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

• DoE SPR Refill Attempt: Take 5

• Greenpeace Loses Against North Sea Oil

• Upcoming Oil and Gas Events

• Tweet of the Day

DoE SPR Refill Attempt: Take 5

The Department of Energy has announced it wants to buy 6 million barrels of oil for the strategic petroleum reserve.

In the middle of a massive oil price rally.

At a price of $20 below where WTI is trading now.

Filling a bucket with a teaspoon

… is exactly what the DoE is trying to do. Last year, it sold more than 180 million barrels from the SPR.

Do you know how much it has bought back since then? A grand total of 4.8 million barrels.

Now, it’s targeting 6 million barrels to buy between December and January.

Hypothetically, there is a chance that oil will drop to $79 or less by then.

That’s the DoE’s target price.

Realistically, it’s highly unlikely the way events in the Middle East are unfolding.

So that will be one more SPR refill attempt failed.

I guess their consolation would be the ability to say, “We tried.”

Let’s make some money for the taxpayer

No, it’s not a joke.

The DoE sold those 180+ million barrels at prices above $90.

Now, buying cheaper than that would “provide good taxpayer return,” per Reuters.

Yeah, because it will be the average driver who’s feel the effect of the refill.

Every time the DoE announces refill plans, oil jumps, and guess what happens with gas prices?

But sure, bring on the taxpayer return.

Better yet, fill up the SPR, just in case.

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Greenpeace Loses Against North Sea Oil

A UK court has ruled that licensing new oil and gas production in the North Sea is perfectly legal.

It sounds absurd, but the plaintiffs from Greenpeace argued it wasn’t.

Because the government hadn’t considered end-use emissions from that oil and gas.

A good day for sanity and justice

When the UK’s government decided to roll back bans on oil and gas licensing, it sure riled climate activists.

True to form, Greenpeace took to court to make its feelings known.

It argued that ignoring the so-called downstream emissions from oil and gas development made the decision illegal.

The judge disagreed, saying the energy industry was critical for the UK’s energy security.

What a shocking revelation.

Of course, Greenpeace is not happy.

"This is completely irresponsible behavior from ministers during a climate crisis," a rep of the group said.

Energy security rules

The UK’s government is one of the most eager to have a transition.

However, it seems to have dawned on Downing Street 10 that, in the meantime, people still have energy.

Also, it might be better to produce it locally than import it from overseas.

Now, I don’t know about you, but I’d call that perfectly responsible behavior.

It took a while to get there, but they did get there.

Greenpeace can sue whoever it wants for whatever it wants—which it does copiously—but it will lose.

Just like it lost a similar case for Norway, which is also boosting its oil and gas production.

Energy security matters, folks. More than potential emissions.

Upcoming Oil & Gas Events

• November 1: Oil and Gas Electrification Symposium, Longmont, CO

• November 2: LOGA State Industry Series, Benedict’s Plantation, Mandeville, LA

• November 6: Louisiana Energy Golf Open, Oakbourne Country Club, Lafayette, LA

• November 6-8: IPAA Annual Meeting, JW Marriott San Antonio Hill Country Resort and Spa, San Antonio, TX

• November 7: LOGA State of the Industry Series, Petroleum Club of Houston, Houston, TX

Around the Global Patch

🇨🇦 Canada regulator greenlights NorthRiver Pipeline project.
🇦🇺 Chevron Australia workers seek labor agreement approval.
🇻🇪 Venezuela's crude struggles, sanctions relief inadequate.

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