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

• Gas Prices in California Climb near $6

• Oil Industry Warns against Irresponsible Demand Projections

• Upcoming Oil and Gas Events

• Tweet of the Day

Gas Prices in California Climb near $6

Remember when last week Governor Newsom announced a lawsuit against Big Oil?

Well, this week, gas prices in his state inched closer to $6 per gallon, cementing its reputation as the state with the most expensive gas.

Because green dreams have a price tag

California has poured billions into transitioning to a low-carbon energy system

Among the consequences of this are annual blackout warnings every summer, massive electricity imports, and not a small oil import bill.

Oh, and higher gas prices. Much higher.

On Monday, the price for a gallon of regular was $5.915.

This was 39.2 cents more than a week ago and 62.5 cents more than a month ago.

Gas prices are totally not galloping.

But sure, it’s because Big Oil is lying to everyone to make a profit.

Or something.

Whatever happens, it’s Big Oil’s fault

It was Big Oil’s fault that prices surged last year, too.

It had nothing to do with certain geopolitical events and a supply crunch.

And absolutely nothing with the constant increase of fuel taxes in the state.

Big Oil has become California’s go-to scapegoat for everything that goes wrong.

Can’t deny it, it’s very convenient.

Even more convenient, when you’re out of things to blame Big Oil for, sue them.

And then raise fuel taxes again.

Because EVs have got to be moved, you know, not sit in dealers’ lots.

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Oil Industry Warns against Irresponsible Demand Projections

Oil industry executives have warned against predictions of peak oil demand, saying they could jeopardize global energy security.

The warnings come in response to the IEA’s latest peak oil demand report.

No punches held

"There seems to be wishful thinking that we're going to flip a switch from where we're at today to where it will be tomorrow," Exxon’s CEO, Darren Woods, said at the World Petroleum Congress in Calgary.

Aramco’s CEO plainly brushed off the IEA’s so-called forecast of peak oil demand before 2030.

Amin Nasser said the forecast didn’t hold up to scrutiny because it was based on politics and not “the proven combination of markets, competitive economics and technology.”

As usual, the Saudi energy minister was blunter.

"They have moved from being a forecaster and assessor of the market to one practicing political advocacy," he said of the IEA.

Ouch. But true.

The reason for the warnings is that such advocacies could bring about an actual supply shortage.

By discouraging necessary investments.

A recipe for disaster

The IEA has been wrong so many times before; it’s a miracle it is still being taken seriously.

Yet it is, and this is potentially dangerous.

Because if enough banks and institutional investors buy the peak oil demand story, they won’t invest in oil.

And that’s precisely what Woods, Nasser, and the rest of them are warning about.

No money for more production = no oil = no energy security.

And there will not be enough wind, solar, and EVs to compensate, whatever the IEA dreams.

Upcoming Oil & Gas Events

• September 17-21: 24th World Petroleum Conference, Stampede Park, Calgary, Canada

• September 19-21: North Dakota Petroleum Council Annual Meeting, Watford City, ND

• September 21: Southeast Ohio Oil and Gas Association Annual Trade Show, Marietta, OH

• September 25: Wildcatters Invitational Gold Tournament, Gaillardia Country Club, Oklahoma City, OK

• September 26-28: Turbomachinery and Pump Symposium, Houston TX

Around the Global Patch

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🌏Energy drilling secures Southeast Asia charters.
🇨🇳 EU renewables surge and China supply challenge.

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