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

• U.S. Crude Gets Too Expensive for Europe, Asia

• Billionaire of the Week: George Kaiser

• Upcoming Oil and Gas Events

• Tweet of the Day

U.S. Crude Gets Too Expensive for Europe, Asia

The latest price rally has made U.S. oil costlier for its main overseas buyers in Asia and Europe.

As WTI topped $90 per barrel, the arbitrage that made U.S. oil preferable to Brent has shrunk, keeping more barrels at home.

The bad news: it won’t make gas cheaper

U.S. oil has always traded at a discount to Brent, but this has narrowed in the past couple of weeks.

Previously, the discount made U.S. crude an appealing alternative to Brent-linked crudes for buyers in Asia and Europe.

Now that this has shrunk, so has demand for this alternative.

Unfortunately, this doesn’t mean we’re going to get lower prices at the pump.

Because oil, including U.S. oil, is a globally traded commodity.

And because our light, sweet crude is not enough to make all the fuels we need locally.

The good news is that it might, just might, boost production

If oil prices stay where they are for a while longer, drillers might decide to risk it and drill more.

And with supply increasing, prices might get a pause.

Unless inventories continue to drain, that is.

These have been falling almost uninterrupted by several million barrels every week for a couple of months now.

Chalk it up to amazingly strong demand that nobody could have predicted.

Absolutely nobody.

And that’s how you get higher prices for longer.

Today’s Edition Is Brought To You By ROX Exploration

Invest in the future of energy with ROX Exploration – a family-owned, independent company dedicated to exploring, developing, and producing oil and natural gas assets. ROX's team of experts drills and operates properties throughout Oklahoma.

If you're an accredited investor looking to diversify into direct oil & gas working interest offerings, then connect with ROX Exploration today.

Billionaire of the Week: George Kaiser

The man who turned a family firm into an empire

George Kaiser was born in 1942, in the midst of World War II, in a family of Jewish refugees from Nazi Germany.

One of the most enduringly successful oil tycoons got his start at the family firm Kaiser-Francis Oil in Oklahoma.

But it wasn’t just any start.

First, Kaiser earned an MBA from Harvard, and then he got back to take the reins of Kaiser-Francis Oil.

Education has since then been a focus of his philanthropic attention.

From oilman to bank owner

By 1991, the family oil firm had turned into an energy empire.

Kaiser must have felt it was time to diversify outside energy then.

So, when the Bank of Oklahoma got in trouble, Kaiser bought it for a bargain price of $60 million.

To date, Kaiser is still the majority owner of the bank, as well as a few other things, including the Oklahoma City Thunder team.

He also owns an LNG company and a fintech, Alkami.

He even invested in a solar power company… and made a mistake

The Solyndra affair

Kaiser invested about $300 million in Solyndra personally and through a foundation.

Then he said he hadn’t invested in it personally.

And he denied helping Solyndra get more than $500 million in federal funding.

The story unraveled when Solyndra went under despite the generous help.

And talk began that it had only got this help because Kaiser had been equally generous to the Obama campaign that put the president in office.

The Giving Pledge

Kaiser is modest about his success.

He’s attributed it to genetics, a caring family, and “dumb luck.”

And he stated that this luck obligates him to help others who weren’t as lucky.

The billionaire, whose net worth Forbes estimates at $14 billion, has vowed to give away at least half of his fortune to help disadvantaged children.

Upcoming Oil & Gas Events

• September 19-21: North Dakota Petroleum Council Annual Meeting, Watford City, ND

• September 21: Southeast Ohio Oil and Gas Association Annual Trade Show, Marietta, OH

• September 25: Wildcatters Invitational Gold Tournament, Gaillardia Country Club, Oklahoma City, OK

• September 26-28: Turbomachinery and Pump Symposium, Houston TX

Around the Global Patch

🇨🇦 Alberta's emission strategy: keeping oil, cutting carbon.
🇮🇩 Indonesia's ambitious return to LNG export leadership.
🇷🇺 Russia anticipates slight oil production dip in the current year.

Tweet of the Day

Thanks for reading today's Oil Patch!

Stay oily, my friend.

Two quick requests before you go:

• If you found this useful, forward this email to a friend to spread the word. 👇

• Take 1 second to answer the poll below, and please tell us what you think 👇👇