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

• Europe Wants To Ban Oil, Gas “Subsidies”

• Carmakers Admit EVs Not Doing As Well As Believed

• Upcoming Oil and Gas Events

• Tweet of the Day

Europe Wants To Ban Oil, Gas “Subsidies”

The European Union and the UK are planning an end to what they are calling “subsidies” for oil and gas projects abroad.

What they want to remove, in fact, are loans and loan guarantees.

Because, of course, they would. They need the money for wind and solar.

Pretty bad timing

The FT reported on the discussions that are not public yet this weekend.

Also this weekend, Reuters reported that Germany wants to invest in, wait for it, LNG in Nigeria.

Don’t you hate this kind of mixed message?

Oil and gas companies probably do.

And it will probably have an impact on decisions for things like, you know, foreign investment.

Too bad the EU has moratoriums on fracking from one end to the other.

The UK’s lucky with the North Sea – where it just issued close to 30 new oil and gas licenses.

Climate goals versus necessities

Europe loves to flaunt its transition credentials.

It also loves to talk about targets.

In the meantime, Europe is importing ever-growing amounts of oil and gas.

Fuel, too, because several refineries were shut down during the pandemic and never came back on.

Europe has become totally dependent on foreign oil and gas.

But sure, let’s ban loans and loan guarantees for foreign oil and gas projects.

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Carmakers Admit EVs Not Doing As Well As Believed

Leading carmakers were last week forced to admit something that’s been obvious for a while.

EVs are not selling as well as expected.

As a result, companies are revising their production targets.

So much for the EV revolution

GM’s Mary Barra, Mercedes-Benz’s Harald Wilhelm, and even Elon Musk have all warned of waning EV sales.

Mercedes’ Wilhelm even went as far as to call EVs “a brutal space.”

Barra was more delicate, saying, "As we get further into the transformation to EV, it's a bit bumpy."

I guess that’s one way of putting it.

Meanwhile, Ford has cut shifts at its F-150 Lightning plant in Detroit.

Honda has dropped plans to develop an affordable EV.

And Toyota drove the knife all the way in, saying, “People are finally seeing reality.”

Totally unexpected, right?

Carmakers have poured billions into EV manufacturing and battery supply.

On the one hand, they were forced to by stricter emissions rules.

On the other, they have assumed that government subsidies are enough to make EVs profitable.

Now, they are discovering this is not the case.

No amount of subsidies can force people to buy EVs.

And they’re not buying them.

It might have something to do with range anxiety, lack of chargers, and frequent charger breakdowns.

It might also have something to do with soaring insurance premiums for EVs.

Because their batteries are a massive fire hazard, even if just scratched.

What a surprise the truth is coming out.

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

• November 8: Colorado Oil and Gas Association 39th Annual Meeting, Denver, CO

• November 8: IADC Annual General Meeting, Hyatt Regency Austin, TX

• November 9: Deepwater Executive Summit, Hyatt Houston West, Houston, TX

Around the Global Patch

🇺🇸 Ukraine strikes Russian refinery in a drone attack.
🇨🇳 China's central Asian economic inroads: billion-dollar agreements.
🇦🇷 Argentine fuel pump crisis escalates: export halt threatened.

Tweet of the Day

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