Energy News Beat

Kristalina Georgieva, a Bulgarian economist who serves as the managing director of the International Monetary Fund, said Monday that the IMF wants to see countries implement punishing new carbon taxes to “fight climate change.”

She delivered her dire message at the United Nations COP28 climate summit, where globalists in attendance flew in on jets and you can bet they are being chauffeured around in luxury automobiles and dining on the finest cuts of beef and other delicacies.

“We are very keen to give the biggest possible incentive for decarbonization, which is putting a price on carbon,” Georgieva said at the summit in the United Arab Emirates. “That price needs to go up, up, up if we are to speed up decarbonization.”

The IMF boss also tried to justify carbon taxes by saying they would raise revenues for governments.

“We are a huge proponent of carbon price,” she said, in a bold statement that seems to indicate only the rich will be allowed to maintain their current lifestyles if the globalists get their way on climate change policies.

Check out her audacious comments in the video below.

Georgieva has broken it down in very simple terms for us serfs. Climate change means more money for governments to expand their power and control over the way we live our lives. It will provide a wonderful new excuse to reach into our pockets and rob us of your hard-earned money, then using that stolen money to hire more bureaucrats whose sole purpose will be to disrupt the middle-class lifestyle while creating new barriers for poor people seeking to rise up into the middle class.

Georgieva is a globalist elitist sitting there at COP28 under the banner of the IMF and World Bank, admitting in the wide open that what the globalists want is a global tax that punishes people for driving gas-powered cars, heating their homes, cooking on gas ranges, eating meat, flying on planes, etc.

These are all things that your typical middle-class family sees not as luxuries but as everyday necessities. If the globalists get their way, only the rich will be able to afford these things. The rest of us will be left to fend for ourselves in cold, dank little apartments, riding our bicycles to work, or catching the bus, while coming home to a dinner of meal worms and crickets.

No thanks.

These people sitting on their high and lofty perches at these globalist summits have somehow gotten the mistaken idea that they can lord their perverse ideology over us and make us conform to a lifestyle fit for the Middle Ages, while they dine on filet mignon and caviar and move about in their expensive SUVs and private jets.

As more people figure out what decarbonization and net zero emissions will actually mean for their own way of life, you can bet these globalists are going to have to run for cover.

That’s why we do what we do here at LeoHohmann.com, reporting and informing in an effort to wake up the sleeping masses. We must get them to realize that if we remain on the current trajectory, we will live as slaves.

In order to truly enforce such a dystopian society, they will crash the dollar and the rest of the global fiat currencies, replace them with digital and programmable CBDCs (Central Bank Digital Currencies), and require biometric digital IDs of all people, with your digital ID tied to your bank account. Once this is enforcement mechanism is in place, it’s game over. I believe this is all set to be accomplished by the end of 2025. That means 2024 will be a pivotal year in which a series of crises are launched aimed at gettting more of us into a desperate situation. For only a desperate people will accept a life of techno-slavery in a 24/7 surveillance state.

Live free. Never comply. Use cash whenever possible. Never submit to a digital ID. There’s been too much compliance already, which is why we stand at the door of domination by these evil parasites.

LeoHohmann.com is 100 percent reader supported and receives no ads, sponsorships or grants from any government or corporate entity. This allows me to be 100 percent independent in my reporting. If you appreciate my work and would like to support it, you man send a donation of any size c/o Leo Hohmann, P.O. Box 291, Newnan, GA 30264. Thank you for your support.

Source: Leohohmann.com

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The post IMF boss says governments need to impose global carbon tax on citizens to punish them for using energy appeared first on Energy News Beat.

 

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Despite well over $1 trillion so far spent by governments on “green energy,” the iShares Global Clean Energy E.T.F., an exchange-traded fund that tracks the entire industry, is down more than 30 percent this year. Further, since the start of 2021, the fund has lost more than 50 percent. The portfolio of the iShares Global Clean Energy ETF is heavily invested in solar, wind, and hydrogen stocks, including SolarEdge, First Solar, Sunrun, Orsted, and Plug Power. Therefore, it is not surprising that solar and wind stock funds have also dropped. The Invesco Solar E.T.F. is down more than 40 percent this year and almost 60 percent since January 1, 2021. The First Trust Global Wind Energy E.T.F. lost about 20 percent this year and about 40 percent since January 1, 2021. Renewable energy companies have been hard hit as rising interest rates from torrid government spending increased costs and moderated consumer enthusiasm in many countries, reducing stock valuations for renewable companies that are not producing large profits.

A Brutal Correction

The largest clean energy ETF, QCLN, has suffered an almost 50 percent decline since its peak in 2021.

Source: Securities.io

Individual renewable companies are also seeing the same stock trend. SolarEdge, which provides equipment that converts energy from solar panels into power that can be transmitted through electric grids, warned on October 17 that demand for its products was lagging. The market responded by dropping it share value by almost 30 percent in a single day. Other solar companies are seeing the same fate. Enphase Energy, a rival firm, lost almost 40 percent since October 17.

Wind energy companies also saw the same fate. Shares of Orsted, the Danish wind turbine company, fell nearly 26 percent after it announced that it might have to write down as much as $5.6 billion on the value of its offshore wind projects in the United States. The company canceled two projects, known as Ocean Wind 1 and 2, that were to supply New Jersey with electricity, and some of its projects for New York and Connecticut have also run into trouble. In October, New York State’s Public Service Commission rejected requests from Orsted and several other companies — including BP and Equinor — for billions in electric rate increases to help defray their escalating costs that are caused by inflation and higher interest rates. Orsted, however, is completing a N.Y. offshore wind project. South Fork Wind, a set of wind turbines 30 miles east of Montauk Point, Long Island, is scheduled to generate electricity before the end of the year.

Shares in Siemens Energy fell to record lows after the energy-technology company said it was asking the German government and banks for guarantees to back long-term projects. Its stock fell by 39 percent in Frankfurt, hitting the lowest levels since it was spun off as a public company in 2020. Shares in former owner Siemens, a large shareholder, fell nearly 5 percent. Siemens Energy expects its wind business, Siemens Gamesa, to record lower revenues and higher losses than market expectations through the next fiscal year. The industry is challenged by higher borrowing costs that builds on years of supply-chain disruptions from Covid-19 lockdowns and higher costs.

The selling in renewables intensified after NextEra Energy Partners, a subsidiary of NextEra Energy focused on renewables, cut its growth target by half to 6 percent through at least 2026 as tighter monetary policy and higher interest rates affected the financing needed to grow distributions at 12 percent. NextEra Energy Partners is down 69.27 percent year to date, on pace for its worst year on record, while its parent company NextEra Energy hit a 52-week low recently, down 42 percent year to date. NextEra is the world’s largest renewable developer.

Background

Some of the biggest solar companies initially rallied after Russia invaded Ukraine in late February 2022 and oil prices spiked. The invasion hastened investments towards green technologies in Europe and the United States as oil and natural gas became more expensive and governments justified a need to rely on other sources of energy. Biden’s climate legislation, the Democrat-passed Inflation Reduction Act (IRA) of 2022 was also a boon for renewable energy companies, with “clean” energy stocks the clear winners. The IRA provides tax credits for companies to manufacture items like solar panels and wind turbine parts in the United States. The law also offers credits of up to $7,500 for electric vehicles assembled domestically. The Biden administration has directed more than $1 trillion in spending commitments in the U.S. alone.

But some of the federal and local government’s green initiatives are scaling back. Earlier this year, policy changes went into effect in California, the largest U.S. solar market. The new measures reduced the money credited to rooftop solar panel owners for sending excess power into the grid. California’s net metering reform created headwinds for companies like Enphase Energy. In April, the solar inverter maker’s stock fell 25 percent in one day following disappointing second quarter revenue guidance amid concerns of slowing demand. In July, the stock took another hit of 11 percent in one day after Enphase Energy’s third quarter guidance came in weaker than expected.

The delay of offshore wind farms in the Northeast is another setback for the renewable industry. Six Democratic governors recently sent a letter to the Biden Administration asking for even more federal help with planned projects after wind developers asked to renegotiate contracts due to rising costs, dwindling supply chain issues, and tighter credit.

Without federal action, offshore wind deployment in the United States is at serious risk of stalling because ratepayers are unable to absorb the significant new costs, particularly given that offshore wind is a very expensive technology to begin with. This is in addition to its already enormous subsidies, reduced royalties, and other inducements. It is more than triple the cost of onshore wind. The Democratic governors are asking for the Biden Administration to ensure offshore wind projects are fully eligible for federal clean energy tax credits under the Inflation Reduction Act, and they also want the government to expedite clean energy permitting.

Will It Continue?

The latest Bloomberg MLIV Pulse survey of over 600 professional and retail investors revealed that more than half expect the downturn in ‘green’ energy stocks to persist into next year. The survey was conducted from November 13 to the 24th globally. Most respondents, 57 percent (353), expect the selloff to continue next year. And, 43 percent (267) expect “green stocks” to find a near-term bottom.

Conclusion

Renewable stocks are taking a beating in the utility sector. It may be a sign that Investors are betting that going green will take longer and require more capital in a higher-for-longer interest rate environment. Utilities struggle with converting to more green energy as their operating margins are squeezed until they can get their utility rates increased by their Public Service Commissions.  Higher interest rates are impacting the renewable sector because “clean” energy projects are capital intensive. And, falling valuations are making it harder for companies to tap into public markets to fund their projects. Despite the common interpretation that renewable (wind and solar) energy are “free” because the resource is free, the reality is that they are capital intensive, weather-driven, and intermittent—not affordable nor reliable. It clearly is expensive to go “green”.

Source: Instituteforenergyresearch.org

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The post “Green” Energy Stocks Are Not Faring Well appeared first on Energy News Beat.

 

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Temperatures plunged last week across Europe and the wind stopped blowing for a number of days. Without gas- and coal-fired turbines coming immediately to the rescue, thousands of people could have perished in the bitter cold. Yet natural gas is being legislated out of existence as a source of electricity across the continent. The black lie at the heart of Net Zero energy fantasies is that there are workable back-ups for intermittent wind and solar. Apart from oil and gas, there are none. Once politicians remove them from the mix – if elected, the British Labour party plans this in barely 60 months – the old and the infirm will shiver and die when a windless electricity grid produces negligible amounts of crucial power.

Exaggeration? Not really. Earlier this year, Lord Frost delivered the annual GWPF lecture on Net Zero which he titled ‘Not Dark Yet, But’s It’s Getting There’. He felt that members of Western governments “actively prefer to live in complete cognitive dissonance rather than confront what they know in their hearts: that they are pursuing unfeasible and internally contradictory policies”. There can be no excuse for what Lord Frost describes as “high status” opinions on Net Zero. The lack of ‘green’ back-up for intermittent power is becoming obvious to all but the most blinkered and boneheaded. But a wilful refusal to confront the issue is the current default ‘settled’ position. If the grid collapses in a few years’ time, the politicians and all their trusted messengers in the media will have a great deal of explaining to do. As the frozen bodies pile up, their trite, pseudoscientific, ‘saving the planet’ political slogans will be found somewhat wanting.

The idea that we can power most of our energy from the wind and the sun has been kept afloat by the promise of massive battery storage. There can be no further excuse for peddling this delusion. Earlier this year, the U.K. Royal Society published a wide-ranging storage paper pointing out that current batteries cannot possibly store more than a fraction of the energy needed to support the grid when wind fails. And fail it does, not just during spells of extremely cold weather but, as the Royal Society pointed out, during past annual low wind speed periods. Desperate to keep the Net Zero fiction alive, the Royal Society promoted hydrogen as a back-up, an idea only slightly less dumb than digging up the planet to produce vast quantities of limited life batteries.

Highly explosive, expensive to extract, weak kinetic energy compared to natural gas, difficult to store and move around – there is no end to the disadvantages of hydrogen. The Royal Society seems to envisage a new nationwide complex of storage and pipes that would likely cost hundreds of billions of pounds. Francis Menton of the Manhattan Contrarian noted that the Royal Society’s paper contained valuable information, but was “actually useless for any public policy purpose”.

Wherever you look, promoters of green energy engage in largely unchallenged deceptions. To coincide with COP28, Channel 4 is running a ‘climate emergency’ season. “With their combined, deep expertise, Kevin McCloud, Hugh Fearnley-Whittingstall and Mary Portas will front a powerful three-part series aiming to kickstart real change, by identifying the practical steps that governments and big business can take to eliminate our carbon emissions,” reads the press release. It’s an odd choice of “deep expertise” on offer, namely, the Grand Designs TV host, a TV cook and a shop window dresser. Within minutes into the first programme, the zombie statistic that wind was nine times cheaper than gas last winter was trotted out. In fact, this occurred only briefly with a number of abnormal wholesale price spikes in electricity in the wake of developments in Ukraine. Suggesting that wind is nine times cheaper than gas is as wilfully misleading as stating that wind was infinitely more expensive when oil prices turned negative at the start of global Covid lockdowns.

Without reliable back-up, subsidy-hunting promoters can add as many windmills as they like, but it will not make any difference when there is no wind. Last week, wind struggled to provide 3% of Britain’s electricity. As the investigative climate journalist (and former accountant) Paul Homewood is fond of noting – twice nothing is still nothing. In the meantime, British electricity users are set to pay almost £100 billion in subsidies for renewables supplying the grid over the next six years. Even when the wind is blowing, this growing subsidy covers barely 5% of total U.K. energy, since the grid only accounts for 25% of consumed energy. Last week’s dismal contribution brought that down to almost zero.

The true insanity of Net Zero has yet to be faced by global elites seeking to ‘transform’ human societies in collectivist ways never attempted in the past. Since this is a political project, truth is the first casualty in the war on wicked humanity. Nobody is paying much attention to the work of the Government-funded U.K. FIRES that notes that the U.K. is likely to have barely a quarter of the energy promised by the Government and the Climate Change Committee in 2050 if all legal obligations of Net Zero are followed. In its latest energy review, U.K. FIRES writes that the “whole excitement“ of its project has been to recognise that such a shortfall is close to a certain reality. As the Daily Sceptic has reported, U.K. FIRES bases it findings on a brutally honest reality. It does not assume that technology still to be perfected, or even invented, will somehow lead to minimal disturbance in comfortable industrialised lifestyles. A world of little energy means no personal transport, no flying and shipping, freezing homes, meat-free diets and dwellings made of “rammed” Earth. And, probably, far fewer humans.

In his recent paper, Lord Frost identified a current active determination across politicians and opinion formers not too look too closely at all the Net Zero issues. This was worrying, he commented, adding the words of the political and economic writer Sir Alfred Sherman: “You can wake a man who’s asleep, but you can’t wake a man who’s pretending to be asleep.”

Source: Dailysceptic.or

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The country has not closed its doors in the wake of Western pressure, according to the president

The post Putin says Russia is open for business appeared first on Energy News Beat.

 

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Western attempts to exhaust Russia in the Ukraine conflict could backfire, Sergey Naryshkin has said

The post Russian intel chief warns US of ‘second Vietnam’ appeared first on Energy News Beat.

 

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On Tuesday, Putin’s aide Yury Ushakov recalled that the president had recently said Russia would pursue an active foreign policy and that this activity would increase. In this context, Ushakov pointed to Putin’s visits to the United Arab Emirates and Saudi Arabia on Wednesday and his meeting with Iranian President Ibrahim Raisi in Moscow the following day.

He said that the president’s working meetings included “three major international events in one day and a half” adding that this “powerful spurt” sends “signals to the international community.”

During a meeting with Saudi Crown Prince Mohammed bin Salman Al Saud, Putin said that no circumstances will prevent the development of friendly relations between the two countries. The leaders discussed the Hamas-Israel conflict, cooperation in OPEC+ and other investment cooperation between Russia and Saudi Arabia, Peskov said.

In Abu Dhabi, UAE President Mohammed bin Zayed Al Nahyan and Putin also discussed the state of affairs in the Middle East, and the prospects for further development of multi-faceted cooperation between Russia and the Emirates.

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The nation’s government has ordered “everyone to stay at home” and closed schools

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Western countries have failed to destabilize the country’s economy, according to the Russian president

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America’s Energy Boom: US Crude Exports Soar To Record High

Brits should stock up on torches and candles to prepare for power cuts, Oliver Dowden says

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– Get in Contact With The Show –

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

Michael Tanner: [00:00:14] What is going on, everybody? Welcome to another edition of the Daily Energy News Beat Stand up here on this gorgeous Thursday, December 7th, 2023. As always, I’m your humble correspondent, Michael Tanner, coming to you from an undisclosed location here in Dallas, Texas, joined by the executive producer of the show, the purveyor of the show, and the director of publisher of the world’s greatest website, EnergyNewsBeat.com, Stewart Turley. My man, how we doing? [00:00:37][22.5]

Stuart Turley: [00:00:37] Today is a beautiful day in the neighborhood up here in air country. [00:00:40][3.1]

Michael Tanner: [00:00:41] Absolutely. As we talked all week on the show, you literally are at bear country. It’s it’s kind of crazy, absolute. Nonetheless, though, nobody ate our homework today, guys. Absolutely packed menu. First up on that said menu, America’s energy boom U.S. Crude Exports Soar to Record High. Next up, Texas commissioner slams Biden’s onerous methane rules that increase oil and gas prices will fly over to Britain, where Brits should stock up on torches and candles to prepare for our power cuts. It’s according to Oliver Dowden. So we we love her. We love a good torches and candles to prepare ourselves. Yikes. And then we’re going to go flop over to the EU. Transitioning to insolvency. Europe’s largest wind farm is facing bankruptcy. Finally, we’ll move over to China. Plans for a nuclear power. 24,000 EU container ship unveiled in China. Holy smokes. Embracing that net zero future still. Then toss it over to me. I’ll cover I mean really that the interesting fundamentals that happen today here in the oil and gas markets we saw crude oil dip below $70 for the first time in an absolute minutes. So we will kind of break down what happened there. Exxon also does some interesting forecast. So we’ll cover all that and the bag of chips, guys, before we do all that, remember the news and analysis you are about to hear is all brought to you by the world’s greatest website. www.EnergyNewsBeat.com The best place for all your energy news. Stu in the team do a great job of curating that website, making sure it stays up to speed with everything you need to know to be the tip of the spear. When it comes to the energy business, you can hit the description below. Check out all the time stamps and links to the articles, Email the show, [email protected] Check us out. Dashboard.Energy NewsBeat.com A new data news combo product. I’m going to Brett those two. Where do you want to begin? [00:02:30][109.5]

Stuart Turley: [00:02:31] Okay, let’s start with our buddies over here in the U.S. America’s energy boom. The U.S. crude export soared a record high. Michael, this is really, really pretty cool. And there are some underlying threads in this article. It has been those who are confused why the U.S. has spent tens of billions to keep the Russian Ukraine war going. I thought this was an interesting article. Why do you think we spent so much money? [00:03:02][31.2]

Michael Tanner: [00:03:03] I mean, we could talk for hours about this. I think we just we just we I mean, I think we spend a lot of money to attempt to topple. What we see is a, you know, regime in Russia that we don’t like know. [00:03:14][11.0]

Stuart Turley: [00:03:14] And I agree. Seaborne crude exports up 19% versus 2022. This is just incredible. Yeah. And you take a look at the the map, Michael, if our producer can fly this in the map showing look at all the tankers. There’s all the red dot in the Gulf coming out of the port of Corpus Christi and 2 or 3 other ports. And they go all the way around the Cape Horn. These are going out. Our exports are we all exports are going out on what’s called vlcc, very large crude carriers. And I mean, these think the Suez, Max, 1 million, the very large go around the Cape because they won’t go through Panama or the other. The reason that the are there’s a rumor going around there and this guy alludes to it is that we went to war so we’d sell more oil. But I’m going to call on that theory. Why is Biden you know, why is Biden putting war on the U.S.? I don’t think he’s that smart. [00:04:27][72.2]

Michael Tanner: [00:04:27] I don’t think this war has anything to do with energy. [00:04:29][2.1]

Stuart Turley: [00:04:30] Why don’t you. [00:04:30][0.5]

Michael Tanner: [00:04:30] Hit some very interesting things? I mean, I mean, crude’s under $70. So if you think going to war with Ukraine or getting more involved with with the Israel-Hamas conflict, you think that’s going to raise oil prices. You’re under a rock, baby. We’re at 69. 69. [00:04:44][13.9]

Stuart Turley: [00:04:45] Yes. And I, I agree. I thought the allusion to this was not as was not very good. That’s why I’m calling Hugo on the illusion. [00:04:53][8.0]

Michael Tanner: [00:04:54] Love it. What’s next? Okay. [00:04:55][1.3]

Stuart Turley: [00:04:56] See, I don’t believe everything that’s a random guy out on Substack. Let’s go to the next one. Texas Commissioner slams Biden’s onerous Methane rules that Increase Oil and Gas. Railroad Commissioner Wade. Christian, I’m going to reach out to him and get him on here. Issued a statement regarding the methane rules, those methane rules we covered in this week already. And that was based off of the Clean Air Act. And they are onerous and I’m the presently horrible. Know the listen to this While the costs for hardworking Americans are up $11,000 this year from the gas pump to the grocery store. His Biden solution to inflation is increased regulations that will make it even more expensive, says Christian Petroleum, helps make more than 96% of everyday consumer items. Oh. [00:05:56][60.2]

Michael Tanner: [00:05:57] I. Once again, with every rule. Chevron and Exxon would never admit this, but they love when the EPA does stuff like this because it makes it drives all of their competitors out of business because they are one of the few companies that have the scale to be able to handle owners regulations. Big business loves regulation. Don’t remember that when they do this, they’re. [00:06:19][21.8]

Stuart Turley: [00:06:19] Only hurting the small producer. That’s 50% of the oil produced in the U.S. is with the small producers, though. [00:06:27][7.8]

Michael Tanner: [00:06:28] Hey, that’s my point. So they’re there. They’re going they’re doing the kill shot. Exxon’s going to be fine. We’ll cover them later. They’re going to be fine. You got to spend a little bit more on Matthew. Maybe they’ll be fine. You know who won’t be fine? Like you said, the other 50%. So it’s clear this the second order effects as we talk about they’re not thinking about. [00:06:45][17.7]

Stuart Turley: [00:06:46] No. So anyway, that one kind of got me a little worked up, too. I’m with Christian. [00:06:51][4.5]

Michael Tanner: [00:06:51] Good for Wayne Christianson. I, you know, am I, you know, do I think he’s the you know, I I’ve heard some stuff on him specifically that he he too may be in bed to close with big business. So, you know, I’ll ask me we’ll ask him we’ll ask him. I’ve we you know, we got to get him on the podcast here. But at least he’s attempting here to stand up. Good for Wayne Christianson. What’s next? [00:07:13][22.1]

Stuart Turley: [00:07:14] Hey, let’s go to the Brits across the pond. The Brits should stock up on torches, candles and prepare for power cuts. Oliver Dowden says he’s the deputy prime minister over there. Michael It’s kind of huge. [00:07:28][14.3]

Michael Tanner: [00:07:29] It’s a little crazy that the deputy prime minister is out there saying prepare your torches and candles because power cuts are coming. I mean, what does he know? [00:07:36][7.1]

Stuart Turley: [00:07:37] And that’s what scares me is because when somebody makes that kind of statement, you’ve heard politicians and it’s like a big warning. What about the head of the FBI testifying in front of Congress? He’s afraid of the terrorist attacks. When somebody like that says it, you got the deputy minister up there and prime minister of England saying, get your candles. This is not Frankenstein or the hunchback or anything like that, Carol. And along here, this is a problem. [00:08:08][31.2]

Michael Tanner: [00:08:09] Talk to me about these. He he he says they also announced plans for a, quote, resiliency camp, a mandatory boot camp for the English. [00:08:16][7.2]

Stuart Turley: [00:08:17] If this is about the FBI issues and the attacks on the grid and they don’t have the people to support it. So that’s what he’s talking about. The Russians have been hacking. It’s kind of like what we have on our News B website. Michael, It is unbelievable. I ran yesterday, I ran had 1468 people hit energy news. Me Do you know how many we had that were blocked for attacks? Really bad attacks. [00:08:50][33.2]

Michael Tanner: [00:08:51] I’m sure 50% of them. [00:08:52][1.4]

Stuart Turley: [00:08:53] All of them. That is the first time normally we get more attacks from the U.S., Iran, finally to the rest of the world yesterday. Yes, go Iran. Anyway, a unified government resilience website which provide practical advice on how households can prepare as part of the campaign to raise awareness as simple steps as individuals can take care of their resilience. [00:09:19][26.7]

Michael Tanner: [00:09:20] Michael It’s insane. [00:09:21][1.0]

Stuart Turley: [00:09:22] It’s insane. You need to be prepared no matter who you are, where you are in the world, be able to take care of your family for any natural disaster that just prepares you in case there’s another manmade disaster. [00:09:37][15.3]

Michael Tanner: [00:09:38] So I love how they launch an Internet website to tell you how to survive without Internet. It just the irony should not be lost in that. [00:09:47][8.3]

Stuart Turley: [00:09:47] No, it’s pretty pathetic. What’s next? Transition to insolvency. Europe’s largest wind farm facing bankruptcy. Michael, I have never in my life imagined that we’d had the last, what, four months of. Absolutely. The wheels have fallen off the renewables. I mean, you’re out. You were you were committing here. Kerry. Kerry, the other day you were you had your knife out and you’re like, if I have to do another negative story on wind, I’m going to shoot myself. Well, put the gun down. Okay. The world’s greatest Ponzi scheme is imploding. Wind and solar scam was never built to last. I like what this guy said. Simon Walker, the largest onshore wind farm, is facing bankruptcy and has filed for reconstruction in Sweden. The Marco Bitcoin ETF, though, is facing difficulties after signing a base load requirement against hydro. You can’t make this up, Michael. [00:10:54][66.4]

Michael Tanner: [00:10:55] No, you can’t. You know, what’s what’s hilarious is that that wind farm is owned 75% by the China generated general nuclear waste. [00:11:03][8.9]

Stuart Turley: [00:11:05] Whoops. But I love the sign. Right in their bankruptcy. Next exit. Here’s here’s. [00:11:10][5.2]

Michael Tanner: [00:11:10] Why. We’ll be getting off here. [00:11:11][1.1]

Stuart Turley: [00:11:14] They ran over the solar panels. Here’s here’s one that was funny. Here’s what I think is really funny about this, is that the bailouts when Obama bailed out Solyndra, it failed. The bailouts are coming. Buckle up. It’s going to be printing more money because you have all of these companies and all of these folks bailing out is going to be the next horrible piece of this puzzle. So let’s go to the next one. I kind of like this story, Michael. Plans for a nuclear powered 24,000 t u container ship unrivaled in China. This thing is huge. I think it’s fantastic. This is bigger than an aircraft carrier. I mean, it is right in that range is what the size of that 24,000 t u class ship is. And the reason I like it is it’s a small modular reactor using molten sand. It’s not like what’s in the military ships right now. I think this is a true way cool advance for getting pollution off of the oceans. I think this is phenomenal. No, I. [00:12:35][80.7]

Michael Tanner: [00:12:35] Mean, there’s a lot of there’s a lot of transit that happens on the seas. And if we could move to a as you see on the side of this, this ship, if they got plastered on the homepage, embracing a net zero future, this is one of the areas where I could see small modular nuclear reactors coming in extremely handy. Much like long haul trucking for EVs is probably they’re not long haul trucking for EVs, but long haul trucking for a I. And like the autopilot stuff is the sweet spot for that. I don’t think we’re going to be having ice driving, you know driverless cars driving around the block. But you might see a bunch of them flying down the interstates. I see the same thing here. A lot of this stuff could become AI driven. Up until that last mile, the fact of the matter is, getting nukes on this even lowers the amount of energy costs and makes a lot of this stuff more affordable. So I’m all for it. [00:13:24][48.8]

Stuart Turley: [00:13:25] Oh, I am, too. I thought this was a excellent article and I think that the small modular and new nuclear yesterday we had that story you and I were having a little fun with, but nuclear was the only answer. No, it’s part of the major issue. I think without nuclear, it will be tougher. But both are going to be bad because of the legislation through regulation. Anyway, that’s all I got tonight. [00:13:49][24.9]

Michael Tanner: [00:13:50] I will go ahead and kick it over to the finance guys. Overall markets down about 3/10 of a percentage point. That’s for the S&P 500. Nasdaq drops about 5/10 of a percentage point. U.S. Treasury 30 year fixed down point to two percentage points. Ten year Treasury bonds up 1.7%. Dollar index rises about 2/10 of a percentage point. We did see crude oil and this is going to hurt drops below 70 for the first time in what feels like an absolutely insane amount of time. Currently trading 6950 as we record this about 6 p.m. here on the six, Brant drops about one and a third percentage points down to 7527. I mean, and what’s interesting, Stu, is we had an absolute drop of in the Strategic Petroleum Reserve. Remember, we were asking me about a 800,000 barrel build. We saw 4.6 million barrel draw, which did nothing to bully prices again. We did see we see a large gasoline build about 4.5 million barrel build in the gasoline petroleum reserves, as we call it, or gasoline stocks, as it’s more commonly shown. That actually has a much larger effect and is really what’s been driving a lot of this this softness, mainly by people saying demand is down if gasoline isn’t necessarily correlated with the price of oil. But what it does show is that there’s a lack of demand out there, and that’s what’s pulling down at this point. Prices. I mean, I think we need. Still hold a moment of silence for everybody who thought $100 oil was coming this year. I know. We’ll put you in there. We’ve got to put a few other things. [00:15:19][88.8]

Stuart Turley: [00:15:19] Goldman Sachs. Whoa. You’ve been sitting here browbeating me like a rented mule. You got a newspaper smacking me in the nose. And I have gone on record several times saying I have no clue what is going to happen on this. I did say it would probably be around that hundred, but I have no clue because the pricing metrics are gone. [00:15:44][25.4]

Michael Tanner: [00:15:45] You’re right. You didn’t say 100. You said 120. Fair enough. I’ll. I’ll. I’ll accept your idea. Yeah, we got through Goldman Sachs in there. Throw it all. Your favorite ounce in there. Guys, moment of silence real quick. I mean, that’s over because. Brutal, Stu. Now I say all that to say again what’s going on? Because I think that. Why was everybody like Stu and Goldman Sachs and people that are smart, why did they think oil was going to be $100? If you had asked me if I thought oil was going to be 60 or 106 months ago, I say it’s probably going to be more 100 than it is 60. The question is, why is it here? I think there’s a mix of reasons. I think, you know, again, we’re seeing the demand as we’ve swung back and forth between fundamentals and non fundamentals. I think the pendulum is now moving back towards the pure fundamentals of it looks like demand growth may not be where it is. We see production growth coming, we see rigs, you know, and I don’t want to say production growth coming, but we see the fact that that new with these new wells coming online that we’re drilled fact in this higher oil price environment will only continue again to have that compounding effect. It’s a little confusing still. We also saw natural gas drop today. It’s trading at $2.57. That’s mainly due to some new weather data that dropped. But, you know, interesting, interesting times in the oil and gas markets, folks. [00:17:02][77.3]

Stuart Turley: [00:17:03] Let me throw this at you. I want to ask you your opinion on this. Venezuela taking over the oil fields in in Guyana in the next door neighbor and having him, the socialist guy, come out and say, here’s the new map. And so he’s already claimed the land and the big oil companies are now having their. You think in the past the U.S. would not have gone to war over something like that? We would have seen prices go up. This is just as bad as there’s ground hitting ships. And we would have seen prices going on. You can’t use a normal price model any more because of this. We got countries invading other countries. We got countries claiming oil entire fields and going, They’re now mine, they’re no longer yours. You go away and nobody’s doing anything. And in it, price goes down. I have no clue. But what is your thought on him taking it? [00:18:05][62.1]

Michael Tanner: [00:18:05] For our podcast listeners, I’m playing the world’s smallest violin. We get it. Stu, you’re upset. Yes. I don’t know. [00:18:14][8.2]

Stuart Turley: [00:18:14] No, I’m. [00:18:14][0.2]

Michael Tanner: [00:18:15] I honestly, I give him give me every chance I can to rub in the fact that that oil’s not 100 bucks because you, you, you, you personally weren’t the only one. [00:18:22][7.9]

Stuart Turley: [00:18:23] You have that bird up your saddle. Dude, I don’t have a thing. [00:18:28][5.4]

Michael Tanner: [00:18:29] I I to answer your question, it goes to show you that we swing back between fundamentals and sentiment. If we were in a sentiment driven market, exactly what you said, prices should have spike, but it’s not this. The flavor of the day is back to the fundamentals. And I think, again, these this rise in gasoline stocks is showing people that the demand may not be there and may not come back. One thing I found interesting was that Exxon decided to drop kind of a really long updated forward guidance specifically on on where they see their their output going. I thought, you know, you can you can read the whole deck. You’re going to Exxon and check out their corporate investor reports. The interesting part, though, is do they announce record CapEx spending of $24 billion in 2024 and and project guidance of 22 to 27 billion of spending from 2025 to 2027. So they’re not messing around? [00:19:22][53.4]

Stuart Turley: [00:19:23] Nope. I think it’s fabulous. [00:19:24][1.0]

Michael Tanner: [00:19:24] They also are investing somewhere in the neighborhood of about 20 billion into low carbon solutions. I love this quote from RBC. Exxon’s going to need to convince investors on the merits of low carbon spending from here. That’s according to our friends over at RBC Capital. So very interesting to talk about where Exxon is going. They’re spending a lot on CapEx, but they’re diving into that, you know, diving into that that low carbon market. The acquisition of Denbury obviously gives them that CO2 infrastructure. Also, they’re strip mining their strip lithium drilling that they’re doing right now. They’re targeting they’re in Arkansas, they’re drilling over there in the in the smack over formation. Anybody who’s familiar with the East Texas East Texas shale plays, you’ll know the smack over formations are extremely. Well. So. Absolutely. Interesting stuff. They expect our production from that up and running. [00:20:15][51.1]

Stuart Turley: [00:20:16] But that’s what we’re in Arkansas. Yeah. [00:20:17][1.5]

Michael Tanner: [00:20:18] Arkansas. [00:20:18][0.0]

Stuart Turley: [00:20:19] So is this makeover. The brother that is dating the sister? [00:20:22][3.0]

Michael Tanner: [00:20:23] Exactly. [00:20:23][0.0]

Stuart Turley: [00:20:24] Okay. Just thought I’d ask. [00:20:25][1.0]

Michael Tanner: [00:20:25] Absolutely. I do. That’s enough for me. What do you got going on? What should people be worried about? We’re done for the week. [00:20:31][5.3]

Stuart Turley: [00:20:31] Oh, yeah. I think it’s been a wonderful, crazy week. Just interviewed Congressman Nunn, and he is a cool cat. He is a veteran. And that’ll be coming out on Saturday, I bet. No, we have no, we have actually, Nate, we have some big dogs at Nate. That one’s coming out Saturday and then the other one will come out next week. [00:20:55][24.2]

Michael Tanner: [00:20:56] Friday, You mean? Because we got a weekly recap that will drop on Saturday. [00:20:59][2.9]

Stuart Turley: [00:21:00] Thank you. [00:21:00][0.3]

Michael Tanner: [00:21:01] I’m Entertainment will cover all our top stories, but no lot of interviews lined up. We appreciate everybody who stuck with us this week. It’s been a long week, but hopefully we’ve made it just a little bit easier covering your energy news. We’ll let you go, guys, for Stuart Turley and Michael Tanner. Have a great weekend, guys. We’ll see you back here. Interview tomorrow, the weekly recap on Saturday, and we’ll be back in your inbox on Monday. Every weekend, guys. [00:21:01][0.0][1210.2]

– Get in Contact With The Show –

The post Daily Energy Standup Episode #265 – Crude Exports, Geopolitical Tensions, and the Winds of Change appeared first on Energy News Beat.

 

Energy News Beat

Highlights of the podcast:

04:31 – The significance of UAE ditching the petrodollar and its implications in global trade.

05:56 – Concerns about the Biden administration’s foreign policy and its impact on relationships in the Middle East.

08:03 – Speculation about potential candidates and dynamics in the upcoming 2024 election.

19:48 – Consideration of third-party candidates like RFK Jr and their policies on energy and other issues.

22:25 – Anticipation of upcoming events like the COP 28 conference and future podcast episodes and interviews.

With 3 unique personalities, backgrounds, and one horrible team sense of humor, it makes for fun talks around the energy markets.

David Blackmon is a Forbes author and currently writes Energy Absurdities of the Day. He has several active podcasts with ….. His industry leadership is evident, but a dry, calm way of expressing himself adds a different twist.

R.T. Trevillon is the podcast host of The Crude Truth filmed in Fort Worth Texas and runs an oil and gas E&P company. Pecos Country Operating has been in business for ….years and has a constant commitment to all of their stakeholders and is actively working in this oil and gas market.

Stu Turley is the co-podcast host of the Energy News Beat Podcast. While Stu is a legend in his own mind, [email protected]

 

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The post 3 Podcasters Walk in a Bar Episode 38 – Who will buy the US dept? Are we broke? The guys cover that and the COP28 appeared first on Energy News Beat.