Republicans Win Biden’s Green Policies

China accelerated the pace of stockpiling crude oil inventories in May amid lower refining throughput and weaker crude imports compared to last year, in further bearish signs about China’s apparent oil demand so far this […]

Highlights of the Podcast

00:00 – Intro

01:29 – Russia’s War in Ukraine Has Produced $32 Billion in Climate Damage

03:42 – The biggest winners of Biden’s green climate policies? Republicans.

07:01 – Rare Earth Discovery Could Topple China’s Dominance

08:44 – Tesla and Baidu Partner for Full Self-Driving Test

10:25 – US drillers cut oil and gas rig count to lowest since January 2022 -Baker Hughes

11:37 – China Accelerates Crude Stockpiling Amid Weak Refining Output

12:50 – Outro

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

Stuart Turley: [00:00:14] Hello, everybody. Welcome to the Energy News Beat Daily Standup. My name’s Stu Turley President and CEO of the sandstone Group. Today is June 18th, and it is a wild show. Michaels out on assignment. But let’s get ready to rumble. We’ve got Russia’s war in Ukraine has produced 32 billion in climate damage. You can’t buy that kind of entertainment. The biggest winners of Biden’s green climate policies. Republicans. I did not see that one coming. Rare earth discovery could topple China’s dominance. Kind of interesting. Tesla and Baidu partner for full self-driving test. It’s kind of cool. Gotta love a good Tesla story. U.S. drillers cut oil and gas rigs to count to lowest since January of 2022. Baker Hughes China answers with another rig story. Though China accelerates crude stockpiling amid weak refining output. Little bit of China versus U.S. drilling in oil. Kind of a good thing going on here. [00:01:27][73.5]

Stuart Turley: [00:01:29] So let’s start off with Russia Russia Russia Russia. Russia’s war in Ukraine has produced 32 billion in climate damage, the first two years of Russia’s war in Ukraine, and produced a 175 million tons of carbon dioxide. Where this is really sad is it’s the equivalent of $32 billion in damages. What are we going to do? Print more money, send more people over to go to Ukraine to have our politicians pick up their fair share? I’m not sure how this article is reaching through this, but quote, The Russian Federation can be held accountable for these emissions and the resulting damages to global climate. Without its act of aggression, these greenhouse gases emissions would not have happened. Good luck trying to. We’re trying to end the war. Wars are terrible. And then you’re going to go ahead and try to stake a bill. Here’s the check for climate reparations on this. This is absolutely hilarious. Leonard de Kirk, there are all sorts of ideas and discussions on how to distribute these. Create reparations. I don’t get it. And it’s like going after, I am not a Putin fan. I’m a people, citizens of Russia. Let’s get along with everybody. Let’s get along with the Ukrainians. Let’s get along with the Venezuelans. Let’s not have wars. But this is absolutely ludicrous to think that you’re going to go after, reparations for climate damages against a person, Putin who has attacked another country. I just cannot even begin to think who’s thinking. That’s a good idea. End the war. First, I’m going to do the Michael. [00:03:41][132.3]

Stuart Turley: [00:03:42] Let’s go to the next story here. Biggest winners of Biden’s green policies are Republicans. This really kind of got me a little laughing at this one. The Inflation Reduction Act or as Dan Bongino would call it, the working loss bill contained in the largest investment in U.S. history to throw money at woke and climate. Social programs won’t work, including over 350 billion for Green New Deal initiatives. But Hudson, the head of the House Republicans committee, is one of the members in Congress. Whose district are you ready has benefited most from the climate law and massive investments in clean energy. About 12.7 billion in private investment has been announced in Hudson’s district in this district alone. So the one of them was from Toyota expanding a car battery plant that’s tripled in size and 7756 football fields, and will spur 5100 new jobs. That is nothing to sneeze at, and we need that production at home. I’m glad that it’s there. However, the vast majority of the 346 billion words of announce investments, nearly 78% has gone to Republican congressional districts, according to CNN. Wow. Analysis of data from the nonpartisan rhodium Group. And my message you just have Institute of Technology, MIT for people with stuttering problems like me, it is much more like Republican skewed than the congressional district rather than at the state level, Trevor Houser at Remote told CNN. This is amazing to me. And is it because the Democrats don’t have any cities that are supporting good business practices? So the remaining places that are open to do business are in Republican places? Well, that tells me we got to work on the Democrat blue run states and cities because they’ve run most of the manufacturing out. Here’s one Louisiana solely reliant on oil and gas extraction, has the workers and infrastructure to lead the nation in green energy transition, which will lead to good paying careers at home, Carter said in a statement, adding his state is beneficially greatly grand, benefiting greatly from both private and public investment in law. I’ll tell you, I love Louisiana and Louisiana and are out. There are hard work and, besides home to Tyrus and National Treasure. But you gotta have it. Big projects in Texas, in Texas is running amuck. So when you take a look at Republican places to invest your money, a Democrat bill for projects that were originally turning out to be woke and still are not what I would put money in. It’s kind of interesting. Pretty good. Pretty good. A little story there. [00:07:01][199.0]

Stuart Turley: [00:07:01] Hey, let’s run over to rare Earth. Discovery could topple China’s dominance. This one is pretty interesting. Norway is a country with, resources. Rare earth element or Rees. Everybody has to have an acronym or you feel left out. Rees r e s is rare. Earth elements could chip away at China’s, global dominance. Well, our ambition is to deliver 10% of European demand for magnet related Rees in the EPR in the first phase of our operation, said CEO Alfred Stead told Newsweek. Such Rees have many high tech applications, including the need for electric motors, wind turbines and precision guided missile systems. Yet him and and the other 15 types of rare earths are truly rare but are difficult to extract and purify. That is where it’s really going to be different is if they can get to the China that produces about 60% of the Rees and processes 90%. You gotta chip away at that 90% of, production in order to get that done. It’s still an unbelievable goal. I hope that they do it. And I my, target raises to 10,000 metric tons, equivalent to 30% of demand by 2045. Pretty cool. Go, Norway! Love, Norway. [00:08:44][102.6]

Stuart Turley: [00:08:44] Hey, let’s go to Tesla and Baidu, the partner for full self-driving test. I love Tesla. I really love Elon and everything that he’s got going on. I’m all for electric cars. If it’s not shoved down the market’s throat, Elon has got the best product out there. They will be the survivor because they also, as Michael has pointed out, they have the auto driving part of it that the others do not have. He’s been paving the way for the FSD for it’s called a FSD. It’s a full software, full, self-driving car, FSD, full self-driving. And he’s done a great job on this. May. Reuters reported Tesla’s preparing to register with Chinese authorities for the full, self-driving car later this year. Pretty cool. So go Tesla. I’d like to see that full driving car, and I’d like to have an override if it is a self-driving car. I want to make sure that I have an override to that door locking mechanism. So it just doesn’t haul you to the police station or the woke jail. So if you are saying something negative against a government that they do is known to haul you in, as soon as you get into a taxi and drop you off and throw you in prison. So that’s the only downside to an auto driving car with auto locks. Hey, let’s go to, in Michael’s words here,. [00:10:24][99.9]

Stuart Turley: [00:10:25] Let’s go to Drillers cut oil and gas rig count to lowest since January 2022. I’ll tell you what. This is crazy, Baker. You said the rig count down is down 97 rigs, or 14% below this time last year. Let’s say, in Texas, the state with almost half the country’s active rigs, the total count slid by 2 to 2. 85 in Texas. Go, Texas! The oil and gas rig count dropped 20% in 2023 after rising 33% in 2022. Oil futures were up about 10%, dropping down in 2024. So the drilling decline should cause U.S gas output to slide to 102,000,000,000 cubic feet per day. That’s Bickford in 2024, down from a record high of 103.8 in 2023, according to the EIA. Still a lot of drilling and we could save companies and people a lot of money if they turn us loose. [00:11:36][71.5]

Stuart Turley: [00:11:37] China accelerates crude stockpiling amid weak refining output. This is kind of interesting. China has likely added, 108 million barrels per day of crude to its commercial or strategic inventories last month, up from 830,000 barrels per day going to stockpiles in April, according to Reuters. Clyde Russell, China had 15.33 million barrels per day, a crude available to refiners in May, with imports of 11.06. Million barrels and domestic production of 4.2 million barrels. Refiners processed at 14.25 million barrels. So the remaining 1.8 million barrels likely went to storage, per Russell’s calculations. That’s pretty good. They they what do you do when you’re getting ready for war? You stock up. So that’s a good thing that they’re stocking up so they can get ready. We I wish we could stock up and fill our strategic oil reserve, but that’s neither here nor there. [00:12:49][72.1]

Stuart Turley: [00:12:50] So with that, I’d like to please give a shout out to Michael and the whole team. They’re doing an outstanding job keeping everything going. We’ve got a lot of great interviews coming up. Working with a lot of folks, getting them. You’re going to be tickled and, want to give a shout out to the Energy Realities team That was a really good show that we had yesterday. Check that out. That’s on energy realities. You’ll find that, wherever you pick up your favorite podcast. So with that, like subscribe, go to Energy News Beat.co and also go to the Energy News beat@substack.com, and I will see you guys soon. [00:12:50][0.0][750.8]

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