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

• Welcome to the “Greenlash”

• Shocker: Drilling Permits Issuance Falls

• Upcoming Oil and Gas Events

• Tweet of the Day

Welcome to the “Greenlash”

Opposition to the energy transition is on the rise in the U.S. and Europe.

As the costs of low-carbon energy start hitting people’s pockets, priorities are changing.

New governments, U-turns on oil and gas bans

Sweden’s new government has walked back on net-zero targets.

In the UK, Conservatives promised to issue hundreds of new oil and gas licenses.

Poland is openly opposing EU climate targets.

And in the U.S., states’ backlash against ESG investing is gathering pace.

Media are calling it a greenlash.

It was only a matter of time as the cost of living soars.

So much for the cheap renewables fairytale.

Green parties in Europe are falling out of favor fast.

Because ultimately, we all vote with our wallets.

And if these wallets are getting thinner because of emissions…

Well, we’ll vote accordingly.

What’s next for the emission warriors?

Right now, it’s not looking good.

That may explain the whole media frenzy around this summer’s temperatures.

All those red maps for temperatures below 90 were shown for a reason.

The reason was fueling more climate panic so people stop opposing unpopular energy policies.

We’ll probably see more of that.

But as long as energy costs remain high, the scare tactics will likely continue to fail.

I mean, who cares about global average temperatures in 2100 when you have to go into debt to pay your monthly electricity bill?

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Shocker: Drilling Permits Issuance Falls

Drilling permits issuance for federal lands last year fell to the lowest since 2017.

The decline sparked allegations that the Biden admin wants to strangle the oil industry.

A totally unexpected development

President Biden’s first order of business when he came into office, was to ban federal leasing.

He later had to reverse this decision, but there are other ways to discourage drillers from drilling.

Such as permitting requirements, for example.

As a result, the BLM issued less than 2,900 permits for federal lands last year.

That’s down from more than 4,900 in 2021. And that was a pandemic year.

"There seems to be an intentional movement to slow down a lot of these processes.”

That’s according to the president of the oilfield company association, the Energy Workforce & Technology Council.

"I think they know they have certain levers they can use,” Tim Tarpley also says.

They sure do: per the BLM itself, applications for permits were down 28% last year.

Approvals were down a lot more, by 42%.

Yet another case of wanting to have cake and eat it

The Biden admin is big on emission cuts, EVs, and renewables.

But they also want voters to be happy at the pump.

Most U.S. oil and gas production comes from private lands, so that’s safe.

But federal lands are an important source of oil and gas, too. Just ask New Mexico.

The thing is, the administration has tried to both keep prices down and clip the industry’s wings.

It has discovered it’s impossible to do both at the same time.

The problem is we’re all paying for this belated discovery.

Around the Global Patch

🇨🇦 Canadian rig count falls to 162.
🇨🇳 Tesla faces hurdles in China amidst rise of local competitors.
🇷🇺 Russia expects an $11B energy revenue surge despite embargos.

Upcoming Oil & Gas Events

• August 9: Petroleum Alliance of Oklahoma Wildcatters, Petroleum Club of Oklahoma City

• August 13-15: GO-WV Summer meeting, The Greenbrier, White Suplhur Springs WV

• August 13-16: EnerCom Denver, The Westin Denver Downtown Denver

Tweet of the Day

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