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

Table of Contents

• European Carmakers Speak Out against Green Deal

• Oil Sands Producers Accused of Not Spending Billio …

• Tweet of the Day

European Carmakers Speak Out against Green Deal

European carmakers have called for delays in EV mandates.

If these remain unchanged, they will lose billions.

And thousands will lose their jobs.

No industry is safe

Europe is deindustrializing at stunning rates.

Carmakers are the latest to sound the alarm on that.

It’s because they’re a central part of the transition.

First, emission caps will tighten starting next year.

Then, all internal combustion engine cars will be banned in 2035.

Unless the EU changes its regulation, that is.

This is what the industry is calling for.

With EV demand where it is, they risk billions in fines under the tighter emission rules.

Either that, or they will be forced to slash normal car production.

All to make their low-emission car quotas.

Remember the UK story about carmakers delaying deliveries of cars?

They wanted to avoid hefty fines on ICE vehicles.

The same is happening in Europe but even worse.

Glimmer of hope

Automakers are not the only ones speaking out.

Italy’s Prime Minister recently called the EV mandates “self-destructive.”

She’s right.

And so are other politicians from across the EU saying essentially the same thing.

If the EU’s goal is to destroy one of its biggest industries, it should stick to the mandates.

But if it wants to avoid this destruction, it better rethink its car policies.

EV sales fell 44% in August.

One carmaker association representative called it “reality hitting very hard now.”

He’s totally right. If only reality bent to EU’s whims and wishes.

Oil Sands Producers Accused of Not Spending Billions on Transition

A climate think tank has accused oil sands companies of being oil companies.

It claims they are spending money on production growth.

But not on emission reduction.

How dare they.

First investment growth since pandemic

The Pembina Institute, a climate think tank, made the revelation in a new report.

For the first time since 2020, oil sands operators are investing in output growth.

Apparently, this is a problem because they should be spending this money on carbon capture.

Climate activists have their own logic.

It’s not the logic of a business establishment.

Even though virtually all oil sands operators are working on their emissions, too.

They are simply not talking about it.

Because of the recent greenwashing law that the Canadian parliament passed.

That law makes it impossible to be sure you won’t be sued for “inaccurate” information.

Because there is a definition of what is accurate information.

It’s the most insane law ever.

But it got passed.

So, oil companies stopped talking about their emission cutting.

That includes a massive carbon capture project.

The companies say they are still working on it.

The activists counter that there’s no evidence of that in their financial statements.

It’s daytime drama on steroids.

A shot in their own foot

The greenwashing law is quite ironic.

It was meant to prevent false statements about emission reduction.

Instead, it made everyone shut up about what they were doing in that space.

It doesn’t mean they have stopped doing it.

They’re just not talking about it…

So the activists need to work a bit harder to try and accuse them of something.

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 👇👇