BROADCASTS.com

b'Pledging new sanctions, G7 to stand with Ukraine \'for as long as it takes\'
https://www.reuters.com/business/energy/g7-hike-sanctions-russia-close-oil-price-cap-deal-us-official-2022-06-27/
- What can G7 nations do to Russia at this point?
- Recession could send prices down and that might hurt Russia
- How can the plan to put a price cap on Russian be implemented?

Output from OPEC+ to go down in 2023 as sanctions take their toll on Russian volumes
https://www.offshore-energy.biz/output-from-opec-to-go-down-in-2023-as-sanctions-take-their-toll-on-russian-volumes/

Oil prices could slump to $75 a barrel in a recession \\u2014 or jump to $150 if European sanctions slam Russian supplies, BofA says
https://markets.businessinsider.com/news/commodities/oil-prices-brent-crude-recession-outlook-europe-russia-sanctions-bofa-2022-6
- a recession could hurt Russian revenue

US Export Ban Likely to Backfire, Market Players Say
https://www.energyintel.com/00000181-732e-d443-a9db-f7aee6290000

Interview with Chet Thompson, CEO of AFPM
- Represent US refining industry
- 7 of the refiners they represent got letters from President about the price of gasoline and diesel suggesting that prices are high because they are sitting on refining capacity.
- Refiners don\'t love where gasoline and diesel prices are today either
- Had been engaging with Biden admin for weeks about how to help with supply/demand imbalances so tone and rhetoric or letter caught off guard.
- Public should appreciate that refiners aren\'t holding back capacity.
- Industry is running at 94% capacity, which is basically full out
- President Biden\'s policies are participating to situation. Anti-fuel producer rhetoric is high
- Thursday meeting was constructive, hopefully some good outcomes
- Regulatory uncertainty - what keeps industry up at night? Regulatory uncertainty was the number one answer.
- How is an industry supposed to prepare and comply with regulations when they are habitually late or unclear?
- Tailpipe emissions standards basically mean 17% EVs
- California wants to ban ICE by 2035!
- Crude is to refining industry, what flour is to a baker.
- Refining has much smaller margins historically - they are NOT big oil
- Refining industry doesn\'t like crude oil prices where they are now.
- Crude oil has no value without refining.
- Educating public on role of refining in gasoline. Without refining there is no energy security. pressing folks to understand that for a long time.
- 60% of gasoline price is crude oil. Refining is a little higher component of gasoline price than it has been. 25% range, according to EIA. The rest is marketing.
- Of the 150,000 gasoline stations, 95% are independently operated, not the company that is the brand name on the station.
- How to make the message stick? Historically people have taken it for granted that gasoline is less than a bottle of water and that you can take kids to school, heat houses for granted. Now people are taking notice.
- Loss of refining capacity in US. Why? regulatory policies. 40% of all shutdowns, RFS contributing to shutdowns. People are more open to having these conversations now that gasoline is so expensive.
- We take responsibility to provide energy very seriously
- Producing and refining energy is important to our country. lifeblood of communities. we need to produce products that the world needs in a clearer, safer way and they are doing it.
- Should talk about evolutions not transitions
- Shouldn\'t transition until we are actually ready
- Right now folks are talking about the margins we are making. A couple years ago we were talking about negative crude. Our guys were losing millions of dollars. Refiners and manufacturers couldn\'t shut down, had to go to work and produce fuels and petrochemicals that were needed to get through Covid era even when experiencing huge losses.
- policies they admin CAN adopt that will bring down prices but that won\'t come through hostile policies. President should get out in front of a refinery and say "this industry is important" and "adopt policies to further US independence and good things will follow."

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