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

• New York Bans Gas Stoves

• Saudi Arabia Makes Official Bid for BRICS

• Tweet of the Day

New York Bans Gas Stoves

New York has become the first state to approve a ban on gas stoves and gas heating in new buildings.

The ban will likely inspire other states to take similar steps.

From boon to curse: an ultra-short history of natural gas

Once upon a time, natural gas was considered a good fuel—less polluting than both coal and oil.

At the same time, it was a very efficient fuel, hence all those gas stoves and propane heating systems.

Now, natural gas is evil because it is a fossil fuel.

According to some, it should even be stripped of the designation “natural”.

If gas is evil, then so are stoves and boilers that run on it.

The future, according to New York, is electric.

The many challenges of the electric-future vision

If California is any indication, getting rid of gas power generation is not the best idea.

Not that California has learned any lessons from its mistakes. If anything, it’s doubling down on destructive policies.

New York itself had problems with new grid connections because it banned gas pipelines.

As a result, the local utilities had no generation capacity to secure those connections.

Now New York is also doubling down on its mistakes.

With the gas ban, its demand for electricity will surge. Renewable energy capacity will have to surge, too.

That will be tough, though, because of so many raw material shortages, price inflation, and, best of all, the 200+% tariff on imported solar panel.

New Yorkers might end up with no gas stoves and no juice for their all-electric appliances before too long.

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BRICS > Petrodollar?

Saudi Arabia, the UAE, Iran, and Bahrain have made official their plans to join the BRICS alliance.

The four share one thing in common: oil and gas.

Wait…that’s two things.

Now add Egypt and Algeria — and their gas reserves — to the list of new BRICS candidates.

The great geopolitical shift

The rearrangement of global spheres of influence that began about a decade ago – but really got a push from the war in Ukraine – is becoming more and more visible.

If a long-standing U.S. ally like Saudi Arabia can basically turn its back on that alliance and join BRICS, then so can anyone else.

And now the BRICS are talking about their own currency. Which will most likely be used in oil and gas trade.

Now that should scare Greenback fans the world over.

Because it was oil trade that played a massive part in turning the U.S. dollar into the world’s reserve currency, thanks to a deal with the Saudis from the 1970s.

And just like oil trade made the dollar a reserve currency, it could now break its dominance.

Save the dollar!

This will be tough. Thank the federal government and the President, who vowed to make Saudi Arabia a pariah state.

That’s not the way you talk to your oil friends, even if they have questionable morals.

You don’t because they might decide to stop being your friends and make friends with someone else… who doesn’t like you very much.

The BRICS is expanding, and this means the U.S. needs to switch to a damage control regime.

A bigger portion of global oil output would help. U.S. oil will always sell for U.S. dollars.

Too bad the White House managed to alienate the industry so badly in just two years.

Around the Global Patch

🇦🇷 Argentina's potential for offshore oil boom.
🇨🇳 China imports record amounts of crude oil.
🇨🇦 Canadian natural resources Q1 2023 results.

Tweet of the Day

Thanks for reading today's Oil Patch!

Stay oily, my friend.

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