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

• Refiners Eye Maximizing Diesel Revenues with Exports

• Insurance Weaponized Against Oil & Gas Producers

• Tweet of the Day

Refiners Eye Maximizing Diesel Revenues with Exports

American refiners are zeroing in on fatter profits from exporting more diesel fuel and other distillates.

The move comes in response to forecasts for lower fuel demand at home but upbeat demand projections elsewhere.

Wait, what happened to the diesel shortage?

Last year, falling diesel stocks and low production rates sparked fears of a shortage, and some parts of the U.S. did see tighter than comfortable supply.

Towards the end of the year, however, the tightness began to ease…for two very unpleasant reasons:

• Industrial activity began to slow down

• Demand for the freight transport fuel of the world went down with it

So, thanks to that slowdown – which proved slowdowns are not always all bad – refiners now have enough diesel to keep local demand satisfied and send some abroad.

Actually, they plan to send a lot abroad.

Europe ripe for the taking

As the U.S. slowdown continues and fears of recession increase, energy-starved Europe last year became a huge market for all U.S. hydrocarbons.

After years of trying to discourage fossil fuel consumption at home and abroad, Europe gobbled up every available U.S. oil and gas cargo for sale without batting an eye.

U.S. diesel exports to the continent hit a two-year high in January, and the outlook is for continued strong demand as Europe no longer imports Russian fuels.

Not directly, at least. Europe now imports them via India and China, but that seems to be okay.

This means:

• U.S. refiners will happily continue exporting more fuels to Europe

• While enjoying profit margins of as much as $70 per barrel

After LNG, it seems U.S. oil derivatives are the next big star on international markets.

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Insurance Weaponized Against Oil & Gas Producers

Green Century Funds has been actively trying to infiltrate and weaponize insurance company boards against the oil & gas industry.

They’ve finally succeeded.

Chubb is now requiring that companies with oil & gas extraction projects have plans in place to reduce methane emissions.

Green Century who?

Great question – as it’s hard to find out. Green Century’s website states, “The organizations which founded and own Green Century Capital Management Inc are:

• California Public Interest Research Group (CALPIRG)

• Citizen Lobby of New Jersey (NJPIRG)

• Colorado Public Interest Research Group (COPIRG)

• ConnPIRG Citizen Lobby

• Fund for the Public Interest

• Massachusetts Public Interest Research Group (MASSPIRG)

• MOPIRG Citizen Organization

• PIRGIM Public Interest Lobby

• Washington State Public Interest Research Group (WASHPIRG).

Okay. Who founded those groups?

You might have noticed a lot of PIRGs in there. That’s because these are all spin-offs of the U.S. Public Interest Research Group (US-PIRG) founded by the Green Party-backed former presidential candidate Ralph Nader.

These “non-profits” all have similar leadership and key players like Doug Phelps and Wendy Wendlandt, and Susan Rakov. Interestingly, these key executives also serve on numerous boards, for-profits, and funds.

These organizations “reportedly pay entry-level left-wing canvassers and activists very low wages” to “leverag[e] the Funds’ and the firm’s clout as a shareholder to drive companies to adopt more environmentally sustainable policies and practices (according to the Green Century website).”

And that clout was directed towards Chubb

Chubb tried to block the proposal issued by Green Century but failed. Now a firm that was founded in 1792 in Independence Hall is being controlled by non-profits operating from the shadows against the common good of all.

Green Century is also targeting Travelers Insurance and The Hartford Insurance Company. They also pressured Chevron to abandon drilling plans.

The Oilman imagines they won’t stop with these three companies…

Around the Digital Patch

🏫 Harvard paper accuses O&G industry of homicide.
🇸🇦 Saudi Aramco CEO warns of underinvestment.
🇷🇺 Surprise! Russia sells oil to Europe.

Tweet of the Day

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