297 episodes

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.

Capitol Crude: The US Oil Policy Podcast S&P Global Platts

    • Business News
    • 3.7, 3 Ratings

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.

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

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

    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 min
    Why US oil sector relief may require green energy dealmaking

    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 min
    US refiners defend surge of Saudi crude heading for US ports

    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 min
    Sizing up oil demand recovery scenarios after a shocking spring

    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 min
    Has Trump found religion on low oil prices?

    Has Trump found religion on low oil prices?

    President Donald Trump once saw gasoline prices below $1/gallon one of his greatest assets in his re-election campaign,
    but low oil prices have pushed US shale and American energy dominance to the brink of collapse and his views have changed.
    On this week’s podcast, Bob McNally, president of Rapidan Energy Group, talks about the new OPEC+ agreement, the damage the price war may have had on US-Saudi relations, and where the “new normal” for global oil demand might be after global coronavirus restrictions are eased. McNally also talks about why Trump, a major fan of low gasoline prices and outspoken OPEC critic, now sees that oil prices can fall too low and why his view of the market has shifted on the fly.
    McNally is a former White House energy adviser and author of the book "Crude Volatility: The History and the Future of
    Boom-Bust Oil Prices."

    • 18 min

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