The stringency of the standards, as proposed and illustrated by EPA, are effectively a ban on internal combustion engines."

Who’d have thought the EPA will try to enforce a phase-out of ICE cars, right?

It is an impartial federal agency, after all. It’s not California.

Yet the EPA itself says that the proposed changes should lead to 60% of new cars in the U.S. being EVs by 2030.

Two years later, this should rise to 67%.

Yeah, it’s totally not a ban on gasoline cars in disguise.

There are always two ways to make things happen...Or not happen

The federal government has made no secret of its plans to make the U.S. “all-electric” in the shortest time possible.

The easy way to do that would have been to rely on people willingly switching from gas-powered vehicles to EVs for transport.

Since there is no way this is happening, the EPA is serving us the hard way: we will basically have no vehicle choices but EVs in a few years because eMiSsIoNs mUsT CoMe dOwn.

Luckily, this won’t happen, either, because the grid won’t be able to take such a massive influx of EVs without collapsing.

Your diesel Platinum F250 FX4 is going nowhere…for now.

Today's Edition is Brought to You By Energy Builders Podcast

The latest Energy Builder’s episode features guest Brett Chell. Brett is the Founder and CEO of Cold Bore Technology, producer of LayerZERO, a digital infrastructure provider for pads all over the US. They partner with and service a wide range of clients, from most of the pressure pumpers in the US to the operators that contract them and every service company in between.

On this episode, Brett and Adam discuss:

• Brett’s experience working on, running, and building drilling rigs

• How he transitioned from the oilfield to capital formation

• And how he used his experience to build a quarter-of-a-billion-dollar energy tech company

Listen on Apple Podcasts, Spotify, and more.

LNG in Storage Hits Record

Record volumes of LNG are idling on tankers threatening to push gas prices even further down.

This could change in the coming weeks as summer begins but don’t count on it. Gas prices are likely to remain depressed.

Europe’s cooling gas appetite

Europe had a mild winter, so gas consumption was down during peak season.

This left its gas storage caverns relatively full, which depressed demand for new LNG cargoes from the U.S. in spring.

With summer on the way, demand might pick up even though air conditioning is not as popular in Europe as it is in our part of the world.

It looks like Europeans enjoy roasting in the sun.

Also, governments keep calling for less energy consumption, and prices are already too high for many.

Problem solved—at least the problem with consumption.

When Europe shuns gas, the U.S. sneezes

Lower gas prices and ample supply are good news for Europe.

For the U.S. – not so much.

What the current demand/supply situation means is that U.S. gas prices will likely remain lower for longer, too.

Gas rigs are already down to the lowest since February and might keep falling.

Output, however, remains high even though LNG plants are shutting down for maintenance.

Good thing that many LNG producers have long-term contracts with buyers.

The other good thing: winter will come again to Europe.

Around the Global Patch

🇫🇷 France’s top bank to stop funding new oil and gas fields.
🇨🇳 China slashes fuel export quotas in latest allocation round.
🇷🇺 Russia makes huge gas concessions to Turkey.

Tweet of the Day

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