Daily Energy Standup Episode #207 – Energy Headlines: Strikes, Wildfires, Lithium Race, and CEO Resignation in the Spotlight

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Gas prices jump as Australian LNG workers begin partial strikes at key Chevron sites

Top Climate Scientist Drops Bombshell: Wildfires Caused by WEF Arsonists, Not Global Warming

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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 is going on. Everybody, welcome into another edition of the Daily Energy News Beat Standup here on this gorgeous Wednesday, September 13th, 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 chair of the show and the director and publisher of the world’s greatest website, EnergyNewsBeat.com, Stuart Turley, my man, how are we doing today? [00:00:39][24.3]

Stuart Turley: [00:00:39] It’s a beautiful native neighborhood. And I mean, I’m running ragged, dude. There’s so much going on. [00:00:44][4.4]

Michael Tanner: [00:00:45] There is a lot going on. We have an absolutely banger of an episode lined up for you guys. First up on the menu, gas prices jump as Australian LNG workers begin partial strikes at key Chevron sites. Next up, a top climate scientist dropped bombshell wild fires caused by World Economic Forum arsonist, not global warming. So interesting. Looks like we’ve got al Shabaab running around lighting fires. So let’s do a dive into what this top climate scientist is saying. Next up, Alberta enters global lithium race with opening of first extraction pilot project. Sticking along that lithium town. But coming home, a bright lithium deposit found in us may be amongst world’s largest, according to new study. That would be absolutely awesome. Then we will then jump over and quickly cover what’s going on in the oil and gas markets. Oil did do to above 89 today. We’ve settled down 88, 76, and we did see crude oil inventories come. Amazon does an interesting deal with an oxy subsidiary at BP’s got a new CEO or will in in a bit so we will cover all that and a bag of chips guys but first as always check us out and the world’s greatest website www.energynewsbeat.com it’s where all this news and analysis comes from doing the team does a great job of keeping that up to speed with everything that you need to know to stay on top of the energy business. You can hit us up and interact with the show questions@energynewsbeat.com. You could check out our data news combo product dashboard@energynewsbeat.com team is hard at work at V2. We appreciate all the efforts there. You can subscribe to the show which is the best way to show your support. Apple Podcasts. Spotify. YouTube at Energy News Beat Hit that Subscribe. But if I was a 16 year old YouTuber, I’d say smash that like button. But I will refrain from doing that and just say it again. It’s that’s the best way to support the show. We appreciate it again, interact with the show questions@energynewsbeat.com. Check out the description below. You can see all the links to the articles we’re about to talk about. You can also interact with the show that way and you’ll see links on how to contact Stu and I directly. I’m out of breath, though. Stu, Where do you want to begin? [00:02:54][128.9]

Stuart Turley: [00:02:54] Hey, let’s start going around the world here. Gas prices jump as Australian LNG workers begin partial strikes at key Chevron sites. Hey, Michael. Part of this is also in the offshore LNG facility. You remember the one that is over $1,000,000,000 facility and they closed it because of an electrical wire in the bathroom that whenever it was recovered this a while ago. So you got to sit back and kind of go, there’s another story that follows along with this. Members of the Offshore Alliance group said they will stop work completely for two weeks starting September 14. The start of the industrial action marks that cumulative location of Weekslong discussions. What they’re looking at Japan is going to be the biggest person hurt by this because they’re the biggest buyer from Chevron’s Australian plants. You know that that’s going to mean a big difference right now. Dutch gas traded 11% a megawatt hour at 36 €34 and 1143 million per million BTU. Unbelievable what this cost. While Europe never receives fuel from Australia, but they curbed LNG shipments to Asia, would raise competitive alternative cargoes. [00:04:22][88.1]

Michael Tanner: [00:04:23] Yeah, I wish we could dive in more and see exactly what they were striking over because, you know, I’m sometimes for these these strikes when you’ve just got a raw deal. I mean, I remember you we remember the the railroad deal at the union. They they didn’t get any PTO time or any ability to take time off during their shifts. And so there are some times when you’re set up in a bad systems do. I’m not completely against striking if you’re trying to get yourself at least a basic okay deal. So I want to know a little bit more about this deal before I go ahead and condemn the strike. But you’re absolutely right. Japan’s about to get smoked here. I did not know that that’s where they sourced the majority of their LNG. I figured it was coming from the US. [00:05:03][39.4]

Stuart Turley: [00:05:03] Oh, no, here it is. The other article I had on this today was the partial strikes include work stoppage. Bridges and bans on carrying out overtime and some other duties. Members of the Shaw Alliance, a group with two key unions, say they plan. Okay, we already heard that. [00:05:21][17.4]

Michael Tanner: [00:05:22] Whatever those other duties are, I’m interested because sometimes, you know, in an article trying to get you in favor of one way is going to, you know, oh, yadda you it’s that Seinfeld episode and yadda yadda, yadda. I ended up at my ex-boyfriend’s house. [00:05:35][13.3]

Stuart Turley: [00:05:36] In the morning. This one is producer asked the Fair Work Commission to make it. They wanted Chevron as the bargaining group to step in. So here’s Chevron with their big hammer for trying to hit the smack. The little guy. I agree. [00:05:53][17.9]

Michael Tanner: [00:05:54] I got to hear about these World Economic Forum arsonists. Let’s go on to the next guy. [00:05:58][3.6]

Stuart Turley: [00:05:58] You know, I’m a big fan of Clouds. [00:06:00][1.6]

Michael Tanner: [00:06:01] SCHWAB Yeah, well, you’re on the board of directors of the World Economic Forum. [00:06:05][4.9]

Stuart Turley: [00:06:06] I am now. And he and I got into a little bit of a tussle. I’m not even a top climate scientist drops a bombshell. Wildfires caused by w e f arsonist, not global warming. I thought this was not a rumor, and I’ll tell you why here in a sec. Slate News dot com reports. Brown said Editors at Nature and Science, two of the most prestigious scientific journals, climate papers that support certain pre-approved narratives. When you sit back and take a look. Did you see the fires in Canada being as they were starting popping up all over Canada and the helicopters were dropping neighbor And I mean, that to me is. Okay, wait a minute. How does that happen? And then you sit back and kind of go, He pointed out research proves 80% of wildfires are ignited by humans. Global change, climate change is happening, and it’s because of mankind’s evil twin brother is going through and burning the place down. Brown admits that he has faked his own studies to get the papers published in big journals, prestigious journals. Climate warming. Here’s an example he gave Climate warming increases extreme daily wildfires in California. Michael, I was trying to get this wildfire expert guy on the podcast. I reached out to him. He has he has investigated for the last seven years wildfires in California. Three of 4000 were set by whether by a lightning strike or something, really three. And then he started describing things that were pretty frightening, that these three, the cars that were burned in there shattered, the glass shattered. He said so many of the others were melted. What’s the difference between shattered and melted. [00:08:17][130.9]

Michael Tanner: [00:08:17] The heat level? Right. Or an explosion? [00:08:18][1.3]

Stuart Turley: [00:08:19] Exactly. It is exactly 1700 degrees Fahrenheit for a regular fire. And how much? 2500 degrees for these other ones that were started by somebody. Go figure that out. [00:08:34][14.6]

Michael Tanner: [00:08:34] Yeah, I’m just I’m not I find it interesting one that this guy admits to faking papers. It’s also crazy. He made this other quote. I figure once you admit to faking papers, you might as well go so far as to say this. I love this quote. You put it bluntly. Climate scientist. Our science has become less about understanding the complexities of the world and more about serving as a kind of Cassandra urgently warning the public about the dangers of climate change. However understandable this instinct may be, it distorts a great deal of climate science research, misinformed blogs, and most importantly, makes practical solutions more difficult to achieve, which is what Bjorn Lomborg has talked about, who was one of my favorite speakers on this issue. So it makes the even economic solutions look horrible because you’re not a good person. [00:09:20][46.1]

Stuart Turley: [00:09:21] That is right now. This is fire and fury. I even showed this a few times over at Maui. Maui was on the air. This was available on the six. I bought it on the 10th and it showed up on my doorstep on the 11th. How in the world do you get a book about a fire in imprint in Amazon ready to go two days. And you know what’s funny? They could sit back, Michael, and they go sitting there and they go The National Guard realized that there was trouble and they jumped to their cars and went in Hell. That’s not how the National Guard works. It was two weeks afterwards and they have to be appointed by the governor and said, Go do this. There was. Nothing in here. They were wrong. If you’re gonna steal a time machine, get it right now. So. [00:10:18][57.7]

Michael Tanner: [00:10:20] So in conclusion on that one, we hope. Former senior lecturer at Johns Hopkins, Patrick Brown, we appreciate his contribution by his image. You’ll probably former senior lecturer at John Hopkins. You’re soon. All right. What’s next? Let’s talk about lithium. [00:10:33][13.8]

Stuart Turley: [00:10:34] Absolutely wonderful. Alberta enters global lithium race with opening first extraction pilot project. This is really cool. Without forsaking our past, the lithium industry opens up a whole new industry using our skill set. This is ENP Operators, the opportunity to be a global leader and make Alberta our lithium jurisdiction is really, truly here. The cool thing about this, Michael, is that we’re using M.P. systems. You’re pulling the lithium out oil and gas water that you’re drilling. And Mark Lancaster, who I have interviewed on our podcast. [00:11:18][44.0]

Michael Tanner: [00:11:19] To Mark Lancaster. [00:11:20][0.4]

Stuart Turley: [00:11:21] Oklahoma, somewhere in turning black, black, go green, whatever, Gold, black, gold, whatever. He’s got a great slogan. I can’t remember it right now. But anyway, hey. [00:11:32][11.5]

Michael Tanner: [00:11:33] Great promo for Mark Lancaster. [00:11:34][1.5]

Stuart Turley: [00:11:36] I’m going to shoot myself after this. I’m going to shoot myself and then I shoot you. Okay. The facility could do 150,000 tons per year of battery grade lithium. He said. Here’s where it is really, really cool. I think the oil and gas companies are very closely watching the lithium space. I’ll tell you what, this is huge. As far as I’m concerned. The critical mineral industry will build off the oil and gas industry that we’re best known for liberty, fracking. All these other companies are going to get into the lithium game. Michael Yeah, we know. [00:12:14][38.3]

Michael Tanner: [00:12:14] Pioneer’s Stripping Lithium out of their water. Everyone wants to get in on it. What I’m interested really is this next story. Still, as much as I love Canada, USA, USA, we might have the largest lithium deposit. [00:12:27][12.6]

Stuart Turley: [00:12:28] Absolutely. This is in a extinct volcano. It exists in the Mcdermitt caldera, a caldera at 28 miles long and 22 miles wide, 20 to 40 million metric tons of lithium, a figure that would dwarf deposits in Chile and Australia. Wow, this is amazing. This is obviously worthy of exploration. Definitely not worth changing anybody’s midterm plan yet. Here. [00:13:01][33.5]

Michael Tanner: [00:13:02] Here’s who owns this so much Like, I mean, somebody’s got to own it, right? There’s someone must have been dealt the reserves. So who owns this caldera? [00:13:12][10.0]

Stuart Turley: [00:13:13] It’s along the Nevada Oregon border, which is the world’s largest. Now, here’s the is the problem, Michael. We need lithium now. We need lithium badly, and we. [00:13:27][13.7]

Michael Tanner: [00:13:27] Won’t be ready for ten years. [00:13:28][0.8]

Stuart Turley: [00:13:28] 15. Okay. We can’t get a nuclear even after permitting, it takes another ten years to get a mine rolling. I mean, this is not something that you can do. I am so excited about the MP and the water and being able to get the lithium immediately out of production. That’s cool to me. [00:13:50][21.6]

Michael Tanner: [00:13:50] Yeah. Love us and scientists doing sciencey things. [00:13:53][2.7]

Stuart Turley: [00:13:57] Sciency things. Is that what you learned at the School of Mines? Science and things? Yeah. [00:14:04][6.1]

Michael Tanner: [00:14:04] Just do a little science in and it just seems to work out. [00:14:07][3.4]

Stuart Turley: [00:14:08] Was your finance degree in financing? See, finance. [00:14:12][4.3]

Michael Tanner: [00:14:13] Was being finance. [00:14:13][0.6]

Stuart Turley: [00:14:14] Finance, finance. [00:14:15][0.6]

Michael Tanner: [00:14:17] It was. It was. Is you got anything else in the news? [00:14:20][3.1]

Stuart Turley: [00:14:22] Just. We’re going to have a lot of fun. Yeah. [00:14:23][1.7]

Michael Tanner: [00:14:24] That we will we’ll quickly cover what happened in the markets today. S&P dropped about a half a percentage point. NASDAQ tumbles 1.1 percentage points off the back of Apple releasing the iPhone 15. Do the move into usb-c. Thoughts on that? [00:14:38][13.7]

Stuart Turley: [00:14:38] Absolutely. About time back. [00:14:40][1.5]

Michael Tanner: [00:14:40] At 12 years too late or was it 2012 when they first came out with the lightning port? Did you see I mean, we’ll get into oil first, but do you think they came out with an adapter from lightning to Usb-c? I will be buying that one for sure. But I digress, guys. Oil up to 8882 as we record this about 630 here actually on the 12th oil got all the way up above 8919 really off the back of a back of an OPEC update that says, yeah, things are still going to be really tight. They. Go ahead and announce that for 2024, they believe 2.25 million barrel per day average, which would be monthly record oil demand, which would surpass and outstrip what we’re currently doing today. And that’s a 2.2 million barrel rise in oil and gas demand. Not necessarily the total. You know, to give you guys an idea the IEA has about global oil demand sit at about 99.2 million barrels per day. In 2022, they expected to rise to 1.1 million barrels per day in 2023 and 1 to 2.3 in 2024. So that OPEC number probably is going to fall in that 102103 range, which is going to be above the guidance that the IEA, you know, we love of some OPEC analysts, Of course, they’re going to be bullish. We I’m sure our Goldman Sachs friends are are helping out the analysis there. Another reason we saw oil sorry. [00:16:03][82.3]

Stuart Turley: [00:16:03] The IEA also came out with a report saying that it was just absolutely hilarious that peak oil. I said bigger. Was he? Well, yeah, but it’s a it’s it’s going to come in four year. [00:16:17][13.9]

Michael Tanner: [00:16:18] Yeah. I’ll take you over on that one. And we’re betting that with 20 on the over we also saw the API they came out and dropped their their forecast of the EIA’s weekly crude oil reserve stock portfolio. They think and estimate that stocks will rise by 1.1 million barrels. And we saw that yesterday or as we’re recording this today at 2 p.m., you’ll hear as you listen to this on Wednesday on what the IEA, whether they confirm or deny that. Number two interesting stories. First, Amazon buying carbon credits from Oxy in order to what we’re not quite sure it news out of Houston that a 1.5 which is a Oxy subsidiary which is a carbon capture utilization and sequestration company today announced that Amazon has agreed to purchase 250,000 metric tonnes of carbon dioxide removal credits over the next ten years. Interesting. Interesting. Okay. There. Amazon’s purchase and long term contract runs a significant commitment to direct Air Capital’s vital carbon solution. The real question is what’s Amazon doing to actually lower its emissions? We’re not sure, but they’re by their sure going out and buying some credits. Still. [00:17:26][67.9]

Stuart Turley: [00:17:27] When you take a look at everybody buying of Amazon, just remember they’re not changing their habits. These are do you just have them by the credits and put it on your credit card? Yeah, that’s a great point. [00:17:38][10.8]

Michael Tanner: [00:17:38] That is a great pun. We’d be remiss if we didn’t quite talk about the news out of London today. BP boss Bernard Looney resigns after failing to reveal relationships with colleagues Used to. This is spicy. He resigns less than four years into his current tenure as CEO after he failed to fully disclose details of the relationships with colleagues. To give you an idea, the company had said in a press release that Looney has disclosed, quote, a small number of historical relationships with colleagues prior to becoming a CEO. That was revealed during a review last year, triggered by information from an anonymous source who further allegations were recently made after an investigation involving some external legal counsel is now ongoing. The, quote, Arab peace do, as Mr. Looney has informed today, informed the company that he now accepts he was not fully transparent in his previous disclosures. Ooh, yikes. Not all is well over there. [00:18:33][55.0]

Stuart Turley: [00:18:34] No, I think that we’re going to put at the end of this show, Michael, the the prince saying not the prince, but the head of OPIC going, we are actually going to throw the press out so that we can be transparent without being transparent. This works exactly what he’s doing. [00:18:51][16.6]

Michael Tanner: [00:18:52] Absolutely. MURRAY And into Klaus, the company’s CFO, is going to head and run the business on an interim basis, but it doesn’t look like they’re actually going to give him the job. You know, remember, he set out in 2020 as when he took over as CEO after really leading the upstream division in 2016 and holding various roles. BP all the way back to 1991, he pledged for BP to become a net zero company by 2050 or sooner, though they’ve walked back those pledges. What he failed to disclose, too, he failed to disclose two things. One, these relationships intuited the fact that when he met Net zero Company by 2050, he made net zero profit by 2050, not necessarily net carbon emissions and net salary for him, by the way, because. [00:19:37][45.5]

Stuart Turley: [00:19:39] You know, you’re such a forward thinking guy when he came in, when you were producing that podcast and he waved at the screen you way back at him and everything else like the photo, and you’re sitting there kind of going like that. Did you go, Hey, Looney, what’s your job? [00:19:57][18.0]

Michael Tanner: [00:19:57] Hey, hey, don’t go to that dinner tomorrow night. [00:19:59][2.2]

Stuart Turley: [00:20:00] You’re going to go to the party. [00:20:02][2.2]

Michael Tanner: [00:20:03] Dinner or maybe skip the Christmas party, man. Take the early flight. Take the late night flight home. Don’t stay overnight. [00:20:09][5.1]

Stuart Turley: [00:20:10] You heard it here. Second. Michael Tanner is an absolute procrastinator. [00:20:13][3.8]

Michael Tanner: [00:20:15] Prognosticators we need to do is this. We need to officially start the Stuart Turley for CEO of BP. I think you would make it. I think we just start the campaign, get you out there in London, we’ll get you eaten. Ten crumpets. I think you could turn it around. [00:20:29][13.8]

Stuart Turley: [00:20:29] I think I could. The sad part is, if I don’t know some, I’m going to call somebody up and go, What is this? [00:20:36][7.0]

Michael Tanner: [00:20:37] So what what would be your first move as CEO of BP? [00:20:40][2.9]

Stuart Turley: [00:20:41] Pat banana on the back and get to go. Hey, thanks. I appreciate the job. [00:20:46][5.2]

Michael Tanner: [00:20:48] Thanks for. Thanks for giving me a low bar to step over. [00:20:50][2.5]

Stuart Turley: [00:20:51] Oh, no kidding. [00:20:52][0.4]

Michael Tanner: [00:20:53] Oh, no. Else you got. [00:20:54][0.8]

Stuart Turley: [00:20:54] Oh, no. My first job would be to actually try to emulate the great American oil and gas companies trying to deliver a profit without having to go too far off the green edge like lemmings. [00:21:07][12.7]

Michael Tanner: [00:21:08] So you’re just. You’re diving into the lower 48. You move in headquarters to Houston? [00:21:12][3.8]

Stuart Turley: [00:21:12] Absolutely. I mean, baby. [00:21:14][1.3]

Michael Tanner: [00:21:14] America, we come beyond petroleum becomes better petroleum under stew. [00:21:19][4.7]

Stuart Turley: [00:21:20] It’s actually British Petroleum. And they went to Beyond Petroleum Goods. They thought they were funny. [00:21:25][5.3]

Michael Tanner: [00:21:26] And you’re going to make it better petroleum. I’m just doing the marketing for you, Stu. [00:21:29][3.4]

Stuart Turley: [00:21:30] I’m going to move the headquarters out of the UK into the U. S. [00:21:33][3.4]

Michael Tanner: [00:21:34] Oh, you heard it here first. Board of directors. There’s your Here’s your résumé. So I asked you what else you got for us? What should we be scared about? [00:21:41][7.0]

Stuart Turley: [00:21:42] Nothing. [00:21:42][0.0]

Michael Tanner: [00:21:44] Besides you being named CEO of BP. [00:21:45][1.7]

Stuart Turley: [00:21:46] That’s scary. Well, and in the cool thing is, right after being CEO of BP, Putin’s going to come over and go, Hey, would you take over Gazprom? Right. [00:21:55][9.7]

Michael Tanner: [00:21:56] That’s really it’s your stepping stone to Gazprom. Didn’t BP have a place of didn’t they own part of Rosneft? So you could easily just slip open to Rosneft? [00:22:06][10.0]

Stuart Turley: [00:22:07] They did. In fact, they basically had almost abandoned it during that. And they took a black eye. [00:22:14][7.1]

Michael Tanner: [00:22:14] And they did well. All right. Well, we’ll let you folks get out of here. We appreciate you guys checking this out here. World’s greatest energy news podcast for Stuart Turley. I’m Michael Tanner. We’ll see you tomorrow, folks. [00:22:14][0.0][1259.7]

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