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

• Talking the Climate Talk Easier than Walking the Walk

• French President Wants Gas Stations To Sell at a Loss

• Upcoming Oil and Gas Events

• Tweet of the Day

Talking the Climate Talk Easier than Walking the Walk

Companies are quick to make climate commitments but slow to act on them.

The reason is that commitments are often unrealistic, which is a nicer way to say impossible.

Why did it come to impossible commitments?

First, it was activist pressure, including activist investor pressure.

These investors basically said, “Change or die”.

Then, there were all the other activists that made so many companies look bad.

And then it just became a sort of a fad.

All the cool kids had emission reduction targets.

Nobody cared if they would ever hit them.

Until someone, actually, a lot of someone did.

Activists started sniffing around carbon credits.

Regulators started sniffing around targets.

And now the whole pretty story about fast decarbonization is falling apart.

Sadly, it seems “impossible” can’t stop the push

The story may be falling apart, but the determination to cut emissions, come what may, is going nowhere.

That determination comes from governments that, unbelievably, are also behind on their emission-cutting plans.

It seems decarbonizing is really much tougher than it looks.

But that’s not going to stop those governments.

Look at Canada – Trudeau just promised a cap on emissions from the oil and gas industry.

Even as oil exports are set to surge.

The UK made a U-turn on any net-zero pledges, and it became the target of a massive wave of anger.

They’ll probably have to walk back on some of that U-turn.

The transition push still has momentum despite reality-check obstacles.

We’re about to see how far it will carry us before it runs out.

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French President Wants Gas Stations To Sell at a Loss

The French president has threatened fuel retailers they may be forced to sell gas and diesel at a loss.

That’s because France doesn’t have enough money to subsidize fuels amid the oil price surge.

A trick you can only use once

Last year, when Brent topped $100, governments all over Europe coughed up billions in fuel subsidies.

It was vital—if they hadn’t, they’d have ended up with riots on their hands.

This year, Brent is on its way to $100, and European governments are up in arms again.

But this time, in France at least, the target is retailers.

The original idea was to force them to sell below cost for 60 days.

The backlash was so strong the government dropped the plan.

Now, the idea is to have retailers sell fuel at cost…

… but the below-cost plan remains on the table, per President Macron.

No relief for the end-consumer

Critics of the plan were quick to point out its weakness.

When you force retailers to sell fuel at cost, which is effectively a loss for them, they will find a way to recoup it.

Supermarkets would raise the prices of other products.

Exclusive fuel retailers would do the same.

In the end, it would again be the driers who pay for the government’s experiments.

While that same government refuses to lift fuel taxes.

Because it needs the income.

To fund the transition away from taxable fuels.

Upcoming Oil & Gas Events

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

• September 27: Future Upstream Automation Summit, Houston TX

• September 27-28: Eastern Kansas Oil and Gas Association annual meeting, Kansas Crossing Casino, Pittsburg, KS

• September 27-28: Permian Basin Petroleum Association, Midland, TX

• September 27-28: LAGCOE Executive Summit, The Houston Club, Houston, TX

Around the Global Patch

🇬🇧 UK reverses key green policy decisions.
🇨🇳 China's historic oil discovery in the South China Sea.
🇷🇺 Russia's oil revenue soars, escaping G7 cap.

Tweet of the Day

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