Energy Notes -- May 13, 2022

What are the top energy stories right now (for the archives):

• energy transition is dead; we just don't know it yet;
• analysts and policymakers are under-estimating the impact of losing millions of Russian boe every day for the rest of this year, and who knows how long after that;
• there is no spare capacity (crude oil); many folks have been saying that for quite some time but for OPEC to say it, that's pretty much the last nail in the coffin;
• the US will save Europe's butt again, this time with LNG;
• Russia's oil sector will implode, following by its overall economy; 
• killing the Keystone XL was a bigger deal than even I thought: think diesel and heating fuel)
  

WTI: $110.

Bakken rigs: this is pretty cool. Bakken is singled out by S&P Global --

• noted that Bakken's rig count is the highest since 2020
• it would be nice to see the historical data but the NDIC oil and gas server is down and expected to be down for the rest of the year.

Reason for high fuel prices: part of this is correct, but only part of it. Inflation also pays a huge role.
Saudi energy minister: insufficient investment to blame for high fuel prices; link here.

• okay, let's say that's accurate, that insufficient investment is to blame for high fuel prices, the next question is why was their insufficient investment;
• who was most responsible for that insufficient investment; not to place blame, but to see if those folks are thinking differently about investment; if not, things will continue to get worse (as far as highprices go) 

Refiners: years ago I said I would never invest in refiners. Now, it turns out, I own shares in four companies that are among the top ten US oil refiners. Link here. In fact, I own shares in four of the top five, by capacity.

Disclaimer: this is not an investment site.  Do not make any investment, financial, job, career, travel, or relationship decisions based on what you read here or think you may have read here.

All my posts are done quickly: there will be content and typographical errors. If anything on any of my posts is important to you, go to the source. If/when I find typographical / content errors, I will correct them.

OXY: Buffett buys another million shares. That's pretty funny that that is a headline -- in fact BRK already had about 142 million shares.

• 900,000 / 142.7 million = 0.6% (yawn)
• apparently BRK's portfolio has "more than" 143 million shares of OXY which equals about 15.3% of the company.
• 143 million is 15.3% of what
• 143 million / 0.153 = 935 million
• 20% of 935 million = 187 million
• 187 - 143 = 44 million x $60 = $2.6 billion