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Capitol Crude: The US Oil Policy Podcast

S&P Global Platts

6
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47
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Capitol Crude: The US Oil Policy Podcast

Capitol Crude: The US Oil Policy Podcast

S&P Global Platts

6
Followers
47
Plays
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About Us

In-depth weekly analysis of US oil policy news from S&P Global Platts' senior editors covering the capitol. Hosted by senior oil news editors Brian Scheid and Meghan Gordon.

Latest Episodes

Shifting geopolitics of energy during pandemic, trade wars and supply abundance

The fallout from the coronavirus pandemic and a host of other global tensions and trade conflicts brewing in recent months have heightened geopolitical risks to energy trade. Harvard University professor Meghan O'Sullivanshares what she sees as the top geopolitical themes likely to persist beyond the pandemic. O'Sullivan is the director of the Geopolitics of Energy Project at Harvard's Kennedy School of Government. She was a special assistant to former US President George W. Bush and a deputy national security adviser. She sees three main themes dominating: global energy abundance, the interconnectedness of oil markets and efforts to accelerate the energy transition. We also talked about whether a stunted US shale sector will weaken the impact of US sanctions and other foreign policy, the US' role around OPEC+ talks, and a potential decoupling of the US and China.

32 MIN2 d ago
Comments
Shifting geopolitics of energy during pandemic, trade wars and supply abundance

Sizing up US drilling activity and driving demand after the coronavirus crash

US oil and gas drilling has slowed to a crawl since global oil demand crashed this spring and prices tumbled with it. Now that WTI has crept back up into the high $30s/b and potentially above $40/b, have we seen the worst of this drilling slowdown? Ted Hall, a vice president at Kayrros, shares his views on current activity, bolstered by satellite and other geo-tracking. We talk about what the drilled-but-uncompleted well count means for future production and whether the US will ever return to the peak set in November 2019. Hall also shares Kayrros findings on how gasoline and diesel demand are recovering as commuters and long-haul truckers get back on the road after April lockdowns.

15 MIN1 w ago
Comments
Sizing up US drilling activity and driving demand after the coronavirus crash

The future of US oil, gas production under a Biden presidency

Rapidan Energy Group predicts sweeping changes for the energy sector if former Vice President Joe Biden beats US President Donald Trump in November. Biden's policies would have global implications for energy trade, altering US/China relations, the pace of Iran's oil recovery, trans-Atlantic climate action and other factors. In the US, a Biden White House would likely sharply limit oil and gas production on federal lands and waters, impose new climate-focused financial regulations that could restrict the industry's access to low-cost capital, and block major infrastructure projects to fulfill the campaign's climate goals. Bob McNally, president of Rapidan Energy Group, and Glenn Schwartz, director of Rapidan's Energy Policy Service, tell us why these changes are most likely and could have the biggest impact. Biden began the race for the Democratic primary as one of the most moderate candidates on energy polices but has been pushed by the progressive wing to embrace more aggressive climate actions. McNally predicts Biden will not abandon those views if he makes it to the Oval Office.

10 MIN2 w ago
Comments
The future of US oil, gas production under a Biden presidency

US shale starts to return, but how sustainable is it?

US oil producers have started announcing plans for putting shut wells back online. But just how sustainable are these plans at current prices and with the uncertain global demand outlook? And how are OPEC and its allies going to view this returning US shale production as they're deciding how long to keep their massive oil supply cuts in place? Jason Modglin, the new president of the Texas Alliance of Energy Producers, tells us how drillers in the top US oil-producing state are weighing the market uncertainties as they start to put wells back into service. Shin Kim, head of oil supply and production analytics for S&P Global Platts, predicts how high oil prices can go before OPEC starts to worry about stimulating US shale.

10 MIN3 w ago
Comments
US shale starts to return, but how sustainable is it?

What US shale will have to do to survive the demand shock and reinterest investors

The global oil demand shock is accelerating what was already coming to US shale, argues Adam Waterous, CEO of Waterous Energy Fund. Waterous argued in January on Capitol Crude that US unconventional production had peaked, and the industry's unstable financial footing set it up for massive capital flight and a prolonged downturn. Now Waterous predicts US shale output will sink by 3 million-4 million b/d from the peak of 13 million b/d if oil prices eventually return to $55/b. He thinks sustained higher prices of at least $70/b WTI will be required to bring investors back to the US shale sector and rebuild capacity that will be lost in the next 18-24 months. We also talked about what will differentiate the drillers that survive this crisis and the geopolitical consequences of a diminished US oil sector.

19 MINJUN 1
Comments
What US shale will have to do to survive the demand shock and reinterest investors

Can Congress find room for fossil fuels and green incentives in stimulus talks?

The US House of Representatives has passed the $3 trillion HEROES stimulus package with barely a mention of the energy sector. The legislation is going nowhere in its current form after Senate Republicans dismissed it out of hand and President Trump promised to veto it. So where is the financial aid that the White House promised the oil and gas sector? Kevin Book, managing director of ClearView Energy Partners, tells us how Republicans and Democrats might find energy-sector tradeoffs to include in a future compromise stimulus package. We spoke about the fate of the administration's efforts to fill the Strategic Petroleum Reserve. We look at who came out ahead in the 2015 tradeoff that opened the door for US crude exports. And Kevin talks about how the November election is looming over these negotiations in Washington.

23 MINMAY 18
Comments
Can Congress find room for fossil fuels and green incentives in stimulus talks?

Are banks freezing out the US upstream over climate or economic concerns?

Plunging demand, collapsing prices and a reeling global economy are creating an extremely tough climate for the US upstream oil and gas sector. US Senator Dan Sullivan, Republican-Alaska, argues another factor is basically kicking the sector while it's down. Sullivan says some of the largest US banks are no longer willing to lend the sector money -- not because of these economic concerns -- but because of their environmental impact. He and 15 other US senators asked the White House to investigate this practice, which they argue is unfair because the banks are benefiting right now from Congress' coronavirus relief packages. We also asked Sullivan if Arctic oil is still needed, how Alaskan operations are faring, and his campaign to increase US pressure on the Saudis for the recent oil price war.

20 MINMAY 12
Comments
Are banks freezing out the US upstream over climate or economic concerns?

Why US oil sector relief may require green energy dealmaking

US President Donald Trump has promised relief to the ailing oil and gas sector, and it's not yet clear if the recently expanded Federal Reserve lending program is the full extent of that aid. Democrats easily blocked the administration's first attempt to help drillers in the form of buying US crude at low prices to fill the Strategic Petroleum Reserve. The incident underscored just how hard it would be to get any kind of fossil fuel relief through Congress. A recent survey by the Brunswick Group found little support among Americans for granting federal relief to the US oil and gas sector -- unless that aid is tied to emissions reductions or other environmental benefits. The survey also found little support for banning foreign crude imports to boost domestic prices. Brunswick's Stephen Power argues that there is a path for the oil industry to build a support among the public and in Congress for bipartisan federal aid. But it's going to require some give-and-take with Democrats and a willingness to consider their energy policy priorities such as federal aid to renewable sector.

15 MINMAY 4
Comments
Why US oil sector relief may require green energy dealmaking

US refiners defend surge of Saudi crude heading for US ports

A surge of Saudi crude is heading for US ports, the result of the OPEC heavyweight slashing its April selling prices during the thick of its price war with Russia last month. Oil-state senators are calling on the White House to impose tariffs or other trade barriers to stop the deliveries. So far President Trump has not addressed the looming imports, but Energy Secretary Dan Brouillette called it a case of free-market trade that happens to benefit US refiners. We spoke with two officials from AFPM, the trade group in Washington that represents those refiners. They've been lobbying the White House to resist pressure for tariffs on crude imports. Derrick Morgan, AFPM's senior vice president for federal affairs, explains the case they made to the White House against blocking foreign oil imports and why US refiners need this particular crude, even though the country already has a glut of domestic barrels searching for storage. We also look at the rough economic conditions for US refiners right now as gasoline demand has been cut in half and the timeline for states lifting stay-at-home orders remains uncertain. Susan Grissom, AFPM's chief industry analyst, tells us how US refiners are retooling their yields to focus less on gasoline than they have in the past and how that could be a long-term shift.

17 MINAPR 27
Comments
US refiners defend surge of Saudi crude heading for US ports

Sizing up oil demand recovery scenarios after a shocking spring

With the world locked down for the coronavirus, global oil demand is seeing its sharpest plunge on record. Current estimates have 2020 oil demand contracting by as little as 6.8 million b/d, as predicted by OPEC, to as much as 9.3 million b/d, according to the International Energy Agency. Still further downgrades are possible based on when economic activity starts to return. But so much is unknown about that timeline all across the globe. So how does an oil analyst predict future demand in the face of so much uncertainty? Claudio Galimberti, S&P Global Platts Analytics' head of demand, refining and agriculture, shares some of the potential recovery scenarios and what factors will influence whether the 2020 oil demand outlook stabilizes or sinks further.

16 MINAPR 20
Comments
Sizing up oil demand recovery scenarios after a shocking spring

Latest Episodes

Shifting geopolitics of energy during pandemic, trade wars and supply abundance

The fallout from the coronavirus pandemic and a host of other global tensions and trade conflicts brewing in recent months have heightened geopolitical risks to energy trade. Harvard University professor Meghan O'Sullivanshares what she sees as the top geopolitical themes likely to persist beyond the pandemic. O'Sullivan is the director of the Geopolitics of Energy Project at Harvard's Kennedy School of Government. She was a special assistant to former US President George W. Bush and a deputy national security adviser. She sees three main themes dominating: global energy abundance, the interconnectedness of oil markets and efforts to accelerate the energy transition. We also talked about whether a stunted US shale sector will weaken the impact of US sanctions and other foreign policy, the US' role around OPEC+ talks, and a potential decoupling of the US and China.

32 MIN2 d ago
Comments
Shifting geopolitics of energy during pandemic, trade wars and supply abundance

Sizing up US drilling activity and driving demand after the coronavirus crash

US oil and gas drilling has slowed to a crawl since global oil demand crashed this spring and prices tumbled with it. Now that WTI has crept back up into the high $30s/b and potentially above $40/b, have we seen the worst of this drilling slowdown? Ted Hall, a vice president at Kayrros, shares his views on current activity, bolstered by satellite and other geo-tracking. We talk about what the drilled-but-uncompleted well count means for future production and whether the US will ever return to the peak set in November 2019. Hall also shares Kayrros findings on how gasoline and diesel demand are recovering as commuters and long-haul truckers get back on the road after April lockdowns.

15 MIN1 w ago
Comments
Sizing up US drilling activity and driving demand after the coronavirus crash

The future of US oil, gas production under a Biden presidency

Rapidan Energy Group predicts sweeping changes for the energy sector if former Vice President Joe Biden beats US President Donald Trump in November. Biden's policies would have global implications for energy trade, altering US/China relations, the pace of Iran's oil recovery, trans-Atlantic climate action and other factors. In the US, a Biden White House would likely sharply limit oil and gas production on federal lands and waters, impose new climate-focused financial regulations that could restrict the industry's access to low-cost capital, and block major infrastructure projects to fulfill the campaign's climate goals. Bob McNally, president of Rapidan Energy Group, and Glenn Schwartz, director of Rapidan's Energy Policy Service, tell us why these changes are most likely and could have the biggest impact. Biden began the race for the Democratic primary as one of the most moderate candidates on energy polices but has been pushed by the progressive wing to embrace more aggressive climate actions. McNally predicts Biden will not abandon those views if he makes it to the Oval Office.

10 MIN2 w ago
Comments
The future of US oil, gas production under a Biden presidency

US shale starts to return, but how sustainable is it?

US oil producers have started announcing plans for putting shut wells back online. But just how sustainable are these plans at current prices and with the uncertain global demand outlook? And how are OPEC and its allies going to view this returning US shale production as they're deciding how long to keep their massive oil supply cuts in place? Jason Modglin, the new president of the Texas Alliance of Energy Producers, tells us how drillers in the top US oil-producing state are weighing the market uncertainties as they start to put wells back into service. Shin Kim, head of oil supply and production analytics for S&P Global Platts, predicts how high oil prices can go before OPEC starts to worry about stimulating US shale.

10 MIN3 w ago
Comments
US shale starts to return, but how sustainable is it?

What US shale will have to do to survive the demand shock and reinterest investors

The global oil demand shock is accelerating what was already coming to US shale, argues Adam Waterous, CEO of Waterous Energy Fund. Waterous argued in January on Capitol Crude that US unconventional production had peaked, and the industry's unstable financial footing set it up for massive capital flight and a prolonged downturn. Now Waterous predicts US shale output will sink by 3 million-4 million b/d from the peak of 13 million b/d if oil prices eventually return to $55/b. He thinks sustained higher prices of at least $70/b WTI will be required to bring investors back to the US shale sector and rebuild capacity that will be lost in the next 18-24 months. We also talked about what will differentiate the drillers that survive this crisis and the geopolitical consequences of a diminished US oil sector.

19 MINJUN 1
Comments
What US shale will have to do to survive the demand shock and reinterest investors

Can Congress find room for fossil fuels and green incentives in stimulus talks?

The US House of Representatives has passed the $3 trillion HEROES stimulus package with barely a mention of the energy sector. The legislation is going nowhere in its current form after Senate Republicans dismissed it out of hand and President Trump promised to veto it. So where is the financial aid that the White House promised the oil and gas sector? Kevin Book, managing director of ClearView Energy Partners, tells us how Republicans and Democrats might find energy-sector tradeoffs to include in a future compromise stimulus package. We spoke about the fate of the administration's efforts to fill the Strategic Petroleum Reserve. We look at who came out ahead in the 2015 tradeoff that opened the door for US crude exports. And Kevin talks about how the November election is looming over these negotiations in Washington.

23 MINMAY 18
Comments
Can Congress find room for fossil fuels and green incentives in stimulus talks?

Are banks freezing out the US upstream over climate or economic concerns?

Plunging demand, collapsing prices and a reeling global economy are creating an extremely tough climate for the US upstream oil and gas sector. US Senator Dan Sullivan, Republican-Alaska, argues another factor is basically kicking the sector while it's down. Sullivan says some of the largest US banks are no longer willing to lend the sector money -- not because of these economic concerns -- but because of their environmental impact. He and 15 other US senators asked the White House to investigate this practice, which they argue is unfair because the banks are benefiting right now from Congress' coronavirus relief packages. We also asked Sullivan if Arctic oil is still needed, how Alaskan operations are faring, and his campaign to increase US pressure on the Saudis for the recent oil price war.

20 MINMAY 12
Comments
Are banks freezing out the US upstream over climate or economic concerns?

Why US oil sector relief may require green energy dealmaking

US President Donald Trump has promised relief to the ailing oil and gas sector, and it's not yet clear if the recently expanded Federal Reserve lending program is the full extent of that aid. Democrats easily blocked the administration's first attempt to help drillers in the form of buying US crude at low prices to fill the Strategic Petroleum Reserve. The incident underscored just how hard it would be to get any kind of fossil fuel relief through Congress. A recent survey by the Brunswick Group found little support among Americans for granting federal relief to the US oil and gas sector -- unless that aid is tied to emissions reductions or other environmental benefits. The survey also found little support for banning foreign crude imports to boost domestic prices. Brunswick's Stephen Power argues that there is a path for the oil industry to build a support among the public and in Congress for bipartisan federal aid. But it's going to require some give-and-take with Democrats and a willingness to consider their energy policy priorities such as federal aid to renewable sector.

15 MINMAY 4
Comments
Why US oil sector relief may require green energy dealmaking

US refiners defend surge of Saudi crude heading for US ports

A surge of Saudi crude is heading for US ports, the result of the OPEC heavyweight slashing its April selling prices during the thick of its price war with Russia last month. Oil-state senators are calling on the White House to impose tariffs or other trade barriers to stop the deliveries. So far President Trump has not addressed the looming imports, but Energy Secretary Dan Brouillette called it a case of free-market trade that happens to benefit US refiners. We spoke with two officials from AFPM, the trade group in Washington that represents those refiners. They've been lobbying the White House to resist pressure for tariffs on crude imports. Derrick Morgan, AFPM's senior vice president for federal affairs, explains the case they made to the White House against blocking foreign oil imports and why US refiners need this particular crude, even though the country already has a glut of domestic barrels searching for storage. We also look at the rough economic conditions for US refiners right now as gasoline demand has been cut in half and the timeline for states lifting stay-at-home orders remains uncertain. Susan Grissom, AFPM's chief industry analyst, tells us how US refiners are retooling their yields to focus less on gasoline than they have in the past and how that could be a long-term shift.

17 MINAPR 27
Comments
US refiners defend surge of Saudi crude heading for US ports

Sizing up oil demand recovery scenarios after a shocking spring

With the world locked down for the coronavirus, global oil demand is seeing its sharpest plunge on record. Current estimates have 2020 oil demand contracting by as little as 6.8 million b/d, as predicted by OPEC, to as much as 9.3 million b/d, according to the International Energy Agency. Still further downgrades are possible based on when economic activity starts to return. But so much is unknown about that timeline all across the globe. So how does an oil analyst predict future demand in the face of so much uncertainty? Claudio Galimberti, S&P Global Platts Analytics' head of demand, refining and agriculture, shares some of the potential recovery scenarios and what factors will influence whether the 2020 oil demand outlook stabilizes or sinks further.

16 MINAPR 20
Comments
Sizing up oil demand recovery scenarios after a shocking spring
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