Biden-Harris Infrastructure Bill is a complete failure

Energy News Beat

Daily Standup Top Stories

Trouble Deepens for North Sea Oil and Gas

North Sea oil and gas operators are not just facing the prospect of higher windfall taxes, they are now also finding it more difficult to get loans from UK banks. The windfall profit tax was […]

Goldman Sees Upside for Oil Prices Amid Supply Concerns

Goldman Sachs expects Brent crude oil prices to see some upside in the fourth quarter, potentially reaching $77 per barrel. The bank’s outlook is driven by several key factors, including a recent interest rate cut […]

As Demand Drops, Automakers Reverse EV Targets Despite Billions In Biden-Harris Subsidies

Automakers are backpedaling on EV targets as consumer demand wanes, despite billions in Biden-Harris subsidies and a push for charging stations. Automakers have continued to backpedal on electric vehicle (EV) targets over the last year […]

Infrastructure Bill’s Big-Budget Projects A ‘Complete Failure’ Despite Billions Spent

The infrastructure bill, once hailed as a game-changer, has flopped—rural broadband and EV stations are stuck in the slow lane, leaving critics fuming. Democrats have touted the infrastructure bill Congress passed in 2021 as a […]

U.S. LNG Permit Freeze Sparks Export Boom in Canada and Mexico

The Biden administration’s pause on new LNG export permits has created a market opportunity for Canada, Mexico, and Argentina to increase their LNG exports to Asia. These countries are investing billions of dollars in LNG […]

Highlights of the Podcast

00:00 – Intro

01:03 – Trouble Deepens for North Sea Oil and Gas

03:21 – Goldman Sees Upside for Oil Prices Amid Supply Concerns

04:20 – As Demand Drops, Automakers Reverse EV Targets Despite Billions In Biden-Harris Subsidies

07:34 – Infrastructure Bill’s Big-Budget Projects A ‘Complete Failure’ Despite Billions Spent

08:25 – U.S. LNG Permit Freeze Sparks Export Boom in Canada and Mexico

10:14 – Outro

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Video Transcription edited for grammar. We disavow any errors unless they make us look better or smarter.

Stuart Tiurley: [00:00:10] Hello, everybody. I’m the Energy News Beat daily stand up. My name’s Stu Turley. President of the Sandstone Group. Today is September 25th. Buckle up. It is a crazy ride out there. Trouble deepens for North Sea oil and gas. Next story Goldman sees upside for oil prices amid supply concerns. Here we go with the next three Biden-Harris stories. As demand drops, automakers Reverse ATV target Despite Billions in Harris Biden Subsidies Infrastructure Bill. Big budget projects a complete failure despite billions spent. U.S. LNG permit freeze Sparks Export boom in Canada and Mexico. Holy smokes. It is just crazy out there. [00:01:03][52.7]

Stuart Tiurley: [00:01:03] But let’s go ahead and get started with our first story here. Trouble deepens for North Sea oil and gas. North Sea oil and gas operators are not just facing the prospect of higher windfall taxes. They are also now finding it more difficult to get loans from UK banks. This is critical because right now, just to meet normal decline curves, the world needs trillions in investment in oil and gas. So we’re at $75 a barrel right now. If we’re not investing in oil in order to get the next wells dug, we will be having some higher prices. According to data from the Norwegian Investment Bank. Spare Bank One markets a reserve based lending to oil and gas operators in the UK’s North Sea had fallen by 40 to 50% since introduction of the windfall profit tax. The UK green policies are absolutely destroying their oil and gas environment and some of the most horrific energy policies that you can possibly see in the world are going on in the UK right now. So watch what’s going on in the UK and vote for Kamala Harris if you want high energy prices and green policies. They will cause deindustrialization. The rest of the story is just as brutal as this is. Here’s a direct quote The North Sea oil and gas industry, particularly in Scotland, is being starved of finance. One in Energy Insider told the Financial Times. This financial strain extends beyond traditional banks because even insurance companies are beginning to withdraw support, which threatens the viability of many businesses. David Larson, CEO of Prosor, which provides offshore operators with subsea control systems. This is a huge story and wants to be industrialized like Germany is doing, and the UK is going to take out their biggest asset, which is the North Sea. They’re going to hit bottom fast and hard. [00:03:20][137.2]

Stuart Tiurley: [00:03:21] Let’s throw it in the next story. Goldman sees Upside for oil Prices Amid Supply Concerns. Goldman Sachs is saying in the article Expect Brant crude oil prices to see some upside in the fourth quarter, potentially reaching $77 per barrel. The bank’s outlook is driven by several key factors, including a recent interest rate cut by the Federal Reserve alongside U.S. strong economic data. Additionally, Hurricane Helen’s information reminds markets that hurricanes still have the power to disrupt oil supply. I’ll tell you, I kind of agree with them a little bit, but I still think oil I’m almost a permeable. Because without the money being invested in it, we will see higher prices. So maybe we will see it that 70 to $80 range between now and the end of the year. I think we’re just one little accident away from higher prices. [00:04:19][57.9]

Stuart Tiurley: [00:04:20] So let’s go to the next story here. As demand drops, automakers reverse EV targets despite billions in Biden-Harris subsidies. This is actually abysmal when you consider that the Harris Biden administration had tried to force the United States into EVs. And some of the EV numbers are pretty amazing when you sit back and take a look at from a global perspective, how many of these are on the road and how much they’ve saved in climate change, quote unquote. Not much, if at all. Any. And so in fact, nothing. Because by the time you add the extra wear and tear on the tires, they go through the tires twice as much by the time you add the diesel you have. And all of the things it takes to make in the car. There’s been a negligible effect on the environment. In fact, it’s about to be a negative impact on the environment when you consider the batteries for all of them that are coming out of service and are going to need to be recycled. And the recycling market for those batteries is nonexistent right now for a wide array of automakers have abandoned the EV goal since February with Volvo, Ford and Mercedes-Benz all dialing back electric quotas or dropping previously planned product lines. This is huge. The auto industry’s change in direction is despite billions in subsidies doled out to the industry via the 2021 bipartisan Infrastructure bill and the 2020 Inflation Reduction Act. Both of those should be called the Particulars Bill Bundle, with the White House offering a 7500 federal tax credit for certain EVs. See, this is where they really did not do any any favors because only the folks need a $7,500 tax deduction or break can get it. But then it didn’t even work on all of the cars. Like only one. The Ford Mustangs would even qualify and then all of the other. So the regulations designed to phase out internal combustion engines, including tailpipe emissions rules, would effectively require 67% of light duty vehicles sold after model year 30, 20, 32 to be electric or hybrids. It ain’t going to happen. And Toyota is leading the charge on the hybrids and the rest of the market is behind. So Ford even canceled plans to produce three row electric mule vehicle SUV in August and reduced output of its Ford F-150 lightning pickup in January. Ford lost $4.7 billion in 2023, equating to nearly $65,000 per EV it sold. We’re not going to launch vehicles unless they are going to be profitable within 12 months of launch. That’s pretty strong. Hats off to them. They’ve got to stay in business and government needs to stay out of the way of business. [00:07:34][193.8]

Stuart Tiurley: [00:07:34] Let’s go to the infrastructure. Big bills, big budget projects, a complete failure despite billions spent, you know, a multibillion dollar effort to build thousands of electric vehicle charging stations across the country has so far yielded a handful of stations. I think seven. This is absolutely nuts. The 1.2 trillion in spending on what the White House called a once in a generation investment in our nation’s infrastructure and competitiveness was a complete failure. Number one, is the Biden administration absolutely determined to apply as many different left wing mandates as it can dream? In fact, President Biden actually said maybe we should have called it what it actually was. I would vote for the poor keyless bill, as Dan Bongino would say. Well, let’s take a look at this last story here. [00:08:25][50.6]

Stuart Tiurley: [00:08:25] The last story is U.S. LNG permit freeze sparked export boom in Canada and Mexico. This absolutely is critical during this election season right now because the Biden administration pause on new LNG export permits has created a market opportunity for Canada and Mexico and Argentina to increase their LNG exports to Asia. They are just absolutely taking market share and putting in long term contracts. Who’s the loser? The U.S. energy market is the user and the U.S. consumer, and it’s all because of bad information from bad policies, from bad policy leaders. This is critical when you take a look at Canada and Mexico are rushing left and right in there. He would pause the approvals on licenses on January 26th. Then the Chevron deference got rolled out from the Supreme Court. They lost in court and then they’ve turned around and they refiled again. So as you’re looking at, Vice President Kamala Harris is saying, I am not going to ban fracking. Okay. Watch my lips, read my lips, whatever you want to say it is. She will not ban fracking, but she’s going to go lawfare and take everything to court and go through legislation, through regulatory actions to ban fracking. So you have to be careful during this election cycle. It is absolutely abysmal what the Harris Biden ad. Ministration is doing to the U.S. energy markets right now. [00:10:13][108.0]

Stuart Tiurley: [00:10:14] So I do want to give a shout out to Michael and our team. And if you are a investor and you’re looking to put your money where you’re not sure if it’s in the stock market and you’re needing tax deductions, please reach out to us. We have partnered with Rey Trevino of Pecos Operating and it is an outstanding investment. We look at deals all the time and we only pick 1 or 2 to take a look at. And absolutely I’m invested in it and it is a very good investment. I’m making about 32% on it. If you like tax deductions and money, give us a call anyway with that. Have a great day. Like subscribe, read this to your pets. And we really appreciate everybody out there that’s listening to this channel. Have an absolutely fantastic day talk to you all soon. [00:10:14][0.0][600.3]

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