Samuel Norton on energy markets
From Why Blanket Waivers Wouldn't Help New England with OSG's Sam Norton · · American Maritime Partnership
“The principal impact has been the U.S has become far more integrated in the international markets in the last 10 years. Today probably 30 to 40 percent of everything produced in the United States is finding its way in international markets, and so when you see the disruption caused by the Russian invasion internationally, it tends to draw a lot of supply that would maybe have found its way into the United States over to overseas markets because the prices are better there.”
On , Samuel Norton, President, Chief Executive Officer & Director at OVERSEAS SHIPHOLDING GROUP, spoke about energy markets 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.