TikTok Weeps Over Willow Project

Washington sanctions Iran's shadow banking partners

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

  • Banning Iran's Banking Network

  • Willow Project Approved, TikTok Weeps

  • Tweet of the Day

Banning Iran's Banking Network

Last Thursday the U.S. imposed sanctions on 39 different entities. The reason? Connecting Iran with the global financial system.

And that connection is made up of oil

Whether it be barrels of crude or petrochemicals, Washington accused organizations from the U.A.E., China, Pakistan, and Turkey of operating in the shadows to help Iran connect to its "foreign financial networks, which it uses to launder funds."

But China and Iran have words for the U.S.

"We deplore and reject this move," said a Chinese embassy official, saying it represented "typical unilateral sanctions and illegal 'long-arm jurisdiction'" without basis in international law.

Iranian Oil Minister Java Owji touted 83 million more barrels of crude sold in the recent calendar year compared with the previous calendar year. This is the most since the U.S. reimposed sanctions in 2018.

The U.S. Treasury Department believes these sanctions will make a dent in Iran's illegal oil markets.

Doesn't sound like China is done buying Iranian oil, does it?

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ConocoPhillips' Willow Project Approved

Let liberal TikToker's tears flow...

The Biden Interior Department has approved ConocoPhillips' $7 billion Willow project in Alaska.

The Willow project area has an estimated 600 million barrels of oil in place.

Questioning its environmental impact and President Biden's climate change efforts

“Today’s decision to approve the Willow Project in Alaska will lock in decades of dirty and dangerous oil and gas production and drown out the tremendous environmental and economic opportunities available from transitioning to a clean economy," said the director of the Climate Action Campaign.

Meanwhile Alaskan Democrat Congresswoman Mary Peltola said, "The state of Alaska cannot carry the burden of solving our global warming issues alone."

ConocoPhillips CEO issued a statement, "This was the right decision for Alaska and our nation."

And we can't leave the United Nations out, they criticized the project, too.

But the Willow Project is actually a trimmed down version

Originally approved under the Trump Administration, the Willow Project's environmental analysis was found faulty by a federal judge in 2021.

What was a five drill-pad, miles of roads, and multiple pipelines and bridges project has been reduced to a three well pad site.

The Interior Department says this is better for polar bears and the yellow-billed loons.

That all sounds fine to the Oilman, but the 180,000 barrels of oil a day sounds even better.

ConocoPhillips estimates $8 billion to $17 billion in new revenue for the federal government, the state of Alaska and North Slope Borough communities as well as 2,500 construction jobs and 300 long term jobs will be created as a result of the Willow Project.

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