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

• Wall Street Slammed for Amazon Oil Funding

• EV Makers: The New Cash-Burners

• Upcoming Oil and Gas Events

• Tweet of the Day

Wall Street Slammed for Amazon Oil Funding

Wall Street majors, including Citi, JP Morgan, and Goldman Sachs, are among 160 banks funding oil and gas operations in the Amazon.

According to a campaign group, the banks poured some $20 billion there between 2009 and 2023.

Six Big Bad Banks

Per the report, six of the lenders funding oil and gas in the Amazon are either U.S.-based or have a subsidiary there.

These are the above three plus Bank of America, HSBC, and Spain-based Banco Santander.

Together, the six – plus two Brazilian banks – accounted for $11 billion of the total investment that’s come under campaign fire.

In a surprise bout of honesty, the group, Stand. Earth acknowledged that some of these banks have since 2009 reduced their exposure to oil and gas in the Amazon.

What a gracious gesture.

Bank-bashing is the old/new black

Banks get regularly attacked for funding the oil and gas industry.

They are as natural a target as the oil industry itself.

So every once in a while, some environmentalist group or other attacks Wall Street for basically being Wall Street.

It’s embarrassing because banks have made such an effort to paint themselves as green.

Yet behind the net-zero pledges, they keep doing what they do best: make money.

Including from oil and gas funding.

Including in the Amazon.

But with activist pressure mounting, it’s no wonder that most of the big players are actually pulling out.

So they need new revenue sources.

That’s why they’ve joined the transition push so enthusiastically.

The question is: will Wall Street’s enthusiasm be enough to make the transition profitable?

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EV Makers: The New Cash-Burners

EV startups and legacy carmakers betting big on EVs are burning through billions of cash.

Demand for electric cars is declining, and funding sources are drying up, analysts say.

The moment of truth has arrived

Last month, Robert Bryce reported that Ford has lost more than $72,000 on every EV it sold in Q2.

That’s up from a loss of some $66,000 per EV for the first quarter.

Meanwhile, EV startups are struggling to remain afloat.

One already lost the fight: Lordstown Motor filed for bankruptcy in June.

The rest are tackling supply chain disruptions, higher costs, and a lack of investors.

The two exceptions: Tesla and Rivian.

Tesla already has a global market and is cutting prices to boost sales.

Rivian has the financial backing of Amazon. It’s a big, strong back.

“Losing money hand over fist”

"The only ones that have a chance besides Musk are the legacy auto providers, and so far, they are proving that they are losing money hand over fist trying to get into the EV game.”

That’s according to the chairman of hedge fund Great Hill Capital.

It’s also according to the carmakers’ own financial reports.

So, they went all in on the EV hype, and now they’re paying for it. Dearly.

Meanwhile, their gas car sales are doing pretty nicely.

You can lead a driver to the EV showroom, but you can’t make them buy one.

Not until all the problems, from lack of chargers to lack of range, are solved.

Not until EVs really can compete with regular cars on all counts.

And that’s why funding is drying up for those startups.

Because they can’t compete on any count with regular cars.

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

Around the Global Patch

🇧🇷 Brazil vessel: Yinson secures $230M loan.
🇪🇬 Egypt's 'energy hub' faces power shortages and output decline.
🇷🇺 Aluminum producers seek sanctions on Russia.

Tweet of the Day

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