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August 17, 2022updated 26 Aug 2022 6:59am

Top tweets: White House blames refiners for high gasoline prices – and more

Offshore Technology lists five of the top tweets on oil and gas supply in Q2 2022 based on data from GlobalData’s Offshore Technology Influencer Platform.

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The top tweets are based on total engagements (likes and retweets) received on tweets from more than 163 oil and gas supply experts tracked by GlobalData’s Offshore Technology Influencer platform during the second quarter (Q2) of 2022.

1. John Kemp’s tweet on the White House blaming refiners for high gasoline prices

John Kemp, an energy analyst, shared an article on the White House trying to blame US oil refiners for the high gasoline prices, claiming they have reduced capacity and are producing less fuel. Instead, the real reason for the price increases is an attempt of administration to run the economy hot, the article detailed. The White House policy along with the US Federal Reserve has been to run the economy fast to minimise underemployment and unemployment, especially among the underprivileged groups in the market.

However, spare capacity is not evenly distributed across the economy, the article further noted. In fact, there is much less unused capacity in the fuel market than in the job market. Therefore, capacity has run out in the fuel market before it is exhausted in the job market. Tensions in the fuel market are thereby causing rapid price increases that is spreading across the rest of the US economy, the article highlighted.

Username: John Kemp

Twitter handle: @JKempEnergy

Likes: 127

Retweets: 34

2. David Sheppard’s tweet on the UK and EU banning insurers from covering ships carrying Russian oil

David Sheppard, an energy editor, shared an article on the UK and EU having agreed to put a ban on insuring ships transporting Russian oil, thereby shutting Moscow out of the Llyod’s of London insurance market and restricting its ability to export crude. Llyod is the centre of the marine industry insurance for years; therefore, blocking its members from insuring Russian oil cargoes will exert more pressure on the global commodity markets, which has been in disorder since Russia’s invasion of Ukraine, the article detailed. The insurance ban is part of a new EU sanction package that targets Russian oil export, the article noted.

This could affect Moscow’s export more aggressively, leaving it to look for insurance in less developed markets, the article highlighted. There were also concerns in Brussels about EU acting on the insurance sanctions alone leading to more business flows to London’s international market. Ursula von der Leyen, president of the European Commission (EC) announced action on shipping, but officials stated that it was London’s decision to drop its disapproval that paved the way for the new sanctions package.   

Username: David Sheppard

Twitter handle: @OilSheppard

Likes: 98

Retweets: 39

3. Amena Bakr’s tweet on the US looking to boost oil imports from Canada but not a pipeline

Amena Bakr, an energy reporter, shared an article on the US wanting more oil from Canada but still opposing Keystone XL pipeline. However, analysts claim that other options could include bringing more oil via rail, or increasing pipeline capacity along current routes or installing larger pipelines along the permitted routes, the article detailed. However, these options offered limited potential as rail transportation is expensive and existing pipelines are at or near capacity.

Canadian authorities and industry analysts, on the other hand, believe that expanding the Keystone XL pipeline network would provide a bigger, and more efficient solution in the long run. However, the US administration has opposed the project. The XL expansion was meant to transport 830,000 barrels per day of Canadian crude from Alberta to Nebraska, where the pipeline would connect with the existing Keystone pipeline, and then with the refineries on the US Gulf Coast, the article noted.

White House officials stated that President Biden had no intention of reviving the Keystone XL pipeline project, as it could not be completed in time to address the current shortfall in oil supply. Meanwhile, the president continued to focus on reducing greenhouse gas emissions from fossil fuels over the long term.

Username: Amena Bakr

Twitter handle: @Amena__Bakr

Likes: 81

Retweets: 18

4. Anas Alhajji’s tweet on OPEC members looking to suspend Russia from oil production deal

Anas Alhajji, an energy markets expert, shared an article on the Organisation of the Petroleum Exporting Countries (OPEC) members looking to halt Russia from an oil-production deal, as Western sanctions and a partial European ban start to limit Moscow’s capacity to pump more output. Experts stated that exempting Russia from petroleum production targets could cause Saudi Arabia, the United Arab Emirates (UAE), and other OPEC producers to pump significantly more crude, something that both the US and European nations have been emphasising since Russia’s invasion of Ukraine caused a surge in oil prices above $100 per barrel, the article detailed.

Russia, which is among the world’s three largest oil producers, has agreed with OPEC and nine non-OPEC nations in 2021 to produce more crude every month. However, its output is now anticipated to decline by about 8% this year, the article noted. There is no news of a formal push for OPEC to pump more oil to compensate for any Russian shortfall, but some members in the Persian Gulf are planning on increasing their output in the months ahead, officials reported.

Username: Anas Alhajji

Twitter handle: @anasalhajji

Likes: 63

Retweets: 13

5. Jesse Jenkins’s tweet on US’s expansion of oil and gas production likely to boost exports to its allies abroad

Jesse Jenkins, an assistant professor at the Princeton University, shared an article on US boosting its oil exports to support allies abroad likely if the nation cut down on its oil and gas consumption at home with greater investments in clean energy, efficiency, and home electrification, as well as increasing oil and gas production rather than just adopting a drilling alone strategy. The Environmental Impact Assessment (EIA) 2022 Annual Energy Outlook further highlighted that these measures would help in increasing exports enough to replace Europe’s oil and gas imports from Russia by 2028.

Jenkins further added that if the Congress failed to pass a clean energy investment package, and pursued a fossil production-led strategy alone, the country would not be able to produce enough oil to replace Russian oil in the European Union (EU) until 2035 and could never fully displace Russian gas. Instead, the US would remain more exposed to the energy crises. He believes that if the US increases fossil production and also passes the clean energy package, it could do much more and more rapidly to secure American families and businesses from the energy price shocks, help reduce EU’s dependence on Russian gas, drain Russia’s war resources, and also meet the 2030 climate goals.

Username: JesseJenkins

Twitter handle: @JesseJenkins

Likes: 59

Retweets: 10

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