Biden to Raid Strategic Oil Reserve Dry

Highlights of the Podcast

00:00 – Intro

02:43 – Joe Biden Plans to Use Oil Reserves to Artificially Lower Gas Prices Before the November Election

04:36 – Fisker Files for Bankruptcy as Troubles Mount for EV Makers

05:48 – Senate set to send nuclear power boost to Biden’s desk

07:05 – Three states sue US to block $7bn decommissioning payments rule

08:56 – Putin vows trade, security with North Korea beyond reach of West

11:39 – 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 stand up. Today is June at 19. My name is Stu Turley and president CEO of the Sandstone Group. And I mean, we have got to get out and really get our act together when we vote in November. It’s a whole crazy story out there. Some of these stories you’ll understand why. But on a side note, I did have the opportunity to visit with Trent Franks. He’s a former congressman, and he’s also the co-founder and chairman of Liberty Petroleum Organization. And I mean, he is a stand up citizen running for Congress again. And the staff is going to be working on that. We’re going to turn that one right on around. But he is a high caliber individual. And I mean, he is like General Flynn. He’s like Ted, Senator Ted Cruz. And I would say he would be van tastic on the Trump wagon out there. And I guarantee you, that’s the kind of caliber of people we need running this country. So with that, let’s run over here and go over our stories. You’ll hear you’ll see where I’m going with this one. Joe Biden plans to use oil reserves to artificially lower gas prices before the November election. Elections have consequences. Let’s go to the next one. Fisker filed for bankruptcy as troubles mount for EV makers. Tell you what. This is kind of like when I was visiting with the Energy Realities crew from the international show on Monday. Net zero. Maybe did. Let’s go to the Senate to send nuclear power boost to Biden’s desk. This one I’m pretty excited about. I think I make a huge impact on this next story. Three states to sue U.S. to block $7 billion in decommissioning payments. Rule elections matter. I think you can see a pattern in this discussion here. This article is really very important. From a geopolitical standpoint, Putin vows to trade security with North Korea beyond the reach of the West. Unbelievable. Elections have consequences. And we really you need to understand this article as far as the global natural gas and energy is going on. [00:02:43][148.5]

Stuart Turley: [00:02:43] With that, let’s jump right on into these stories here. And I’ll tell you what the Biden administration, because we know it is not Joe Biden running the place, but it is the Biden administration. As reported in the Washington Examiner, President Joe Biden is prepared to release more oil from the country’s strategic oil reserves if gas increases during the summer. This is the latest plan by the Biden administration to counter higher prices at the pumps to more expensive prices on various goods due to inflation, quote we will do everything we can to make sure the market is supplied well enough to ensure as a low price as possible for American consumers, said Special President Coordinator for Global Infrastructure and Energy Security, Ammon’s. Hochstein told the Financial Times. I think that we have enough in the SPR if necessary. I’m going to disagree 100% that there’s enough in the SPR, considering what this administration is doing to the geopolitical situation around there. They’ve also canceled and they’re, doing so much more on the gasoline SPR in the East Coast. This is bad management all the way around. A few years ago, Democrats blocked President Trump from filling the strategic oil reserve at $24. So it is just absolutely unbelievable. This article, though, points out Secretary Granholm had multiple closed door meetings with CCP connected energy official raises serious questions about the level of Chinese influence on the Biden administration’s energy agenda. This is out on. No wonder the administration does not like the news. [00:04:36][112.7]

Stuart Turley: [00:04:36] Let’s roll on the next one. Before I get all worked up here. Fisker files for bankruptcy as troubles mount for EV makers. You know, Irina Slav, Tammy Nemeth and David Blackman and I on the energy realities on Monday morning talked about the death of net zero and EVs are failing. But Fisker is the second EV startup of an automatic automotive designer and Hendrick EV Fisker to go bankrupt after it badly missed forecasts. We’re proud of our achievements and have put thousands of Fisker. Ocean shoves into customer hands in North America and Europe. But like other companies with electric vehicle industry, we faced various market and macro, economic headwinds that have impacted our ability to operate efficiently. It’s tough. They’re the subject of an investigation of the National Highway Traffic Safety Administration over an issue with the brake system. But you’re going to see more of these. We just saw Ford, is canceling out their heavy, dealer program that the average dealers had paid in, paid in $1 million into that. [00:05:47][70.6]

Stuart Turley: [00:05:48] So let’s go to the next article. Senate set to send a nuclear power boost to Biden’s desk. The Senate is poised to send a major energy bill to President Biden’s desk this week, which would allow for more nuclear power to be built through the US. The bipartisan bill seems to be a win for the nuclear power industry. Which is what we need. And I have a feeling that you have Google, Amazon and all of the big tech organizations going, we need lower cost energy and nuclear and natural gas are the two key components to get this done. This is a quote from Shelley Moore. Capital Go. And America can and should be a leader when it comes to deploying nuclear energy technologies. And this bipartisan legislation puts us on a path to achieve that goal. I want to see what’s in. This is from the Hill. I want to see what’s in the bill, because they have a way of, as Dan Bongino says, there’s Oculus abounds in some of these things. Let’s go nuclear. I’m all in. But I want to see what the regulatory issues and other portcullis is in this bill. Let’s strip it of pork. Ellis. [00:07:03][75.8]

Stuart Turley: [00:07:05] Three states sued a block the U.S. to block the. You three states sue us to block 7 billion in decommissioning payments rule. This one really chaps my chicken. As I say, Louisiana, Texas and Mississippi have sued the U.S. government to block the proposed rule set forth by the Biden administration, requiring the offshore oil and gas industry provide 7 billion in financial assurances to cover costs for decommissioning old infrastructure. The lawsuit was filed. And, Australia knows about a lot of this because they’ve had some several ones. This is about the Gulf of Mexico and in the Gulf of Mexico. They produce roughly 1.8 million barrels per day out of. According to the BLM. This equates to 14% of the total output. Here’s where it really kind of gets me worked up. This kind of attack is not going on for the offshore wind industry, and it’s killing all of these kind of whales. Decom of oil wells can cost billions and have seen from the Northern endeavor Esso example. Expenses fall on taxpayers if companies don’t settle their obligations or go bankrupt. This is not some far fetched idea, as 37 offshore oil and gas operators have filed for bankruptcy since 2009, according to government data. If they weren’t being regulated to death, I think they’d probably survive. Let’s have a talk about how to have this done, but I want it done on the wind and solar industries as well. Let’s get land reclamation under control for all energy. Let’s be equal across the board, by the way. Elections have consequences. [00:08:55][110.5]

Stuart Turley: [00:08:56] Let’s go to Putin vows trade security with North Korea beyond its reach. This was a pretty good article and it was from CNBC. It is not mentioned in this article about some other sources that I have that Moscow is talking to North Korea about pipelines. So, Miss Producer, if you could bring up the map that is in this article and you’ll be able to see that you’ll see China. And in the center of that you’ll see that is locked. That is locked, that is locked. Russia. Sorry for my Oklahoma accent there. And you’ll see that is an LNG port number two in the center of it. It’s an orange. Or if you go to number the other circle up there, that is a the Scotland LNG number two over. Japan’s over north. Japan. So you can see that there is a green pipeline going from Russia down to China. That is a green pipeline that is being canceled in the US. Was rumored to have really stopped that. It really is sad because energy, low cost energy for everyone is, energy is low cost. Energy is ending energy poverty and is prosperity for all nations. And so right now you have Putin and North Korea visiting. If you look at this map, he’s talking about putting in pipelines for North and South Korea. So then you can see a pipeline coming in. If you look at the LNG terminal down below in South Korea, the terminals going in there, you could actually see a pipeline coming across from Japan to South Korea very easily as well to watch for these developing, especially with the failure of the U.S.. Whole geopolitical things going on. So these are things that you need to watch for. And I am I am disappointed that that pipeline was was cut down because it would help Japan have low cost natural gas. Whether or not they want to be tied to Russia is their business. It should not be. The United States is business. So when you take a look at the public discussion points that North Korea and Russia are having, no, that in the back of the mind there are natural gas discussions going on. [00:11:38][161.6]

Stuart Turley: [00:11:39] So with that, please like, subscribe, share, tell your friends, hug your pets and absolutely tell everyone that you’re having a great time. And I’m looking forward to all of our wonderful future guests on the Energy Podcast Energy News Beat podcast. Thanks and have an absolutely wonderful day. [00:11:39][0.0][679.7]