Big Tech Helped Bring On An Energy Crisis

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

Stuart Turley: [00:00:15] Hello, everybody. Welcome to the Energy News Beat podcast daily stand up. My name’s Stu Turley, president CEO at the sandstone Group. Michael Sound. Having a little bit of fun today we’re getting ready for a visit with the Americans for prosperity tomorrow and Ted Cruz and all and 16 other CEOs. It’s going to be a blast. For tonight’s top stories, please. Let’s take a look. Shell plans to cut jobs in offshore wind businesses. CEO refocuses on oil and gas. Then we have Germany repurposes underground gas storage for green hydrogen. That’s a Hindenburg waiting to happen right there. True cost of abandoning the gold standard. This is a real problem. We should have never left the gold standard. Let’s take a look at the next one coming around the corner. How big tech has helped bring America’s new energy crisis. Oil falls on weak treasury auction, and it boosts the dollar. Conoco, Phillips to buy marathon oil and a $17 billion all stock deal that bolsters shale assets. I’ll tell you, this is kind of cool, but, Michael is going to go through this in a little bit more detail when he gets back. [00:01:37][82.6]

Stuart Turley: [00:01:38] So let’s get started and start running. Shell plans job cuts in northwest wind business as CEO refocuses on oil and gas. This is a Bloomberg story. And this is a quote British royal major begins the layoffs within months, mainly in Europe. Quote we are concentrating on select markets and segments to deliver the most value for our investors and consumers. A shell spokesperson said shell is looking amplification, meaning wind farms are not profitable and they are really focusing on money coming. Bang. That’s why you’re also seeing the they’re trying to, take a look and see if they want to list in the US to have access to the U.S investors. So this is going to be, very interesting to watch as another, major oil company is saying, hey, we’ve got to give money back to our investors. We’ve got to, be fiscally responsible. And that means not throwing your money down a wind turbine. [00:02:47][68.8]

Stuart Turley: [00:02:48] So let’s go over here and take a look at Germany. Germany repurposes underground gas storage for green hydrogen. Holy smokes. Batman. Germany’s government approved on Wednesday a draft law to enable faster deployment of hydrogen projects in infrastructure by fast tracking, permitting and environmental checks for hydrogen production, storage and transportation, and government sources told Reuters. I’ll tell you, I got one word Hindenburg. This is not a good thing. Hydrogen and pipelines and natural gas and renewing a natural gas storage plant, facility, in order to put in green hydrogen adds up to a lot of expense, a lot of technical corrosion. And is it going to be something that’s actually even going to make a difference on the overall, environment? I don’t think so. Germany, quote unquote, plans to spend €559,000,550 million, a direct grant and conditional payment mechanism, up to 157 billion, or €1.45 billion, to support the second Krupp steel Europe. And that’s trying to make you get to use, instead of natural gas, hydrogen. This has all the makings of another failure. My, transport, in repurposing underground gas storage for transporting and storing green hydrogen. If they pull it off, I want to be the first to admit and call up Edgar Lage. In the end, he’s the CEO of Saff. I would love to go visit with him. So if I’m wrong, I’d love to have him on the podcast. [00:04:48][119.6]

Stuart Turley: [00:04:49] Let’s go to the next one here. True cost of abandoning the gold standard. The gold standard is something that, we should have never left. Returning to the gold standard would limit the issuance of new currency. It’s the only way that we are going to get out of debt is to get a grip on our fiscal, sanity again. There are geopolitical reasons why the U.S abandoned the gold standard in 1971. I personally also think that we should have never left, and created the fed. You know, I believe that was 1913. And since the fed has been created, which is a different issue. We have lost 93% of the purchasing value of the dollar. So, I believe that we need to, I don’t know if we’ll ever get rid of the fed, but the fed is a non-government, governmental financial body. Here’s where we come into this. The conviction that the answer is yes is widespread in the fact that President Nixon closing the gold window in 1971, the convertibility of the U.S. dollar to gold in international foreign exchange markets, the original sin that doomed the inflationary hell of, fiat currency, i.e. currency unbacked by anything, tangible, such as gold or silver. It is the one of the biggest reasons that we are in trillions, $34 trillion worth of debt. And, we need to get back to it. We need to get back to, not being in debt. I don’t know that we’ll ever get there. So when we take a look at, this this is an excellent, story, from oil price.com. [00:06:46][117.7]

Stuart Turley: [00:06:48] Let’s go to the next story. How big tech has helped America’s new energy crisis. When we sit back and take a look. Big dig may be the single reason that we do not have an energy transition. I don’t believe that the word transition is properly used there. Tech giants have, propagandized against reliable fossil fuel power plants by falsely claiming to be 100% renewable and implying everyone to do, could do it. Epstein continued, in fact, this is Alex Epstein. In fact, they have just paid utilities to credit them for other solar and wind. Blame others for their coal and gas use. This is very much like Google. Google censors me, and they. I loved it when they said, green since 1977. And then they. Had to change it, and they’ve changed their stories and everything else. They’re not green. Do you know how much power they use and how much they. They don’t. Anyway, so Apple CEO Tim Cook got bragging, rights. California got brownouts. Even Texas, one of the better run states of the union, has made itself overreliant on unreliable energy sources. What a great quote in there. So, big tech firms have been loudly trumpeting on how green they have been quietly shopping. All the while they’ve been shopping for nuclear power to run their data centers. Nuclear is going to be the sustainable data center in a. I insurance companies are going to be the death of the energy transition. Either your electric vehicles won’t be able to be insured, or your insurance is going to go so high on your homes, and because of the fires and everything else. So anyway, big tech, insurance. You gotta love it. [00:09:01][133.1]

Stuart Turley: [00:09:01] Let’s go to Oil Falls as we Treasury auction, boost the dollar. I’ll tell you, this is kind of crazy. Oil retreated as another weak sale of treasuries raised. Concerned about raising yields, stoking, mood across the financial, markets. West Texas, WTI, settled about 80 bucks as equities declined. U.S. bench is up around 14%. U.S. benchmark crude is about 14% over 12 months because of the tensions across the Middle East and cuts, around, the Petroleum Exporting Countries, the producers group will hold an online meeting this Sunday and is projected to extend its, curbs into the second half of the year. So they’re not going to be doing that. I think it’s going to be pretty interesting. [00:09:55][54.1]

Stuart Turley: [00:09:56] Let’s go to Conoco Phillips to buy Marathon Oil in 17 billion almost stock deal that bolsters the shale assets. I have not gone through the details of this, but when they’re talking about it, it’s going to be reaching across Texas, New Mexico, North Dakota and adding 2 billion barrels of resources to, ConocoPhillips. Pretty strong purchase. I am going to be visiting tomorrow with Ted Cruz, Senator Ted Cruz and the folks over at Americans for prosperity and Steve Reese of Reese Consulting. And Steve knows a lot about this deal, and I will have some more information as we take a deeper dive on this. The acquisition of marathon deepens the portfolio. This is a quote, in fits within our financial framework, adding high quality, low cost of supply inventory adjacent to our leading U.S. unconventional position, ConocoPhillips CEO Ryan Lance said in a statement. Lance said the transition would grow Quantico Phillips earnings, cash flow and shareholder returns after the deal closes in the fourth quarter. ConocoPhillips expects shares buybacks worth 7 billion in the first year. That’s pretty strong. Anyway, hats off to ConocoPhillips for that. [00:11:19][83.2]

Stuart Turley: [00:11:20] Hey, with that like subscribe. Share. I’ll tell you what. Tell your friends, hug your pets, tell them about energy Newsbeat podcast. We appreciate one. And everyone, all of our fans. Thanks and have an absolutely wonderful day. [00:11:20][0.0][659.0]

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