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

• Biden Admin Cancels Alaska Oil Leases

• Europe’s LNG Thirst Puts Floor Under Prices

• Upcoming Oil and Gas Events

• Tweet of the Day

Biden Admin Cancels Alaska Oil Leases

Months after the Biden administration approved the Willow project, its DoI has canceled seven oil and gas leases in Alaska.

The department also proposed further curbs on oil and gas activity in the National Petroleum Reserve.

Consistency is not this administration’s strong point

The federal government has been quite erratic in its energy policies ever since it came into office.

Officially, President Biden is 100% for a transition from oil and gas to low-carbon energy.

In reality, the administration has had to literally beg the industry for more oil.

After, it begged the Saudis for more oil, at that.

That’s when they learned—the hard way—that ambitions are one thing, but prices at the pump are another.

And the two are not exactly compatible.

The administration’s approach to Alaska is another example.

Approving the Willow project was a practical move.

Now, they’ve turned the tables and are against more exploration in Alaska.

Anyone could get dizzy from such energy policies.

The big question is who the Biden admin wants to make happy

There are two groups, basically.

One is the environmentalist lobby—strong, no doubt, but still representing a minority of voters.

The other is the actual majority of voters.

The priorities of these two groups are vastly different and getting ever more vastly different.

It’s a fine balancing act to keep all these priorities satisfied, at least to some reasonable extent.

But the Biden admin does not seem to be doing a great job with it.

To be fair, any administration would be hard-pressed to strike that fine balance.

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Europe’s LNG Thirst Puts Floor Under Prices

Europe has joined the biggest buyers’ club in LNG, and this new gas addiction will cost poorer importers.

Because of its huge gas appetite, Europe has effectively put a floor under global LNG prices.

Great for producers. Not so great for buyers.

“It’s only for a little while”

Last year, when Russia cut off pipeline supply, Europe scrambled to find enough gas to keep going.

LNG was the obvious choice despite the much higher price.

At the time, Europe was in no position to bargain.

It is still not in such a position. It needs the gas.

EU officials love to argue that it’s only until they have enough wind and solar, but we all know better.

Europe is in it for the long haul.

And that’s bad news for countries that can’t afford the prices Europeans can afford.

Ironically, Europe’s LNG thirst will push these countries into coal… and higher emissions.

A sellers’ market

For LNG producers, these are golden times.

Europe alone needs 300 cu m of natural gas. Every day.

That’s more than 200,000 tons of LNG. Every day.

Per year, the total comes in at 80 million tons of LNG.

Do you know how much this is?

It’s more than the total LNG capacity of the United States.

Europe really changed the LNG game, even if it didn’t mean to.

Now you know why several pipeline operators in the U.S. are prioritizing their gas business.

Upcoming Oil & Gas Events

• September 11-14: American School of Gas Measurement Technology, Marriott Houston Westchase, Houston, TX

• September 14: KOGA Fall Meeting, CountryMark Pavillion, MT Vernon, IN

• September 14: PIOGA’s Birds & BBQ Clay shoot, West Penn Sportsmen’s Club, Murrysville, PA

• September 14: Dallas Cowboys Golf Tournament, Cowboys Golf Club, Grapevine, TX

Around the Global Patch

🇸🇦 Saudi Arabia's bid to reclaim Chinese market share.
🇨🇳 China's ongoing gold acquisition frenzy.
🇷🇺 Russia's September diesel export reduction.

Tweet of the Day

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