Energy News Beat

Daily Standup Top Stories

Energy Bills Set to Soar as Report Finds Almost All Major Studies on Net Zero Grossly Underestimate Cost

New California Bill Would Equip Cars With Technology That Monitors Drivers, Physically Stop Them From Speeding

Highlights of the Podcast

00:00 – Intro
01:26 – Energy Bills Set to Soar as Report Finds Almost All Major Studies on Net Zero Grossly Underestimate Cost
04:40 – New California Bill Would Equip Cars With Technology That Monitors Drivers, Physically Stop Them From Speeding
07:18 – Gas-Addicted Europe Trades One Energy Risk for Another – The US is not reliable
11:27 – U.S. Sanctions Strand 10 Million Barrels of Russian Crude For Weeks
14:00 – Markets Update
18:59 – Outro

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

Michael Tanner: [00:00:14] What’s going on, everybody? Welcome in to the Monday, January 29th, 2024 edition of the Daily Energy News Beat standup. Here are today’s top headlines. First up, energy bills set to soar as report finds almost all major studies on net zero grossly under estimate cost. Next up new California bill would equip cars with technology that monitors drivers physically stopping them from speeding. Yikes. That’s. It’s not a joke, people. Next up on the menu. This goes right along with the theme for the day. Gas addicted Europe trades one energy risk for another. And trust us, the US is not reliable. This is, the LNG consolidation that we we heard about on Friday. And then finally, U.S. sanctions strands 10 million barrels of Russian crude for weeks. Stool. Then toss it over to me. I will quickly cover what happened in oil and gas finance. We did get rig counts on Friday, and we saw oil settle at the highest, in nearly eight, eight weeks. So absolutely strong, news there. And then we will let you guys get out of here and start your day. As always, I’m Michael Tanner, joined by Stuart Turley. Where do you want to start? [00:01:23][68.8]

Stuart Turley: [00:01:24] Say, let’s start with our buddies over there. On the energy bills set to soar as report finds almost all major studies on net zero grossly underestimate cost. Michael, this is a really, really interesting story. And it is by the Royal Society is a direct quote in here. This is out of the UK. The Royal Society, for example, assumes that the cost almost everything will have an efficiency will soar. It’s not that impossible, but imprudent. Let me read you some of the numbers. I’m just going to read these bullet points. Michael. The assumptions 60% reduction in offshore wind capital cost 70% reduction in offshore wind operating costs 50%. Increase in offshore wind output, 30% in reduction in solar CapEx, 70% in solar Opic, 90% reduction in Electrolyzer CapEx, 45% in Electrolyzer efficiency, 60% in reciprocating engine compared to 55% in reciprocating engine efficiency. This is. [00:02:42][77.8]

Michael Tanner: [00:02:43] Bull. [00:02:43][0.0]

Stuart Turley: [00:02:44] Hockey. I mean, I the the whole Royal Society. Was they in hail on this report? I’ve got the link in here for everybody to download the report. [00:02:56][12.2]

Michael Tanner: [00:02:57] But what I really want to know is did the the IEA come up with these assumptions because these assumptions are out of nowhere. I mean you’re talking about oh it’s going to be the assumptions are basically cheaper to build, cheaper to. [00:03:09][12.3]

Stuart Turley: [00:03:09] Operate, more. [00:03:10][0.8]

Michael Tanner: [00:03:11] Electricity output. I mean, in what world does that happen? Yes, technology gets bigger over time. We do bring down the cost of things, but we’re not even. You’re talking about this. Are you talking about inflation? I mean, you think about the world we’re in right now. It actually is getting more expensive to drill and expensive to outlay all of this capital stuff. [00:03:29][18.3]

Stuart Turley: [00:03:29] And we’ve had billions lost in dollars. I mean, Siemens has lost several billion. And there are wind farms that are not being bid on right now. The, U.S. government went out and put the stuff on the East Coast, and nobody bid on it, any of it. You can’t make any money now on offshore wind anyway. [00:03:54][24.9]

Michael Tanner: [00:03:55] Yeah. I mean, offshore wind is probably holding up the best under the circumstances. Solar is what’s really getting crushed. [00:04:02][7.1]

Stuart Turley: [00:04:03] Solar. I’m going to I’m going to disagree with you, my young padawan. And that is so we’re has a little bit more legs because it does not have the moving part. Good wind. Actually, eight years is a number, and I mean eight years. You got to walk away from these things in eight years. [00:04:22][19.1]

Michael Tanner: [00:04:22] Yeah, I’ve done an offshore wind. I’m with an onshore wind. [00:04:25][3.1]

Stuart Turley: [00:04:26] I’m talking offshore wind is now I’m my numbers are now coming in lower than eight. Anybody that says they’re going to last 30 years. [00:04:34][8.4]

Michael Tanner: [00:04:36] As do say check the models. What’s next. What’s going on. Our favorite state. [00:04:39][3.6]

Stuart Turley: [00:04:40] New California Bill, would equip cars with technology that monitors driver physically stopping them from speeding. Oh, this is worse than my wife. I hate driving with my wife. You’re going by my morning? No, this is a wife right over your back shoulders, Senator. California Senator Scott Wiener. He said Wiener, introduced a bill that would mandate the installation of the speed limit on. All vehicles. This is how Leary is. Quote unquote. There’s no reason why people should routinely be allowed to drive more than ten miles per hour. Wiener said. Wiener told the Los Angeles Times, you can want whatever you want, but that doesn’t mean you’re allowed to do it. Or what about printing money? If the fed can print money in the government, why am I paying taxes? [00:05:39][58.6]

Michael Tanner: [00:05:40] I think it goes back to first. I’m just inside baseball, folks. I tried to shoot this segment twice so we could avoid that stupid Scott Wiener joke, but we we went ahead and slipped it in there anyway, so. Okay. That’s fine. So take two here. Here’s what I think. This goes back to Big Brother. You know, how involved do you want the government to be in your day to day decisions? Yes. It’s illegal to go over the speed limit. But as we always talk about this slippery, slippery slope, going back to what they did with the Patriot Act, what would the Patriot designed to do? Find, quote unquote, terrorists? But what did it do? Collect mass surveillance on Americans for who knows what they used it for? We’ll never know what they used our data for. [00:06:23][42.9]

Stuart Turley: [00:06:24] Guess what they used? It was CBS, and they have been collecting all of your prescription drug. Yes. Information. [00:06:32][8.9]

Michael Tanner: [00:06:33] That’s my bad, is. [00:06:34][0.9]

Stuart Turley: [00:06:34] What they did. [00:06:35][0.3]

Michael Tanner: [00:06:35] It’s never what’s on the face. Second order thinking here. We talk a lot about this on the show. This is not about they don’t want you to go more than ten miles an hour. This is. Look at the hand over here. But really, now what we do is access to all of your data, all of your cars. And guess what? Now, as you said couple weeks ago on the show, we’re just going to drive you straight to the car, to the police station to just throw you in jail, dude. [00:07:00][24.5]

Stuart Turley: [00:07:00] And they’re going to lock the cars. They’re going to turn the heat on, play rap, and then throw you in jail. Let’s go to the next one. Michael and I won’t do that, joke again. But we’ll. [00:07:13][12.3]

Michael Tanner: [00:07:13] Get this one on the second try. Hopefully the second or third try. [00:07:15][2.2]

Stuart Turley: [00:07:16] Guessing big that you’re a trade. One energy risk for another. The U.S. is not reliable. Michael. I would not do business with the U.S.. I would not rely on the U.S.. We are worthless. Friday, the Biden administration got in a war with Governor Abbott. He went out in, this started out the other day. He, Thursday, I believe it was he put a delay on a very large, LNG thing going. [00:07:49][32.5]

Michael Tanner: [00:07:49] On. Well, he hauled well, this is key. What did he do on Friday? [00:07:52][2.5]

Stuart Turley: [00:07:52] He halted LNG exports and. [00:07:56][3.9]

Michael Tanner: [00:07:57] Well, new LNG exports until they can determine some new EPA regulations. Again, this is it’s it’s pretty crazy. Existing LNG facilities are good, but new permits for new facilities specifically that what’s crazy is we just saw a Chesapeake Southwestern merger. What was the big selling point of that merger? Massive new LNG export capacity. Oh, what? It would have been nice to know that four weeks ago before that merger took place. Whoa. [00:08:28][31.2]

Stuart Turley: [00:08:30] I’ll tell you what, I absolutely disgusting. The world is relying on our global gas. On energy news. Me, I now have the global energy monitor. You have to kind of take a look at this with a grain of salt. Natural gas has 4118 projects going on. Let me get rid of the pipelines. There are now 1251 LNG exports and terminals going on. Let’s get rid of the terminals. And then I’m going to go ahead and tell you, operating and under construction, there are 206 under construction. There are 43 LNG export terminals under construction. Let’s go under imports. Under construction. There are 64 LNG imports under construction around the world. Unbelievable. They need this natural, this LNG. The only reason we are able to it is the largest export that we’re having. If you owe $34 trillion on your debt, you got to have some export. This man is breaking the economy, ruining us as a part. Here’s a quote out of it. U.S LNG continues to be the cornerstone of Europe’s supply and diversification strategy, said Leslie Paul de Guzman, head of research and marketing at Mag. The Biden decision sends. A real message regarding solidarity and the reliability of its supply and medium to long term. This is partially crucial at a particularly crucial juncture, where supplies from Russia and other ships can be mired in unpredictability. This goes along with one of our others in the next story here, Michael. Russia is the winner out of this. Yeah, the car is there. [00:10:35][125.5]

Michael Tanner: [00:10:36] If you don’t mind pulling up that second image from this article, U.S. LNG is increasingly replacing gas from Russia. Look at that share of gas supplies that are from the EU that are coming from the United States. It’s absolutely spiked. We were that black bar down there. Absolutely. Spike in Russia has contracted almost threefold since quarter one, 2021. [00:10:58][22.0]

Stuart Turley: [00:10:59] On a on this article, Michael, I’m going to embed the video of all the graphs and all the charts that I did in preparation for this article. People will be able to see everything I just said, and it’s in the video in this hour. So that’ll be up here in the June. [00:11:15][16.6]

Michael Tanner: [00:11:16] Yeah. No. Absolutely. All right. What do we got next year. [00:11:18][2.2]

Stuart Turley: [00:11:19] Along the same lines. And the great Irene Islam as always said sanctions don’t work as intended. This article is titled sanctions strand 10 million barrels of Russian crude for wheat. The Biden administration is absolutely horrific. The 10 million barrels carried by 14 tankers are of the school variety out of a sunken one, and remain unsold due to Western sanctions. That amount represents 45 days of soaking one production at its average rate of 220,000 barrels per day. This is going to go to the dirt fleet very quickly, and it’s going to go out, and Russia is still going to make money on it. This is going to sit here for a little while, but it again spreads the hatred for the United State. It’s the listen to this one. The Kiev School of Economics estimated in December they would bring $178 billion from oil sales in 2023. Russia is doing quite well, by the way. [00:12:27][67.6]

Michael Tanner: [00:12:27] Yeah. And if anyone’s going to be pretty, if anyone’s going to be believable on what Russia is going to do, I’m going to trust the Kiev School of Economics. They’re they’re right there in the source. If anyone’s got more info than them, I’d be hard pressed to find it again, not to beat the dead horse. Sanctions don’t work, and it’s proven that if you only think first order effects on sanctions, they don’t work. Who’s calling? [00:12:50][23.1]

Stuart Turley: [00:12:51] Putin? Hang on a second. Oh, yeah. No. Hey, I my my theories are correct, and no, they are validated. Thank you, sir. Thank you, Mr. Putin. Say it. [00:13:02][10.6]

Michael Tanner: [00:13:04] Mr.. [00:13:04][0.0]

Stuart Turley: [00:13:05] Mr.. President putin, whatever. Czar. Putin. [00:13:09][3.2]

Michael Tanner: [00:13:11] Best BFFs. [00:13:12][0.4]

Stuart Turley: [00:13:13] No hate. No, I don’t want the, CIA after my car. Here you go, dude. [00:13:18][5.0]

Michael Tanner: [00:13:19] After you. They’re already there. All right, well, we’ll go ahead and pay the bills here. We’ll go ahead. And like I said, pay the bills here real quick. As always, guys, the news and analysis you just here, is brought to you by the world’s greatest website, Energy News Beat.com. Go ahead and click the link below for all the descriptions to the time stamps and news articles in this show. Stu and the team do an absolutely tremendous job keeping this website up to speed with everything you need to know to be the tip of the spear when it comes through the energy business. Check out our Deal Spotlight. Available ad deal. Spotlight. On energy news. Beat just search for. Go ahead and search for dashboard.energynewb eat.com our data news combo product really pushing that hard this quarter. We appreciate all the feedback from that. [00:14:00][41.3]

Michael Tanner: [00:14:00] But let’s go ahead and dive into finance guys. Friday we had mean markets were fairly flat. We saw the S&P 500 only up only down about a 10th of a percentage point. Nasdaq down about 5/10 of a percentage point. U.S. yields both a 30 down a quarter of a percentage point. US ten year yields actually up about a half a percentage point. dollar index stays fairly flat, only down about 0.01 percentage points. We did see Bitcoin rise slightly even though it ended the day down. It rose on the week 41 7700. So sitting pretty on Bitcoin there crude oils where we saw probably our biggest moves relative to the day we were up about three three percentage points. 7801 is where it it finished. We looked at trade up at about 7823 when the markets open here a little later this afternoon. Brant oil above $83.83 59 I mean and really Stu, what drove that eight week high was mainly off a few things. One, we we’ve got continued attacks on oil tankers in the Red sea. I read that Trafigura, oil shipping was was the latest captive, of this Hootie attack. But I think really where a lot of this positive news. Come from. Was there some economic data from the United States, specifically inflation and unemployment, that they that are keen to show sort of faster than expected growth? We did see China come out and boost another round of stimulus. I mean, we know how that works out in the long run. Stimulus never worked. But in the short run it works. I mean, that’s the argument for stimulus, is that in the short 3 to 6 month window, it can work. We’ve seen that with the stock market. We saw that early on. You know, you know, through the from the Obama administration into the Trump administration. Both of those guys understood. If we can keep interest rates low, if we can keep the money flowing, we can keep the economy. And when I mean the economy, the S&P 500 propped up because the S&P 500 is the majority of the liquid wealth in America right now. You’re talking about pensions. You’re talking about, retirement accounts. If you if anyone has a retirement account outside, you know, 401 K, that 401 K is tied most likely to the S&P 500, maybe more. So when when you talk about trying to keep this train going, you know, the more stimulus you can have, the better. I think a lot of the Chinese demand numbers have been soured recently. So this new round of stimulus, hopefully, continues to drive demand. And that’s partly why what we’re seeing, with oil prices, we did see natural gas spike $2.71. That’s about 6% up from the day, mainly off the back of some colder than predicted weather as we roll into the first week of February. The only other thing we saw on Friday was rig counts. Us adds one rig week over week 621. That’s up again. Just one from last week 620. Canada saw an increase of seven rigs, 230, and internationally we saw a drop week over week of about 23 rigs at 955. Busy, busy week Stu. We got a lot coming up here. Super excited for some of the stuff we’ve got. But what should people be worried about this week? [00:17:00][179.7]

Stuart Turley: [00:17:00] Oh, I’ll tell you. It’s going to be, entertaining. I’d like to give a shout out to the truckers and farmers, that are going on around the world and protesting the over controls. You know, they heard that they were going to get controls on their tractor so they couldn’t, you know, protest. But if you are a trucker, get a very day bag. So the the they will not track you because, they may be jailing everybody on that big convoy signaling, through Texas. So, it just like January 6th, you want to sit in a jail? [00:17:36][35.7]

Michael Tanner: [00:17:37] Yeah. There are, you know, we’re talking January 6th grade. [00:17:40][3.4]

Stuart Turley: [00:17:42] Hey, dude. All I’m saying is they attacked everybody that I know very sick. And they let. [00:17:48][6.2]

Michael Tanner: [00:17:48] This one go on the first cut. Just giving you a hard time. No, we appreciate it, guys. We’re super excited for nape. Coming up. That’s February 7th through the ninth. We really excited. We got a lot of live podcasts there. Rumor has it we’ve got a big guest, George Bush. I think we can announce that. Is that a party does. [00:18:06][18.2]

Stuart Turley: [00:18:07] Yes. [00:18:07][0.0]

Michael Tanner: [00:18:08] And so we’re going to be able to talk to them. I think David Blackmon is going to be talking with him. That’ll be awesome. If you’re in town check us out. Will be at Booth 1957. And it’s it’s going to be a great time. [00:18:18][10.3]

Stuart Turley: [00:18:18] Yeah, we got Steve Reese, we got, Jay Young, and there. [00:18:22][3.7]

Michael Tanner: [00:18:23] We go, Rhett Bennett from Black Mountain. [00:18:24][1.3]

Stuart Turley: [00:18:25] Oh, love. I can’t wait. That’s going to be a lot of fun. We also have several other executives from, Reese Consulting. We have, Sharon Mann. She is the CEO of the I, thing. We have several others that are. [00:18:42][17.0]

Michael Tanner: [00:18:42] He’s the CEO of AI. So watch out, guys. Be careful. It’s. She’ll get you. [00:18:45][3.6]

Stuart Turley: [00:18:46] In con technology if you want to implement AI. Hers is the firm. She handles the big dogs around. Yeah. [00:18:54][8.4]

Michael Tanner: [00:18:55] Absolutely. We love good. We love Sharon over at Nccn. But with that guys we’re super excited. We’ll let you get out of here. Start your Monday. You got a great week guys I know you probably got some meetings you don’t want to attend. Spare yourself. Listen to the show. You’ll make it through and you’ll survive. And we’ll see you on Tuesday guys. For Stuart Turley, I’m Michael Tanner. We’ll see you tomorrow. [00:18:55][0.0][1082.4]

The post Daily Energy Standup Episode #296 – Global Gas Dynamics, Speed Limits, and Soaring costs exposed appeared first on Energy News Beat.

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The post Gas-Addicted Europe Trades One Energy Risk for Another – The US is not reliable appeared first on Energy News Beat.

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ENB Pub Note: The Biden administration’s behavior is lower than deplorable; it is despicable and cowardly. Banning and delaying LNG exports and the new facilities only sets the US up for a faster failure. 

On Thursday, the Biden administration announced it was invoking a hold on permitting processes for proposed new export projects for liquefied natural gas (LNG). It was a nakedly partisan act designed to appease the Democrat party’s climate alarmist funder base, one that will create ripple effects across the global economy and energy space. It will also create uncertainty and alarm among consumers of US LNG, especially among European nations who are supposedly America’s allies.

Reacting to the policy decision, Tom Pyle, President of the DC-based Institute for Energy Research, told me that, “With this decision, President Biden is continuing to place his environmental donors over the American people.  A delay of a decision on [permitting] until after the November 5, 2024, U.S. presidential election could spare President Biden from criticism from environmentalists, but it will likely cause havoc to markets and the energy security of our allies who may question the reliability of the United States as a secure energy supplier.”

Fortunately for the United States and its LNG customers, an array of new export facilities already in the construction phase of development will add up to 12 billion cubic feet per day of new export capacity over the coming three years. These projects would be unmolested by this latest authoritarian move by the White House, absent efforts to expand it.

One of the biggest of these is the Rio Grande LNG project being constructed outside Brownsville, Texas near the mouth of the Rio Grande River. Operated by developer NextDecade, Rio Grande LNG will have the capacity to export 11.74 million tonnes of LNG per year once its three trains go into service in the coming years. That equates to enough energy to heat and cool 34 million households, more energy than all the Biden administration’s planned offshore wind projects combined.

Even better, Rio Grande LNG is being designed to produce LNG that will rank among the lowest carbon-intensive production in the world. That’s because NextDecade is simultaneously building out a massive carbon capture and storage project in conjunction with the export facility.

But, even though Rio Grande LNG and other planned facilities under construction appear to be untouched by the Biden delay, no one should think they are moving ahead unopposed. A pair of activist groups, the Private Equity Stakeholder Project (PESP) and the Oregon Investment Council (OIC), groups with no real connection to the community, have worked to drum up opposition to the project that is providing hundreds of jobs and ultimately billions of dollars in economic impact for the local area. Ironically, this PESP group is working in opposition to the development despite major investments being made into it by ESG-focused investor groups, potentially including Larry Fink’s BlackRock if a planned acquisition is completed.

Part of the opposition’s advocacy claims to be protecting the interests of the Carrizo Comecrudo Nation with a somewhat specious claim that the project is being sited on sacred lands. But this Carrizo nation is not a federally recognized tribe, likely because a review of its history indicates it is in fact native to Mexico rather than Texas. The claim of sacred lands appears to hold no merit and be purely motivated by politics, no different than the White House delay on permitting announced Thursday.

An email missive from PESP that landed in my email inbox this week also claims that “… the facilities would significantly degrade local fishing, shrimping and natural tourism industries putting communities’ livelihoods at risk.” But the only evidence offered in support of these claims is a “study” authored by a group of leftwing climate alarm groups like the Rainforest Action Network and the Sierra Club. If the claims had been truly quantified by any credible source, the Biden administration would have no doubt been eager to act on them to advance its Green New Deal-based agenda.

The world needs America’s LNG, and is likely to need more and more of it as time goes on. The White House’s action to delay the already-ridiculously slow permitting process in such an obvious political move is as reprehensible as it is, frankly, stupid.

David Blackmon is an energy writer and consultant based in Texas. He spent 40 years in the oil and gas business, where he specialized in public policy and communications. source: Daily Caller

The post DAVID BLACKMON: The Biden Admin And Its Buddies Are Waging Foolish War Against Abundant Clean Energy appeared first on Energy News Beat.

Energy News Beat

We are facing crises globally and in the United States that are cultural and political and will impact our ability to raise the next generations. Energy is at the center of the issues and must be addressed for energy security and minimizing environmental impact. That being said, our public school and college systems are broken, and kids are being indoctrinated.

Debra Wold, Chairman, Grenlily Holdings, and on her LinkedIn profile: “Trash-to-Treasure to low-cost fuels.” Debra has been on the podcast several times, and I have genuinely enjoyed becoming friends over the last few years. Her vision for green, renewable energy is about being sustainable from day one with no subsidies! One must also include the total cost of energy projects; quality employees are one of the most critical assets holding up projects. (Right behind “Legislation through Regulations”)

In this podcast, we also discuss some energy, cultural issues, and solutions.

Key shortages of all forms of energy workers
Public School’s deterioration of quality and social problems.
Jobs vs Collage
Vocational training and apprenticeship
Content creation for tests, curriculum and home school, Union, and other outreach.

Debra, Thank you for your time, leadership, and desire to make a difference in our next generation! – Stu

Follow Debra on her LinkedIn HERE: https://www.linkedin.com/in/debrawold/

00:00 – Intro

02:16 – Discussing Grenelily and its activities

03:33 – Targeting municipalities and additional revenue

04:43 – Discussing grid problems and the need for generators

06:51 – Shared experiences and values learned from farming

09:10 – Changes in education and resistance to parent involvement

10:27 – Challenging curriculum and questioning fossil fuel narratives

13:50 – Discussion about the desirability of renewable energy sources

14:48 – Despicable waste disposal practices related to solar panels

17:24 – Discussing the challenges of power outages and grid stability

18:38 – Mentioning an energy documentary and the influence of Netflix

20:02 – Experimenting with different energy sources in New York

22:14 – Highlighting zero carbon footprint in waste-to-energy plants

23:12 – Suggestion of retrofitting coal plants for zero emissions

24:25 – Addressing the impact of regulatory actions on union jobs

26:22 – Discussing the importance of a well-trained workforce for nuclear energy

27:54 – Start of the conversation discussing concerns about unions and lithium battery technology.

30:04 – Talks about the affordability of homeschooling and the importance of investing in education.

31:38S – Questions about making homeschooling easier for parents working multiple jobs.

32:24 – Suggests that most homeschool programs are done online and talks about the importance of mobility.

36:23 -Expressing concerns about spending money on foreign aid instead of addressing issues like hunger in the U.S.

38:02 – Discussion on the impact of homeschooling on parent-child relationships and socialization.

40:57 – Debra Wold provides information on how to get in touch with her via LinkedIn.

41:13 – Outro

Stay tuned for curriculum, and programs for homeschooling and energy training materials.

The post ENB #177 Exploring Sustainable Solutions: A Conversation on Energy, Education, and Environmental Challenges appeared first on Energy News Beat.

Energy News Beat

Far-left California State Senator Scott Weiner has introduced a bill that will mandate the installation of speed-limiting devices on all vehicles. The bill, which will go into effect in 2027 if passed, would introduce technology that physically stops vehicles if they go more than 10 mph over a designated speed limit.

“There’s no reason why people should routinely be allowed to drive more than 10 miles per hour above the speed limit,” Wiener told the Los Angeles Times. “You can want whatever you want. But that doesn’t mean you’re allowed to do it and that doesn’t mean you should be physically able to do it.”

The measure, Senate Bill 961, would require every passenger vehicle, truck and bus manufactured or sold in California to be equipped with “speed governors” by 2027. Active speed governors will physically slow cars that travel more than 10 miles per hour, while passive devices would alert drivers with a beeping or buzzing noise.

SB 961 does 2 things:

—Requires vehicles built or sold in CA be unable to drive more than 10 MPH above the speed limit (except emergency vehicles)

—Requires that large trucks built or sold in CA have side guards to prevent cars/bikes from being pulled under the truck in a crash

— Senator Scott Wiener (@Scott_Wiener) January 24, 2024

Wiener has argued that the legislation is necessary to cut down on traffic accident deaths in California, which have spiked in recent years. In 2022, there were 4,407 automobile-related fatalities in the state, a 22 percent increase from 2019.

Todd Spencer, president of the Owner-Operator Independent Drivers Association, opposes the legislation over fears that it could hinder drivers’ ability to avoid dangerous situations. “There are times drivers may want to speed up enough to switch lanes, to move away from certain unsafe situations. Our preference is for drivers to have the maximum ability to do that. We don’t think technology or even most well-intentioned regulations should obstruct that,” Spencer told the Los Angeles Times.

The package of bills introduced by Wiener will also require “side underride guards on trucks, to reduce the risk of cars and bikes being pulled underneath the truck during a crash” and “physical improvements like new crosswalks and curb extensions on state-owned surface streets to better accommodate pedestrians, cyclists, the disability community, and transit users.”

“These changes are a head-on attempt to tackle vehicle fatalities, which are surging across the U.S. — and especially in California — amid a rise in reckless driving since the onset of the pandemic,” Wiener’s office explained in a press release.

Similar speed monitoring legislation has already been passed in the European Union. Starting in July, all cars manufactured or sold in member states will require the installation of passive speed governors.

Source: Trending Politics

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The post New California Bill Would Equip Cars With Technology That Monitors Drivers, Physically Stop Them From Speeding appeared first on Energy News Beat.

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Equinor was awarded 18 production licences in the North Sea, 13 in the Norwegian Sea, and 8 in the Barents Sea. Equinor is the operator of 14 of the awarded licenses, and a partner in 25.

“We are pleased with the award. These licences give Equinor and our partners new opportunities to further develop the Norwegian continental shelf (NCS) as an energy province. We are familiar with the geology and confident that we will make new discoveries,” says Jez Averty, Equinor’s senior vice president for subsurface, the Norwegian continental shelf.

Continued active exploration is necessary in order to reduce the production decline that will occur on the NCS. Phasing in oil and gas from new discoveries will secure long-term activity and contribute to energy security in the European and UK energy transition,” Averty says.

In Norway, Equinor is the operator of 35 offshore platforms with low production emissions, and processing and export infrastructures that have largely been paid off. Infrastructure-led discoveries can be rapidly developed, at low cost, and with low greenhouse gas emissions from production and transportation.

“We are modernising the infrastructure on the NCS with an eye to the energy transition. Based on our plans for electrification and continued cuts in our own greenhouse gas emissions, the production from new discoveries in brownfield areas will not increase our production and transportation emissions. For discoveries that will require new development solutions, we will aim at technological solutions with low emissions. Equinor’s energy transition plan, committed to cutting emissions in line with the Paris Agreement, also includes phasing in production from new discoveries,” says Averty.

The authorities increased this year’s round of awards by 92 blocks in the northwest of the Norwegian Sea and west of the Barents Sea.

“Equinor’s Snøhvit Future and Johan Castberg projects are underdevelopment in the North. We now focus on exploration to uncover the potential for gas in the Barents Sea, working closely with Vår Energi and Aker BP to explore as much as possible with good rig utilisation,” adds Averty.

Source: Equinor 

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About 10 million barrels of Russian crude oil have been stranded off the coast of South Korea thanks to U.S. sanctions, traders and shipping data told Reuters on Friday.

The 10 million barrels, carried by 14 tankers, are of the Sokol variety from Sakhalin-1 and remain unsold due to Western sanctions. That amount represents about 45 days’ worth of Sakhalin-1 production at its average rate of 220,000 barrels per day.

The vessels—including 3 VLCCs—carrying the Russian crude oil have been stranded near the port of Yosu in South Korea for weeks after the United States sanctioned multiple vessels and companies that were transporting the Sokol grade.

Reuters sources and shipping data courtesy of Kpler and LSEG indicate that the VLCCs, carrying 3.2 million barrels, have been acting like floating storage.

At least some of the Sokol crude oil was destined for Indian Oil Corp. The delays in delivery caused by payment problems have caused Indian Oil Corp to search for crude from elsewhere—mainly from its own storage and the Middle East.

The United States initiated sanctions and a price cap on Russian crude oil transiting by water more than a year ago. The intent was not to disrupt the flow of oil, but to restrict revenues to Russia, who would otherwise use crude oil money to fund its military operations in Ukraine. The Biden Administration has insisted that its sanctions and G7 price cap have been effective, despite the accusations from some that they have been largely ineffectual.

The Kyiv School of Economics estimated in December that Moscow would bring in $178 billion from oil sales in 2023—and predicted that this figure would rise in 2024. According to the Centre for Research on Energy and Clean Air, the import ban and price cap have cost Russia $37 billion in export revenue. “The price cap has had an impact but has failed to live up to its potential” CREA analysts said last December.

By Julianne Geiger for Oilprice.com

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Jamie Dimon calls for the snowballing US debt burden to be addressed before it turns into crisis

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ENB Pub Note: I have just interviewed data modeling experts who have found where the global warming narrative over the last four years has been manipulated to increase the “global warming” fear-mongering. Stay tuned.

Energy bills are set to soar as almost all major studies on Net Zero contain serious modelling errors that grossly underestimate the cost, a new report from Net Zero Watch reveals.

The report, which presents a new model of the 2050 electricity system that corrects these errors, shows that official studies have suppressed the apparent cost of Net Zero still further by using extreme speculations about the costs and efficiencies of all the equipment required in the 2050 grid.

According to Andrew Montford, the Director of Net Zero Watch:

The Royal Society, for example, assumes that the cost of almost everything will halve, and the efficiency of almost everything will soar. It’s not impossible, but it is imprudent to assume that it will happen.

If you correct the modelling errors, and use known costs and efficiencies rather than speculation about what might be available in 2050, you get a very different picture of the future.

The report warns that with current technology, the cost of a Net Zero grid would approach £8,000 per household per year. Montford adds:

The costs may come down somewhat, but policymakers need to be told what it would cost if they don’t. The numbers are staggering. The failure to explain the extreme nature of the underlying assumptions is culpable.

Net Zero Watch is calling for the Royal Society to withdraw its recent “misleading” report on electricity storage.

The Net Zero Watch report can be downloaded here.

These assumptions included:
• 60% reduction in offshore wind capital cost
• 70% reduction in offshore wind operating costs
• 50% increase in offshore wind output
• 30% reduction in solar capex
• 70% reduction in solar opex
• 90% reduction in electrolyser capex
• 45% increase in electrolyser efficiency
• 60% reduction in reciprocating engine capex
• 55% increase in reciprocating engine efficiency

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ENB Pub Note: Under the current administration, would you do business with the US? Energy Security is something that lives, and political careers depend on. Based on our track record, doing business with the US is unstable, and countries are moving to other, more reliable allies. 

Rather than replace Russian fuel with next-generation renewables, the continent has increasingly turned to American natural gas. But it’s risky, too.

Europe, long-reliant on Russian natural gas, has nearly severed its dependency on the Kremlin in less than two years. Its preferred replacement — gas from the US — is widely viewed as abundant, politically palatable and less likely to be choked off than pipelines from Siberia.

It’s also growing riskier by the day.

On Friday, the White House announced the polarizing decision to halt the approval of new export permits for liquefied natural gas, or LNG, amid a backlash from climate-minded voters. The pause, which won’t affect those plants already under construction or in operation, threatens to delay or even derail some of the massive projects expected to hit the market toward the end of the decade and beyond.

“US LNG continues to be the cornerstone of Europe’s supply diversification strategy,” said Leslie Palti-Guzman, head of research and market intelligence at SynMax. The Biden decision sends a real message “regarding solidarity and the reliability of its supply in the medium to long term. This is particularly crucial at a juncture where supplies from Russia” and other shippers can be “mired in unpredictability.”

Even before the permit freeze shook buyers across the globe, Europe’s rapidly expanded reliance on US LNG might have given Brussels pause. In a very short window, the US has carved out a meaningful share of Europe’s gas supply, eclipsing any remaining Russian deliveries. America’s booming shipments today account for about half of the region’s LNG imports, a share that is widely expected to grow further. When considering gas shipped through pipelines as well, the US is the bloc’s second-largest gas supplier after neighbor Norway — a serious coup for the North American nation that only began exporting its shale gas in 2016.

Although the US is a major G-7 ally with unsurpassed economic clout and relative political stability, an outsized dependence on even a friendly nation brings risks. Europe’s decision to swap Russian gas for American LNG instead of a harder pivot to renewables means its energy security remains dependent on factors far outside its control, like the Atlantic hurricane season or political gamesmanship in Washington, DC. To procure the fuel that’s key to heating Europe’s homes, generating its power and feeding its industries, energy traders must now factor in events thousands of miles away. Outages at Gulf Coast plants or sudden cold snaps from Houston to Guangzhou can redraw the map for profitable trades overnight.

“European reliance on US LNG will only grow if more Russian gas does not reappear and the Qataris decide not to engage in a price war for market share. The reward for Europe is a diverse set of US suppliers,” said Ira Joseph, senior research associate at the Center on Global Energy Policy at Columbia University. “The risk is a major change in US policy in the future.”

In short, by exchanging fossil-fuel suppliers, Europe has swapped one potential handicap for another, leaving its energy system vulnerable and exposed.

Europe’s decreased reliance on gas from Russia began even before Vladimir Putin’s 2022 invasion of Ukraine. The relationship between the world powers grew strained in 2014 when Russia annexed the Crimea region; tensions further escalated the following year as state-owned gas giant Gazprom PJSC was accused of market-power abuse by the bloc’s competition watchdog.

Months before its most recent Ukraine invasion, Russia pared back pipeline deliveries and stopped offering spot volumes to Europe, tactical moves some said were intended to inflate prices and speed approval of the controversial — and now mangled — Nord Stream 2 pipeline. Two weeks after Russian forces entered Ukraine in February 2022, inciting panic-buying of all LNG cargoes available on the world market, the EU laid out a definitive plan to replace flows from its biggest supplier.

US LNG was the clear choice to fill the gap. A relative geographical closeness meant savings for traders sending US cargoes to Europe instead of Asia; the affluent region also had more purchasing power to snag the pricey shipments. Also working in US gas’s favor: Its contracts are nearly always written to be “destination flexible,” meaning traders are allowed to divert tankers if necessary when the price is right. They can even cancel shipments if demand suddenly collapses. The EU’s LNG imports surged by 60% in 2022, and abundant LNG from Europe’s long-held political ally was the biggest contributor by far.

“I’ve traveled all around the world, especially in Europe, and the message I always hear is: ‘Hooray for American LNG producers,’” US Assistant Secretary of State for Energy Resources Geoffrey Pyatt said in October at the North American Gas Forum in Washington.

That appreciation may be waning with President Joe Biden’s latest move. After Russia invaded Ukraine, his administration made a pledge to the EU to quickly review applications for any new export capabilities, Fred Hutchison, president and chief executive officer of LNG Allies, said Friday. “Today’s announcement does not keep faith with that pledge.”

It’s too early to know if the US review will force any companies to pull their plans permanently; if reelected, Biden might very well allow the process to move forward once safely back in office for another four years.

“This could be a pause for political purposes, to appease Biden’s base in the run-up to the general election. Or it could be a longer halt to permitting that clamps down on the chances of these terminals being approved longer term,” said Energy Aspects gas analyst David Seduski. If a Republican, like Donald Trump, wins the presidency instead, the regulatory halt will “almost certainly be undone” in early 2025, he said.

Read more: Biden’s Halt on LNG Licenses Strands Would-Be Exporters in Limbo

But even a Trump win wouldn’t be a surefire sign the country’s so-called “freedom molecules” will continue to flow to Europe. During his time in the White House, Trump proved willing to use trade war tactics to push his policies, particularly against China, and there’s no guarantee the EU would stay out of the crosshairs. Even if the permit delay ends up being just a short-term hiccup, it’s still a deafening wake-up call to European buyers that US gas can’t escape US politics.

The European Commission is not concerned about a growing dependency on US LNG because there aren’t the same levels of political risks as with Russia, said a senior EU official who wasn’t authorized to speak publicly.

But others see potential challenges ahead. A growing reliance on US gas is creating a “concentration risk” for the industry, Jonty Shepard, vice president of global LNG trading and origination at BP Plc, said at a late-2023 industry conference in Athens. “The industry as a whole is going to have to learn how to deal with that going forward.”

Here are the other reasons Europe’s appetite for US LNG have some on edge:

It gives the US outsized geopolitical influence. At the height of the crisis, French Finance Minister Bruno Le Maire blamed LNG exporters for using Russia’s war on Ukraine to encourage “American economic domination and a weakening of Europe” and called for a more balanced economic partnership with the US. Western Europe hasn’t much heeded the warning, importing more LNG from the US last year than from its other eight biggest suppliers combined. The more reliant Europe is on the US, the harder it will be to push back on disagreements, from prices to policy. “Europe risks being dependent on one supplier and ultimately at the mercy of the prices they set,” said Ogan Kose, a managing director at consultancy Accenture.
It risks inflating Europe’s energy bills. Since most of Europe’s LNG supply is priced off the volatile spot market, buyers there are more exposed to the ebb and flow of global supplies than Asian buyers, who mainly source it under long-term contracts linked to the price of oil, said Massimo Di Odoardo, vice president of gas and LNG research at Wood Mackenzie. LNG shipments can be easily diverted to the highest bidder, so a larger-then-expected surge in Chinese demand or nuclear outages in Japan could shift more American gas to Asia, shortchanging Europe. As extra US capacity hits the market, prices will come down — eventually.
It means events 5,000 miles away will impact the EU’s energy supply. When natural gas — once shipped only via pipelines — began to traverse the world on tankers, it transformed a once localized market into a global commodity. That carries a whole new set of unpredictable factors. Any issues at US LNG plants an ocean away, from a malfunctioning valve to dense fog, can hit supplies. And disruptions will only get more frequent as climate change worsens the intensity of storms along the US coast. In 2020, Cameron LNG in Hackberry, Louisiana, was shut for weeks after a damaging hurricane; in 2022, a months-long shutdown of Freeport LNG due to an explosion sent prices of Europe’s gas purchases soaring. Of course, LNG’s global nature also brings benefits. “If there is an issue with the LNG supplier, then you can source LNG from anywhere in the world,” said Rob Butler, a partner at law firm Baker Botts LLP, which works on energy transactions.
It brings a hefty climate impact. Although gas emits less carbon dioxide than coal when burned, some argue methane leaks across the global LNG supply chains can make it worse for the climate. Still, US LNG may emit less methane than some pipeline gas routes to Europe, said Christopher Goncalves, managing director of energy and climate at Berkeley Research Group in Washington.
It risks delaying the deployment of greener energy solutions. In addition to buying more LNG, the EU in 2022 also outlined ambitious plans to boost its investments in renewables, develop green hydrogen and biomethane projects, and bolster measures to save more energy as part of its planned move away from Russian gas. In reality, almost two years later, what stands out is its increased dependency on LNG and — to some extent — reduced gas consumption. Hydrogen projects remain limited, while the renewables push is facing a blow from the offshore wind industry troubles. Current measures being put in place by EU member states aren’t sufficient to cut emissions by the targeted 55% by 2030, and the availability of US LNG won’t do anything to speed that tough transition along.

To be fair, Europe is not sitting idly by. It has started to sign some longer-term contracts to lock in LNG supply, including deals with Qatar’s state-owned operation that push into 2052. Mozambique, Nigeria, Azerbaijan and Norway are also targeting the lucrative European gas market, helping to diversify Europe’s supply.

Still, experts warn it remains far too reliant on American gas, with European companies beginning to feel the tangible effects. Germany’s chemicals industry, for instance, which generated around €230 billion ($250 billion) in sales last year, has been mired in a deep recession, partially triggered by the loss of cheap Russian gas, a key feedstock for fertilizers and source of energy for heavy industry.

“What the European chemicals industry pays for gas is almost 3 to 4 times more than what the US domestic buyer pays,” Accenture’s Kose said, comparing the price of European spot purchases to US futures prices. Even as the cost of gas has come off its record highs, German industrial giants have been cutting jobs and investing in production assets in the US instead, painting a grim picture for Europe’s biggest economy.

“When cheap Russian gas was coming to Europe, it made sense to keep a chemical plant close to the demand source as it was profitable,” Kose said. Now, with more expensive imported LNG, “moving these plants to cheap natural gas sources makes more sense.”

Source: Bloomberg:

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