Samuel Norton on diesel market
From Why Blanket Waivers Wouldn't Help New England with OSG's Sam Norton · · American Maritime Partnership
“The diesel market was impacted by the Russian invasion of Ukraine, as much of the diesel produced in the U.S. was exported to Europe where prices were higher, leading to lower domestic inventories. However, the market has since adjusted, and supplies have begun to move up the East Coast to restock inventories, alleviating the shortage concerns.”
On , Samuel Norton, President, Chief Executive Officer & Director at OVERSEAS SHIPHOLDING GROUP, spoke about diesel market 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.