Trump Targets Offshore Wind

Source: ENB

Daily Standup Top Stories

Follow Stuart On LinkedIn and Twitter

Follow Michael On LinkedIn and Twitter

ENB Top News

Energy Dashboard

ENB Podcast

ENB Substack

– Get in Contact With The Show –

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

Stuart Turley: [00:00:14] Hello, everybody. Welcome to the Energy News Beat Daily. Stand up. My name’s Stuart Turley, president CEO of the sandstone Group. Today Michael is getting ready for Superdog. This is going to be a lot of fun today. Hold on. Let me go through the stories for today. Trump vows day one executive order targeting offshore wind. Holy smokes. Here’s the next one coming around the corner. New Bloomberg study warns of $150. Oh well, you know who knows where oil’s going these days. Let’s take a look at profits over ESG as super major pivot back to their core business. There’s a lot to this story. Suez Canal sees significant decrease in shipping traffic. I’ll tell you what. This is amazing. And coming right around the corner never fails. When we get a story from California, California gas regulators and prices might never go down with a hidden 50 cent annual tax increase. You can’t buy this kind of fun from California. So let’s go ahead and get started here. But I’ll tell you what, I just want to give a shout out to everybody that is following the show, giving us feedback, writing questions. And I we just appreciate everybody that is contributing in sharing the word. You like the story? Share it. [00:01:44][89.5]

Stuart Turley: [00:01:44] Let’s get ready to rumble. Trump vows day one executive order targeting offshore wind. There’s a couple a really big hidden nuggets in this story. We are going to make sure this is a quote. We’re going to make sure that that ends on day one. I’m going to write it out in executive order, said Trump on his, trip to, Wildwood, new Jersey, on Saturday. He has, he wasn’t specific that president could, impact the executive order with a fresh study, the offshore wind farm, and the way, the whales went crazy when they heard this.Do you know that the right whales are approaching an endangered species? But yet the, developers have gone out and they have applied for more tags, knowing that they’re going to kill more than the actual species that is left alive. They here they are endangered. Where is the outcry good for President Trump on, saying that he is going to stop offshore wind farms? Hey, if it can be done without harming the whales, let’s talk about it. Let’s make it fiscally responsible. Let’s talk about it. But I’ll tell you what it is not fiscally responsible. And the birds and the eagles in the bands in the wind. I am not a wind farm kind of fan. Good for President Trump. But I want a question here. What is going to be the backlash? Is this going to be now a calling card for the Democrat Party to say he is anti renewable energy and that this is going to be a major, issue, that he’s going to do this from day one. I agree with it. But B is is going to be a calling card for the Democrat Party saying, hey, we’re going to try to do this. So it’s going to be interesting to see how this all plays out. It’s very important. And if you are an environmentalist, you need to really pay attention and learn the facts. On offshore wind. I’m all about getting the lowest kilowatt per hour to everyone on the planet and not killing the eagles, birds, whales. [00:04:14][149.7]

Stuart Turley: [00:04:15] So let’s, go on to the next story. Here is Michael would say new Bloomberg study warns of $150 oil. I don’t know that that is actually going to happen, but let me read you some of this. Ziad Dao, chief emerging market economist at B and coauthor of the report, said a risk scenario involving a problem conflict could result in a global recession that takes about 1 trillion, for global GDP, with surging oil prices and plummeting sentiment dropping down to 1.7%. Wow. Outside of the financial crisis and pandemic, that would be the worst growth for world economy since 1982. This article also comes down and goes in and says that if there are continued Geo. Political. Conflicts that the Biden administration may have to tap into the SVR again. It’s going to be very tough if they do. But oil tanker shipments continue to be rerouted away from the Red sea as impact on energy trade flows and threat to broader conflict in the Middle East. And it’s a premium that Michael and I have talked about that is already baked into their. I don’t know where they’re coming with that $150 oil. Unless a nuke goes off. But then demand is going to come come off. So, I don’t see where it’s coming on that, as well right now.

Stuart Turley: [00:05:50] So let’s go over to profits over ESG as super majors pivot back to their core business. There are three main bullet points out of this article. Three years ago, big oil super majors in Europe were all about the energy transition and pivoting from their core business to greater diversification. I’m going to cover that point here in just a second. In its latest financial report for the first quarter, BP indicated it might not stick to a plan to reduce its oil and gas production by a 1:45 million barrels of oil equivalent today by 2030. Oops. Europe’s big oil majors are reversing the course from three years ago, because they have some catching up to do with their U.S. peers. This is extremely important from the standpoint that ESG didn’t do a great thing for the oil companies. They did start over the years paying attention to governments and the governance aspect. They really started giving money back to the investors. It was a well done thing. They also started cleaning up their act on flaring and everything else. So the ESG, I am all in favor of when that’s not greenwashing and they’re not, just going out saying, we’re going to do this to be green. Let’s take TotalEnergies, as we call it on the show. They went out. And now that they are owner in significant natural gas plants in Texas, they’ve also been buying other, US energy oil and gas, energy opportunities. BP is now backtracking and migrating away from, the renewable space. So when you sit back and say they’re going back to their core business, I applaud them. They are going back and they’re just not going back to the willy nilly drilling programs. And they are trying to do it, in more effectively and still holding their guns. BP, reported a drop in net profits for the first quarter because they’re lower natural gas prices, but kept its share buyback plan unchanged, add 3.5 billion worth of stock to be bought back over the first half of the year. That is incredibly strong for not only the investors, but for the health of the company. This is our 10th quarter in a row. This is a quote, that we’ve been buying back 3 billion, plus of our shares. This is about a steady ability to be able to do this over multiple quarters. And it’s not that we want to be buying back at 90 or $85. We need to be thinking about how we’re buying back shares at $50 oil. That, to me is extremely important because the CEOs of the oil companies heard the ESG investing crowd loudly, and they have answered. I think it is wonderful. In this article, they also mentioned TotalEnergies, and they say, it’s keeping its budget from transitional related investment unchanged. Shell revised its meet, medium term target from 23 of total investments to 19. BP is deliberately being ambivalent, meaning they’re trying to play a little bit of their cards, closer to their, their chest. And, they’ve got a lot of catching up to do with Exxon and Chevron. So pretty cool. Hats off to them. And again, there is a lot to be said for the ESG taking care of the environment. Let’s produce the lowest kilowatt per hour with the least amount of impact on the environment. Let’s look at all of the data sources following along with this story. [00:09:52][242.0][242.0]

Stuart Turley: [00:09:52] We have the Suez Canal sees significant decrease in shipping traffic. I’ll tell you, this is critical from the standpoint that you really or the terrorists are really taking a look at expanding their, missiles and their strikes out even. Further, this in itself could have more of an impact on that $100 oil than anything else by going out and reaching out and touching shipping. It could impact all of the other tankers and everything else. The LNG shipments coming around the Cape. The LNG shipments coming around the world has caused some serious, issues as well. And in this article, it talks about the increase of prices to, LNG to the Europeans. Consumers are going to be paying for that. [00:10:52][59.6]

Stuart Turley: [00:10:53] In our last article today. California gas regulators ensure prices might never go down with hidden 50 cent annual tax increase. This to me drives me absolutely nut. Here’s the first paragraph out of this article. A little known long standing fossil fuel reduction program that was put in place by the California Air Resources Board, known as the C, A, R, b could well lead the 50 cent per gallon cost increase for gasoline and diesel sold in the state. The report, released in September by the state environmental regulator body, said that California may see the increase of $0.50 per gallon as early as next year and every year there after the programs fee is, in addition that to the gas tax increases already put in in place by a Senate Bill 1 in 2017. This is pathetic. Gas prices in California in the last five years have grown to the highest levels seen in the history of this state. If there are Governor Newsom, if you’re listening to this podcast, I would love to interview you and your administration on your energy policies. I want to know what you’re thinking. Why is it that you’re going to be burying this in here when you’re forcing the world to go to the California world in order to go to California to electric your grid can’t handle it. The amount of pollution from the tires, are more harmful from the EVs than they are on an ice. I want to know what you’re thinking on why you’re going to be doing that. There’s going to be some more tax problems for California coming up. And it all revolves around the missing tax revenue that there is. If they start selling more EVs, you’re going to have no more revenue coming in, and it’s not going to have the roads and the EVs weighing a lot more than an Ice car. And the damage is going to be more and then you’re going to I mean, the snowball is horrific anyway. The offer is there. [00:13:29][156.2]

Stuart Turley: [00:13:30] If you are a industry expert, if you know anything in California and reach out to me, I want to visit with you today. I am visiting with several other very, very important folks, and I am just really excited. We have congressman, Congresswoman Victoria Spiers, and she is we’re going to be live on LinkedIn today. This is very exciting. Also, I have several other key legislators, in the U.S. Senate, getting lined up. So I am very excited about some, very high end folks that are lining up. And, we’re signing up for interviews on the podcast for me, Michael Tanner in The Daily Show and the whole thing. Thank you very much. Subscribe. Like, share. Tell your brothers, tell your, cat, tell your dog. And, have an absolutely wonderful day. We’ll talk to you soon. [00:13:30][0.0][792.3]

– Get in Contact With The Show –

Energy News Beat