Good morning, this is the Oil Patch. We're like the Shaggy to your Scooby Doo, we take the mystery out of the oil and gas industry.

Here's what the Oilman has for you today:

• Biden's Hostility Towards Domestic Oil Producers

• ChatGPT on Fossil Fuels

• Aramco: The Third-Largest Company in the World

• Tweet of the Day

Biden's Hostility Towards Domestic Oil Producers

The US oil industry accuses President Biden of displaying hostility towards them by turning to foreign oil producers, including those considered adversaries.

Foreign Oil in Favor

The US is set to receive nearly three million barrels of crude oil from Venezuela this month.

Chevron is shipping over 100,000 barrels per day of Venezuelan crude to the US under a license from the Treasury Department.

This move, authorized by the Biden administration, has raised concerns that the US is favoring foreign oil producers over domestic producers.

Effects on US Manufacturing and National Security

Chemical engineer Robert Rapier argues that President Biden's approach towards the oil industry is critically affecting US manufacturing, transportation, and national security.

Instead of working with domestic oil producers, the administration is demanding and criticizing them for making profits.

Experts also argue that the administration's policies have limited US domestic energy production, giving OPEC+ increased influence.

Undermining Environmental Goals

The Biden administration's decision to turn to Venezuela for oil may be undermining its climate and environmental agenda.

Venezuela has the dirtiest oil production in the world, and their frequent oil spills are causing significant environmental damage.

Venezuela's careless production practices not only damage the environment but also the health of local communities.

Importing Venezuelan crude into the US also indirectly supports four major US foreign adversaries and funds Russia's war in Ukraine.

Why not support domestic, locally-produced oil, Mr. President?

A Flip-Flop on Fossil Fuels

ChatGPT, an AI chatbot designed by OpenAI, has made a significant shift in its stance on fossil fuels. According to Fox, the chatbot recently emphasized the importance of promoting sustainability and reducing the negative impact on the environment, while prioritizing climate change policies over fossil fuel production.

ChatGPT's Previous Stance on Fossil Fuels

ChatGPT previously argued in favor of fossil fuels in a response to Fox News. It presented ten benefits of using fossil fuels for human civilization, highlighting their role in powering industrialization, transportation, and modern infrastructure.

However, the chatbot acknowledged the negative impact of fossil fuels on the environment, including air pollution and carbon dioxide emissions.

Fox reported that when ChatGPT was prompted with the same question, it had changed its tune.

So the Oilman decided...

He better give this a try. Why not ask the ol' chatbot for a bit of it's knowledge and wisdom about fossil fuels?

Here's what came up:

While ChatGPT didn't give the Oilman ten different benefits of fossil fuels, it did give five:

And a disclaimer...

In Summary...

Don't trust an AI chatbot to do serious thinking for you. It might be a neat trick, or tool, but it's not the end-all-be-all of information.

It's a dynamic software program designed, updated, and influenced by humans.

And so are news articles. So pay attention there as well.

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Aramco: The Third-Largest Company in the World

Aramco, the state-run oil giant of Saudi Arabia, has slipped to third place on the list of the world's largest companies by market capitalization. With Aramco's market cap now at $1.903 trillion, this puts Aramco behind Apple, the leader with a market cap of $2.413 trillion, and Microsoft, with a market cap of $1.920 trillion.

Just two months ago

Aramco held the number two position with a market cap of $1.81 trillion, trailing only Apple. In May of last year, Aramco sat at the top of the list with a market cap of $2.38 trillion. However, Al Rajhi Capital predicted that Aramco's net profit in Q4 2022 will decrease by 6.3% from the previous quarter to $38.90 billion due to a weak demand outlook.

Optimistic about the future

Aramco's CEO, Amin Nasser, predicts that China's reopening will lead to an increase in jet fuel demand and crude oil demand.

He remains concerned, however, about the impact of ESG policies on the oil and gas sector.

Nasser worries that a bias towards renewable energy could lead to a lack of investment in fossil fuel projects, which would have dire consequences for energy security and affordability.

Around the Digital Patch

🛢️ The potential for Glencore Plc to make a large acquisition.🛢️ Mexican President signed a decree to nationalize lithium reserves.🛢️ Diamondback Energy reported higher than expected fourth-quarter profits.

Tweet of the Day

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