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

• Propaganda Gone Wild: Gas Is Now Dirtier Than Coal

• Chevron Diversifies LNG Risk with Long-Term Deals

• Upcoming Oil and Gas Events

• Tweet of the Day

Propaganda Gone Wild: Gas Is Now Dirtier Than Coal

The climate change propaganda has recently reached hysterical levels and now says gas is dirtier than coal.

The reason for this so-called scientific conclusion is… methane leaks.

Talk about blowing things out of proportion

The study that made those conclusions comes from the Rocky Mountain Institute—a climate “nonprofit”.

Obviously, you can’t expect unbiased science from such a place.

Especially when it’s the same place that claimed gas stoves cause asthma in children.

With such a reputation, it’s actually a wonder they didn’t call natural gas worse than coal earlier.

Anyway, they did now. And they’re saying that methane leaks of even 0.4% make gas as dirty as coal.

In fact, these people are claiming gas has no advantages over coal.

It’s not a bridge fuel. It’s the climate devil.

They call it a “reality check,” but this is the opposite

Both RMI reports are dubbed “Reality check.”

Oddly enough, it is the opposite of reality that they describe.

Gas stoves do not cause asthma—that study was thrashed by every scientist who got their hands on it.

Methane emissions do not make gas as bad an emitter as coal—the switch from coal to gas has reduced emissions everywhere it was made.

In the U.S. alone, the coal-to-gas switch reduced emissions by as much as 40%.

But methane is a much more potent greenhouse gas than carbon dioxide, some would say.

Yet, it is. It also degrades a lot more quickly than CO2 once in the atmosphere.

Stay tuned for more so-called science from climate nonprofits.

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Chevron Diversifies LNG Risk with Long-Term Deals

You might think everyone in U.S. Energy wants to build new LNG export terminals thanks to the surge in demand.

But Chevron has gone another way. It’s opted to secure long-term supply from current producers.

Managing uncertainty

To anyone who knows the first thing about energy security, it would be obvious that gas demand—and LNG demand—will be around for a long time.

But with European energy policies clearly insane, Chevron is betting on the lower-risk option.

With long-term deals, it can at the same time secure buyers for its own natural gas, and LNG for the international market, says Chevron’s head of gas Freeman Shaheen.

It’s a pretty smart move.

Chevron has 2.2 million acres in the Permian, and it pumps both oil and gas there.

Building a whole new LNG terminal will cost tens of billions of dollars.

Why bother when others are willing to invest that money?

Meanwhile, Chevron can expand its production in the Permian.

If too many join the LNG rush, there will be less for everyone

If you look at the Gulf Coast, it seems like everyone’s building an LNG terminal or planning to build one.

Forecasters say that by 2026, the U.S. will become the largest LNG exporter in terms of capacity.

But Chevron seems to remember what happened after the last LNG rush.

Supply boomed.

Prices dropped.

Now, Europe is driving a second boom, but no one knows how long it would last.

Chevron is playing it safe.

Upcoming Oil & Gas Events

• July 28: SOOGA Annual Industry Boat Ride, Valley Gem, Marietta, OH

• July 31-Aug 2: 2023 Railroad Commission of Texas

• August 3-4: OOGA Summer Meeting, Belmont Hills Country Club, St Clairsville, OH

Around the Global Patch

🇺🇸 Mastering the Fed's rate hike finale.
🇨🇳 China digs deep and taps vast gas reserves.
🇷🇺 Russia's wheat weapon: global harmless harvest?

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