US companies head to Greenland to drill for oil
New oil drilling activity could add future crude supply from Greenland.
Source →The trace
How it reaches your house.
Starting from Canadian crude oil imports, we walked the supply graph hop by hop to the goods you buy and the companies you own. Each step is the engine’s reasoning, scored for confidence and cited where a source backs it.
First impact
Irving Oil →supply upIf Greenland drilling ultimately adds crude production, it modestly eases the crude oil feedstock market that Irving Oil relies on, though the effect is still contingent on permitting and development.
44% confidenceChevron Corporation →Prices easeAdded Greenland crude supply would likely soften petroleum feedstock costs for Group II/III base oils, which Chevron uses as an input, easing that input’s price pressure.
33% confidenceHop 2
Crude Oil Feedstock →supply upCrude oil feedstock is a critical input, so added crude supply should increase the availability of gasoline and diesel.
95% confidenceCrude Oil Feedstock →supply upMore crude feedstock should flow through to higher home heating oil availability because it is a direct crude-derived output.
95% confidenceCrude Oil Feedstock →Stands to benefitAs a direct crude-feedstock consumer on the graph, Irving Oil benefits from cheaper and more available input supply.
Hop 3
Gasoline and diesel →supply upMore Greenland drilling adds crude supply, directly increasing the critical feedstock that gasoline and diesel depend on.
95% confidenceLubricants and motor oil →supply upGroup II/III base oils are a critical lubricant input, and additional crude supply would tend to ease their feedstock availability.
58% confidenceHome heating oil →supply upHome heating oil is critically dependent on crude oil feedstock, so added Greenland crude supply should make that input more available.
Where it lands
What you buy, and what you own.
Goods you buy
Gasoline and diesel · Home heating oil · Lubricants and motor oil
Companies you may own
Irving Oil
Tap a company to see what it told the SEC could break it.
In the MyPRIA app, this is checked against your own holdings.