Samuel Norton on LNG supply
From Why Blanket Waivers Wouldn't Help New England with OSG's Sam Norton · · American Maritime Partnership
“New England relies heavily on spot markets for LNG when supplies are normal, but when disruptions occur, like with the Russian-Ukraine situation, the spot market becomes volatile or disappears altogether. New England should build surplus storage capacity and contract deliveries spread throughout the year to reduce exposure to price spikes and supply volatility.”
On , Samuel Norton, President, Chief Executive Officer & Director at OVERSEAS SHIPHOLDING GROUP, spoke about LNG supply during Why Blanket Waivers Wouldn't Help New England with OSG's Sam Norton on American Maritime Partnership.
About Samuel Norton
In a September 2023 podcast appearance, Sam Norton, president and CEO of Overseas Shipholding Group (OSG), discussed energy markets, the Jones Act, and New England's energy challenges. Norton stated that the U.S. has become "far more integrated" in international energy markets, with 30 to 40 percent of domestic production going overseas, and that disruptions like the Russian invasion draw supply away from the U.S. He argued that waiving the Jones Act would have "less than one cent per gallon" impact on retail fuel prices and called the law an "easy scapegoat" for energy shortages. Norton described New England as an "energy island by choice" due to opposition to new pipelines, and said that without sufficient storage capacity, blanket waivers would not solve supply threats. Norton also addressed diesel markets, noting that high European prices drew U.S. diesel exports, but that the market has since adjusted with supplies moving to restock inventories. He said OSG vessels have delivered diesel and gasoline to New York Harbor and New Haven as directed by customers. On decarbonization, Norton said OSG joined the Blue Sky Maritime Coalition to collaborate on reducing emissions, and he expressed optimism that carbon capture technology could be economically scaled on vessels within five to ten years.