The Global Political Season and It’s Impact On Energy

Irina Slav International Author writing about energy, mining, and geopolitical issues. BulgariaDavid Blackmon Principal at DB Energy Advisors, energy author, and podcast host.Principal at DB Energy Advisors, energy author, and podcast host.Tammy NemethEnergy Consulting SpecialistStuart TurleyPresident, and CEO, Sandstone Group, Podcast Host

Stuart Turley [00:00:04] And

David Blackmon [00:00:15] And away we go. Hey. Welcome to the Energy Realities podcast. I’m, David Blackmon. I’ll be your moderator, at least at the beginning. Today, Tammy appears to be having a problem getting on, and, it was her week to be the moderator. But since we’re talking about elections, I volunteered to step in with me. Today, of course, is the incomparable Irina Slav. The great energy analyst and writer and, narrator of her Substack. Articles. And she has a fantastic one today that you guys got to go read. Irina Slav on energy. It’s fantastic. Stu Turley, the president and CEO. I’m sorry. Good morning. Irina, sorry.

Irina Slav [00:01:03] Good morning.

David Blackmon [00:01:05] I supposed to let y’all get a word in edgewise? I know, and also with us right now is Stu Turley, the president, CEO of the sandstone Group. And, the guy that puts these things together for us and, really appreciate it. Stu, how are you today?

Stuart Turley [00:01:21] Hey, it’s Monday, but it’s a short week,

David Blackmon [00:01:27] and there’s Tammy. How are you?

Stuart Turley [00:01:28] Go, Tammy. Go!

David Blackmon [00:01:29] Tammy the great. Tammy.

Tammy Nemeth [00:01:31] Good. How are you all doing today.

David Blackmon [00:01:32] As her own website. The Nemeth report. And I just interrupted her. Of course. Hi, Tammy.

Tammy Nemeth [00:01:38] Hi.

David Blackmon [00:01:41] So, this is your day to moderate. Do you want to take it from here? We’ve done introductions and.

Tammy Nemeth [00:01:47] Okay, okay. What? Did you explain what we’re talking about today?

David Blackmon [00:01:51] Well, I didn’t I hadn’t gotten to that point yet. I’m too verbose.

Tammy Nemeth [00:01:55] Okay, so I just wanted to give a quick shout out to all the Canadians out there. Happy Canada Day. July 1st is the celebration of Confederation. So yay, yay, barbecues and fireworks, right? So . Yeah. So I think we’re at 100, and it was in 1967 or, sorry, 1867 that Canada had confederation. So

David Blackmon [00:02:26] so 157 years.

Stuart Turley [00:02:29] Nice.

David Blackmon [00:02:29] Awesome

Tammy Nemeth [00:02:30] getting up there. So given that it’s summer, who knew there’d be so many political events and elections happening in summer this year, right. So today our topic is the global political season and its impact on energy realities. We’ve got the EU elections and the appointments that were just made, the snap French elections, which took everybody by surprise. The UK election, which was also a surprise. And that’s coming up on Thursday, I think July 4th. And of course we we also have the looming American election and the debates have happened last week. So, you know, what are the impacts on energy realities with all of these different things. And I thought maybe we could start with the EU leadership appointments and the results in France last night. Irina, what do you make of the EU appointment of former Portuguese socialist premier Antonio Costa as the chair of the European Council? And Ursula von der Leyen is back as president, and then we have the Estonian prime Minister. Kaiya Kallis is the next EU foreign policy chief. And I’m wondering, is Antonio Costa going to be as hyperbolic about climate as his compatriot Antonio Guterres, who is also a former Portuguese head of the Socialist Party.

Irina Slav [00:03:49] And also UN Antonio? And actually, I didn’t pay attention to the appointment of this Antonio, the new guy. Sorry, but, well, I wasn’t surprised by Ursula’s second term. I was disappointed, though. She is under investigation. Still, as far as I remember. I haven’t heard anything about the end of this investigation, but nobody’s talking about it’s about the Covid vaccines. As for Carla. Carlos. Well, information has been circulating on the internet that she saw was folbigg after her father was a high ranking functionary in the USSR. This happens a lot in Eastern Europe. You know, the children of the the elite, the totalitarian, indeed, the most vocal opponents of everything related to the USSR, probably in hopes to make everyone forget it. And, the woman is crazy. Li is clinically insane that this is not normal. I mean, this level of hate is not normal, but she fits in with the narrative, and she’s pretty much the same as her predecessor, who probably retired, alcoholic. I don’t know. He just couldn’t take it anymore after, you know, the goddamn comments and everything. We need to keep fighting the war in the Ukraine to have peace and resolve things. So she she fits in perfectly. So that wasn’t a surprise. I the story. I can’t be polite. You know, I I’m here to this whole war, and we’re sort of a frontline country right now together with Romania. So I’m not going to be polite because the decisions of these people could make us a targets, even though I don’t really believe it. But it’s a hypothetical possibility, which I intensely dislike. Did you ask me about the French elections?

Tammy Nemeth [00:06:03] Yeah. So if I can just add in here. Costa. This Antonio Costa resigned as head of the Socialist Party because of corruption allegations. So it’s another case of failing upwards, right? Just because, you know, failed Dutch.

Irina Slav [00:06:19] You haven’t even heard of NATO. Great guy. So moderate in his opinions. And is he is.

Stuart Turley [00:06:27] Is NATO kind of like the U.N., one of the most corrupt organizations on the planet? Or am I just missing this?

Irina Slav [00:06:34] And you know that right now Bulgaria is being swept by very, very heavy advertising of NATO. Have you ever heard. Oh.

David Blackmon [00:06:45] Really? Yeah.

Irina Slav [00:06:45] Oh, billboards. 20 years NATO protecting what’s valuable to us or something like this. And I hear people who watch television complaining that there are TV ads about Bulgaria, its membership, NATO.

Stuart Turley [00:07:02] Wow.

Tammy Nemeth [00:07:03] My gosh. Wow.

Stuart Turley [00:07:05] Can you hear me? Can I ask, a question? Because last week on the, debacle, I mean, the debate, it was so bad. You know, Trump is really wanting NATO to pay their fair share and not have the U.S. totally pay for everything. I vote the U.S. get out of all wars, all around the world, and quit poking our nose where it doesn’t belong. But, what is, Europe’s thought and the UK is thought about Trump not supporting NATO. That’s.

Tammy Nemeth [00:07:48] That’s a good question. I don’t think Trump is saying get rid of NATO, even though NATO really lost its purpose after the fall of the of the Soviet Union. And, you know, it’s kind of been going through the motions of, well, what are we here for? You know, and, and that kind of thing. And it’s trying to it’s been trying to reinvent itself for a long time. But I think having to pay your fair share in a security alliance isn’t a bad, request.

Irina Slav [00:08:24] Yeah.

Tammy Nemeth [00:08:24] It seems kind of sensible, you know, and I think the the UK will be in trouble because for all of the different things that, let’s say labor does win is everybody’s projecting. They’re going to win on Thursday. They don’t have much of a defense support initiative. They’re they’re spending so much money on climate and all these other things. It’ll be interesting to see where they try to find money to, to pay for defense. So I don’t know.

Stuart Turley [00:08:57] Well,

Tammy Nemeth [00:08:58] Yeah. So, Irina, if we could just maybe move to what happened in France last night. What do you think about that?

Irina Slav [00:09:06] Well, this again wasn’t surprising. But, you know, it reminded me a bit about Brexit when David Cameron called the referendum. He I think he sort of assume that people will will vote remain. But they didn’t. I don’t know what Macron was thinking when he called the snap elections, but I doubt things like this.

David Blackmon [00:09:29] Yeah.

Irina Slav [00:09:30] So it is the same things happening all over again. But it’s a good thing, I think, because I don’t believe Marine Le Pen’s party’s far right, that just right from the extreme left that the race runs right.

Tammy Nemeth [00:09:49] Yeah.

Irina Slav [00:09:50] Well, the election is not over. There’s one more interesting development this week, however. Hungary just took the EU presidency and Viktor Orban announced a new alliance, potential alliance in the European Parliament called Page risk for Europe. To to form an actual group of MPs. They need MPs from four more member states, but basically they are sticking it to the dominant powers in the European Parliament.

David Blackmon [00:10:23] Excellent.

Irina Slav [00:10:24] Yeah, yeah, they probably wouldn’t have too much weight in decisions, but the fact that such a group is forming a traditional conservative. If you were far right. Of course they were called far right. Images of the grouping of, members of Parliament is is a positive development to me. As long as they give this role to full member countries. Yeah.

David Blackmon [00:10:50] Yeah, yeah. The the far right tag just means anyone who’s politics are to the right of Fidel Castro. That’s a meaning term at this point.

Irina Slav [00:10:59] Because.

David Blackmon [00:11:00] Of the news. And it’s it’s unfair, it’s sad, but it’s it’s really no surprise that the left wing leadership, the globalists who have been in control of the EU make, you know, just continue to double down on, everything they’ve been doing, make no acknowledgment of the gains of the conservative. Right, in the recent elections and just, you know, appoint more far left wing idiots to run the thing. And that’s what left leftists always do. So it’s no surprise. And, you know, what’s happening in France could be earth shattering if if Le Pen’s party does receive a full majority, in the second round of the elections, it it just would be earth shaking, I think. Yeah.

Stuart Turley [00:11:51] Tammy, there’s a video here of that, announcement last night. If you want to take a look at it here it if you it. Okay. And we can turn the sound up if we want.

David Blackmon [00:12:04] Yeah,.

Video Speaker 1 [00:12:04] There are so many elections in France on Sunday, but the final result will depend on days of hard bargaining before the second round of voting next week. Sunday’s outcome is a major blow to President Emmanuel Macron, who stunned the nation when he called for snap elections after his party was trounced by the National.

Stuart Turley [00:12:24] Trounced.

Video Speaker 1 [00:12:26] Them in elections. Earlier this month. In a speech to supporters Sunday night, Le Pen said her party’s victory was decisive.

Video Speaker 2 [00:12:34] My compatriots, my dear compatriots, democracy has spoken and the French people have placed a national rally and its allies on top and have practically wiped out President Macron’s party.

Video Speaker 1 [00:12:48] The results were in line with opinion polls ahead of the election, but provided little clarity. On whether Le Pen’s anti-immigrant euro,.

Stuart Turley [00:12:57] The US needs paper ballots.

Video Speaker 1 [00:12:59] Form a government to. Coexist with pro-EU Macron. After next Sunday’s second.

David Blackmon [00:13:04] Yeah. Isn’t it amazing that you can count all those ballots within a few hours?

Video Speaker 1 [00:13:07] Political decision now lies ahead in the past. Center right and center left parties have teamed up to keep the National Rally from power. Yeah, that dynamic is less certain than ever

Tammy Nemeth [00:13:19] I disagree. Far right National Rally is now closer to power than it has ever. the image of the party known for racism and anti-Semitism. What appear to have worked amid book.

Irina Slav [00:13:35] Just so you can have them see what sticks.

David Blackmon [00:13:39] Is that was.

Tammy Nemeth [00:13:40] That that.

David Blackmon [00:13:40] Report from from MSNBC or CNN Stu?

Stuart Turley [00:13:44] I’m not sure where I got the feed. What it was.

David Blackmon [00:13:47] I’m getting it. Just it might as well have been on MSNBC.

Tammy Nemeth [00:13:51] I mean, if you looked at the breakdown of the of the party support. And so there’s this extreme left wing group that formed, adjacent to Macron’s party. If you combine those two percentage of voters together, it’s over 50%. So I’m really concerned that, you know, they they’re talking up Le Pen and all this kind of thing. But the left actually if they combine has 50 plus percent and you know, then that creates a whole new sort of situation, which is actually very similar to what happened in the last French election, where it seemed like Le Pen was having gaining all this ground than the left riots and does all this stuff to intimidate people. And the end

David Blackmon [00:14:38] And last night. Yeah.

Tammy Nemeth [00:14:40] Right.

Irina Slav [00:14:41] Well, I hope to get more people to vote for the far left.

David Blackmon [00:14:45] Yeah.

Irina Slav [00:14:46] That’s something.

Tammy Nemeth [00:14:47] I know.

David Blackmon [00:14:48] Yeah, but it’s like it is a parliamentary election with multiple parties. And so, you know, like labor isn’t getting 50% of the the polling in the UK, but labor is going to win 80% of the seats. So just because, you know, it’s it’s the series of individual district elections in the parliament. So yeah. Yeah.

Stuart Turley [00:15:11] So, what?

Tammy Nemeth [00:15:14] Now go Stu.

Stuart Turley [00:15:17] Why is the left violent? I mean, it just why can’t we all get along? I hate that that really.

Irina Slav [00:15:25] Peaceful

Stuart Turley [00:15:27] Yeah.

David Blackmon [00:15:27] I mean, I mean, the Democratic Party created the Ku Klux Klan in the wake of the Civil War to preserve its political powers. That’s that’s a fact of history. Democratic party created Antifa in the wake of Trump winning the 2016 election. That’s a fact of history. The Democratic Party in the United States has always been a party of violence, then they consider it just another political tactic. So it’s just a fact of history.

Stuart Turley [00:15:54] Wow.

Tammy Nemeth [00:15:56] Yeah. And it’s it’s ironic and hypocritical where, you know, you find people on the left who will say to the people who are more conservative, are you going to accept the outcome of the democratic election? And, you know, and, and and it’s like, but they don’t accept the outcome of a democratic election. You know, they throw it up either as being manipulated or they put their their Antifa goons on the streets in order to intimidate and bully people into just cowering and caving to their demands, which is not good.

David Blackmon [00:16:30] Meanwhile, Jamie Raskin, a Democratic congressman.

Irina Slav [00:16:33] Is also good when it works for for our guys, it’s not good for any benefits. The other side.

Tammy Nemeth [00:16:41] The other side.

David Blackmon [00:16:42] Exactly right. Jamie Raskin is a is a member of Congress from Connecticut. And on Sunday and one of the big news shows he said that that, if Trump wins the election in November, but the Republicans do not get a majority in the House of Representatives, he’s going to lead a Democratic effort to challenge the results of the election period.

Tammy Nemeth [00:17:03] Course. Is there going to be in any.

David Blackmon [00:17:06] Of the election just.

Irina Slav [00:17:08] Based around.

David Blackmon [00:17:09] The election in the United States has to be certified by the House of Representatives. And so if the Democrats get a majority. Even if Trump wins the election, they’re going to. They’re going to refuse to certify the election, which is what they’ve spent the last four years trying to put Trump in prison for doing in 2020.

Irina Slav [00:17:30] Yeah, but do they not have to have some sound grounds for doing this? You have to have a reason to challenge the results of a presidential.

David Blackmon [00:17:38] If you believe in the rule of law. Yes, they do have to have sound grounds, but the Democratic Party, the only believes in the rule of law when it serves its purposes. Okay. I mean, if that’s.

Stuart Turley [00:17:51] president

David Blackmon [00:17:53] Won by now, it’s.

Stuart Turley [00:17:54] I mean, you have Speaker Pelosi, Speaker Pelosi, and you have all of the Democrats standing up and saying, I don’t believe in the Supreme Court until the Supreme Court rules in their favor. We have President Biden standing up against the Supreme Court and waving in, excuse me, canceling debt that he can’t cancel or have the legal authority for student loans. And that is going to add inflation because people like me get to pay for them.

David Blackmon [00:18:29] Yeah, the Treasury just prints money to pay off the debt. So, anyway, I’m sorry I took us off on a tangent there. Let’s. I’m sorry.

Tammy Nemeth [00:18:38] Okay, so why don’t we segue into the UK election? So on Thursday, we’ve got the snap UK election. That’s going to be happening. And I don’t know, David, what’s your your take on what’s going on over here?

David Blackmon [00:18:56] Well, I’m, I have to tell you, Tammy, and, I know you’re a resident there. I’m. I’m very concerned. I’m very. Really almost depressed. I mean, all my family background is from the United Kingdom and, and so I’ve always paid a lot of attention to what’s happening there. I understand the voters anger with the Tories. They’ve been awful. They’ve been idiots. They bought into the entire globalist regime, coming out of the EU since Boris Johnson became, the prime minister. And, so they deserve to be spanked, you know, what about at the election ballot? But the problem is, what the voters about to put in power is infinitely worse. You know, the Labor Party is has always been a socialist slash Communist party. This Keir Starmer guy, you know, who looks like an accountant, is the guy they’re putting up because he gives them up, puts a mild face on a horrible, horrible political philosophy that’s going to do incredible damage to the British people and the UK as a nation once they’re put into power. And I think it’s inevitable. I, you know, the Reform Party is, had a bit of a surge here, in recent weeks, but it’s not going to be enough to prevent the outcome. And, and I’ll just close by saying this, it looks like the voters are going to give labor 70 to 80% of the seats in parliament. No party, political party anywhere in the Western world ever gets elected with that kind of majority and does not go about invoking radical reforms, radical policies. Yeah, they’re going to act on their worst impulses. And so it would be one thing if you’re giving them a bare majority, but giving them this overwhelming super majority is just you’re going to become California real fast. And yeah, and that’s a bad place.

Tammy Nemeth [00:20:56] Especially especially when like we talked about a couple of weeks ago, the manifesto of the Labor Party and what their energy policies are. I mean, they’re so unrealistic. When we talk about energy realities, their platform is like completely not really. No, no.

Irina Slav [00:21:14] No, just because they’re idiots, they sound like idiots, including Keir Starmer. But, I agree with David. That is going to get very, very bad very quickly because they they do not realize what they, they’re saying. Well, they’re planning what they’re promising is unrealistic and often impossible. They’re just going to try and act on it. Yeah. How how do you feel about all these dummy living? There are no.

Tammy Nemeth [00:21:47] I don’t know. I think it’s, it’s it’s interesting because, I’m on one of these neighborhood, little discussion lists called Next Door, and somebody was trying to attack the Reform Party. And normally the people who reply on this neighborhood thing are very left wing. And I was surprised at how many people stood up for reform. It was a bit shocking, actually. So I’m not sure. And I know that the the mainstream media here in the UK has been trying to tar and feather, the Reform Party saying, saying they’re, racist and all this kind of thing. And, and then they actually there is allegations that channel four hired an actor to pretend to be like a candidate or something, and then put this whole segment on him. So now they’re challenging channel four for election interference. And, but I mean, the the election’s on Thursday, so it doesn’t matter, right? They throw the smear out and by the time it gets addressed, it’s over. So and with respect to energy, I really am concerned. We live in an area of outstanding natural beauty. It’s one of these designations, but part of their energy platform is to bypass all of the local regulations, for planning, so that they can put up windmills and solar arrays all over the place, cover the hills with them, take over farmland, which is, you know, people here have worked really hard to preserve nature. And these areas of natural beauty cannot papered over with windmills and solar panels.

Irina Slav [00:23:33] Yeah. Watch what happens to areas of outstanding natural beauty. Because remember in in since from the the latest season of the not the second season, this local council rejected his application for a restaurant on the grounds that it would compromise this designation. So exactly on your own farm without covering the hills and the fields in solar panels. So what? What happens?

Tammy Nemeth [00:24:05] They’re going to change those rules so that the counties can’t hold back. Yeah, supposedly. Stu What do you think? It is.

Stuart Turley [00:24:17] I think what we’re seeing is this political discussion of, the Great Awakening is not here yet. People kind of have one eye open. And as the Great Awakening starts happening, the elites, the Democrats, the left are going to start getting more violent. And I think that the Supreme Court case that David’s got on his list is so important for the United States of 80 years of the deep state having controls and, and now allows, folks to happen. So David has a lot to say on this. I think that we are about to see in the next six months more violence than the world has seen in decades and, long time, because those in power do not want to lose it. Personal opinion.

Irina Slav [00:25:18] Well, they’re going to eventually.

David Blackmon [00:25:21] Yes, they are going to and it’s inevitable and.

Irina Slav [00:25:24] All day long. Yeah.

Stuart Turley [00:25:26] And I think it’s going to be a global. Sorry.

Irina Slav [00:25:31] Yeah, yeah.

Tammy Nemeth [00:25:33] Yeah, yeah. So, okay, let’s now chat about, the debacle of the debate.

Stuart Turley [00:25:43] The debacle.

Tammy Nemeth [00:25:45] Irina debacle. I read it as a from a European perspective. What did you make of that?

Irina Slav [00:25:55] I don’t think I can speak from a European perspective. I can only speak from personal perspective, which includes the experience of 30 plus years of idiotic politicians. We’ve mean had everything we’ve had, mumbler we’ve had. Stupid people. We have corrupt people. We never got this bad. I’m sorry, guys, it’s really, really.

Stuart Turley [00:26:26] It’s bad.

Irina Slav [00:26:29] I didn’t watch the whole debate. No, I couldn’t do this to myself. But we we.

Stuart Turley [00:26:35] We have a one minute, an ad that Trump has out now. One minute, if you want to stomach through it. It is pathetic. I think we could probably get through 10s of it. Tammy, if you want.

Irina Slav [00:26:50] To say.

Stuart Turley [00:26:51] it is, it is so embarrassing. I want to go throw up.

Video Speaker 3 [00:26:55] I want you to ensure that we’re able to make every single solitary person.

Stuart Turley [00:27:01] I have Trump.

Video Speaker 3 [00:27:02] Trying to do with the weight of the Covid. Excuse me? With, dealing with. I mean, we have to do with, that if. We finally beat Medicare. And finally we’re trying to find housing for black Americans in Paris. We beat them for the choice. The idea that they’re going to. I’m not either proposing that everybody they paper millionaires pay 1%, 1%. So no one after I do not raise the cost of Social Security for anybody. Three I got my handicap, which when I was vice president down to six. Once you get away, you get rid of the ability of Medicare, for the ability for the US to be pharma companies.

David Blackmon [00:28:00] to elder abuse.

Video Speaker 3 [00:28:01] For example.

David Blackmon [00:28:02] I mean, it had.

Video Speaker 3 [00:28:02] A thousand children.

Irina Slav [00:28:04] It is.

Video Speaker 3 [00:28:04] I mean.

Irina Slav [00:28:06] It had been gold for, for, for a week. He had the questions in advance and he couldn’t swing it because of course, he wouldn’t be able to. You know, this is actually outrageous elder abuse.

Stuart Turley [00:28:18] His his wife should be run out of town. And the entire media, the United States mainstream media is just as bad. And every ruffle head that stood up there and said everything from his young peer, his, press secretary saying they can’t keep up with him. And in our security, my caucus. That man should be tried for treason and, saying that he is brilliant and can’t keep up with him, and he’s on his decisions. All of them have been lying.

Irina Slav [00:29:06] It’s obvious he is not. Saying.

Tammy Nemeth [00:29:12] They said 2020, to be honest.

David Blackmon [00:29:15] Yeah, I started writing about it in 2019, the day he announced his candidacy. It’s the first time I wrote about it. It’s been an open secret in return since about 2014, that he was having dementia issues, and nobody wanted to talk about it because he was, you know, he was about to go into retirement. And so he gets to 2019, announces his candidacy. And it’s at five years more advanced. And it becomes obvious as soon as he makes a speech. Right. And it’s been obvious ever since. But it’s news, right? Everyone in our news media has been completely in the tank for him, covering for him, lying about his condition. All of his staff has been lying about his condition. And we finally, the public finally got to see it. Live

Irina Slav [00:30:02] public has been seeing it all right. Every time he appears on camera. What? I’m not sure I could understand. I could comprehend is whether all these people responsible for keeping him, there on stage like a puppet. Did they really believe that people would not believe their own eyes and ears, but would rather, believe what they were being told?

David Blackmon [00:30:31] Yes. Yes, absolutely. And they’re going right back to the same narrative this morning here in the United States. The media’s done a complete about face again and gone right back to the same narrative this morning. So yes, they’re going to try to keep this crap up.

Irina Slav [00:30:45] In the streets. Basically.

Stuart Turley [00:30:48] The scary question is who’s running the outfit? That man is not making a decision. I believe it was.

Irina Slav [00:30:56] It was around him.

Stuart Turley [00:30:58] Yeah, it was, Woodrow Wilson, I believe in his last 18 months, he had his wife meet, everyone at the door. The cabinet was no longer, able to even have anything. And so he actually did not run. He was he had a stroke, and he was in his in his bed. I think that, you know, there’s a joke around that, Woodrow Wilson was dead and she was running the place, and then she wrote a book about it. This is very sad because we have another extension of Obama people, the deep state. And it is not the president.

David Blackmon [00:31:38] Yeah, there’s a reason why Barack Obama didn’t leave Washington, DC when he left office. Okay. And, you know, I mean, I think that’s pretty obvious at this point. I think everyone needs to acknowledge who’s really been running this administration. It’s been Obama’s third term, and Susan Rice is one of them, one of the several Obama people with senior advisory positions in the white House itself. That’s who’s running the country and has been running the country. And, you know, Joe Biden is not capable of of tying his shoe laces, folks. I mean, they even dictate to him what kind of shoes he wears. Okay. And have been. And so it’s I mean it’s.

Stuart Turley [00:32:25] It’s it’s another to have to change your pants in front of the Pope. That’s bad.

David Blackmon [00:32:30] So I mean, so yeah. Go ahead.

Tammy Nemeth [00:32:34] I, I’m thinking that, you know, this level of deception, and it’s a deception that’s across the entire sort of however you wish to define a deep state or whatever, through the media, through all of the party apparatus and whatnot. Is that not a symbol of or a symptom, whatever, of authoritarianism and totalitarianism?

David Blackmon [00:32:56] Totally.

Irina Slav [00:32:58] Utterly.

David Blackmon [00:33:00] Yeah. And it’s not just in the United States. I mean, this is true across Europe too, I think. Yeah, yeah. I mean, it’s in Canada, obviously, and Australia and New Zealand, it’s it’s across the Western world, Brazil, you know, it’s no different in Brazil. As our former colleague Armando Cabana, I think understood it. And so it’s, you know, it’s this is a I mean, we can talk about voting all we want, but. Everyone has to understand to that. That their frenzy to preserve their power only increases the urge to try to fix elections. Okay. And try to rig the outcomes. And so, I mean, we have to be vigilant about that as well.

Tammy Nemeth [00:33:50] That’s a good point. Yeah. So I didn’t watch the whole, debate. Did they talk about energy at all or was it just rambling on?

David Blackmon [00:34:00] There was there was a question about climate change, of course, that was asked by Dana Bash, the, the lady, moderator and of course it was directed to Donald Trump. And it was very slanted and biased, of course, because she’s with CNN and it had to be. And Trump Trump didn’t even address it at first. He just bridge right over to talking about the open borders, which is what he should have done. And then she kept asking him and he finally he said something about it. But, I don’t even remember what.

Stuart Turley [00:34:33] Drill, baby drill was his answer.

David Blackmon [00:34:35] Well, yeah.

Stuart Turley [00:34:36] And, he under Trump, I believe oil was around $42. And on average and on average. And we have had, a 35% increase in energy in the US since Biden has taken office. So it’s a combination of.

David Blackmon [00:34:56] Prices, right.

Stuart Turley [00:34:57] Energy prices. Yes. So when you take a look at how that impacts inflation and, and everything else, it it’s people are struggling.

Irina Slav [00:35:08] But it’s weird because, you know, Democrats and pro-Democratic media as in the media need reminding us that well, do you want oil and gas production under Biden surged to to a new record, which is true. So how come energy is expensive.

David Blackmon [00:35:27] Prices are surged? Yeah, I mean.

Stuart Turley [00:35:30] Here’s where I think we’re about to get bit on that. And that is it may have surged, but that’s because of a machine that takes a while as you have, CapEx go into oil and gas drilling. It’s like a python. It rolls around for quite a while. We are down in the U.S., huge rigs. We lost another seven rigs last week. So that is a trailing effect of time, you know, and everything else. And so you have the the world is is going on. We’re going to see. Did I just sound like Biden? Holy smokes. I need to go shoot myself in the foot. No. You. What you’re going to see is the lack of investment. I just read an article where the UK is also going to be hampering in the, in, monetary International Monetary Fund, which scolded the US last week for its monetary policies. Oh my goodness, you can’t buy this guy. Yeah. But the lack of investment is going to cause higher oil prices here very soon.

Tammy Nemeth [00:36:42] Which is what OPEC and Exxon and various other groups have been saying. It’s like we need more CapEx investment.

Irina Slav [00:36:50] And yeah.

Stuart Turley [00:36:51] Yeah, yeah.

Irina Slav [00:36:52] We keep warning about it. Nobody’s listening.

Stuart Turley [00:36:54] And Blackrock Larry Fink is under attack right now because his ESG stance, he’s now saying, oh, it’s okay to invest in oil and gas. And he’s now investing in oil and gas. So it’s kind of funny.

Tammy Nemeth [00:37:09] Well actually that’s related to that congressional committee and that report that came out a couple of weeks ago. And that’s and the report actually said, we think this is why Blackrock and these other groups pulled out of Climate Action 100 or whatever in order to and they’re changing their tune to make it seem like, oh no, no, no, we’re not against oil and gas. Yeah, whatever. Yeah. So yeah.

Stuart Turley [00:37:34] They’re they’re all for profits though.

Tammy Nemeth [00:37:38] Yeah. I mean it’s like those new ETFs that that Blackrock brought out. And then if you dig drill down into what the actual assets are in those ETFs. You’ve got Shell and Exxon and some other ones in these supposedly is.

Irina Slav [00:37:56] Really the the climate transition funds. Yeah.

Tammy Nemeth [00:38:00] Yeah.

Irina Slav [00:38:01] There was supposed to be a clean company clean energy companies.

Tammy Nemeth [00:38:05] It’s how they’re ranked on CDP, right. So if you’re ranked as a B or whatever, then your overall score, you have a transition plan and you’re working towards that, the end of that plan. And therefore you can be bundled in with these ETFs. And so then there’s the accusation of greenwashing. Well that has nothing to do with whatever standards and data and all this kinds of stuff. It has to do with a company like Blackrock bundling these things. Yeah. So having more data and that doesn’t really solve the problem.

Stuart Turley [00:38:43] But we’re going to see hydrogen and natural gas power really at the forefront of this for quite a while. And that is the natural gas power plants coming in that are hydrogen ready so that they can invest in it. And they’re going to call it part of their green plan we are already seeing. So I know.

Tammy Nemeth [00:39:06] That in Germany.

Stuart Turley [00:39:08] Yep. Oh we’re we’re at the forefront.

Tammy Nemeth [00:39:13] Well I guess Germany is getting EU money and it’s creating a lot of controversy to build another LNG terminal or something. on the coast and the Greens are all mad saying that Germany shouldn’t be getting EU transition money to build an LNG.

Irina Slav [00:39:30] Of course it shouldn’t of course.

Tammy Nemeth [00:39:34] But I think that as part of the EU taxonomy, natural gas is considered, light green or. Yeah, brown or something on it.

David Blackmon [00:39:42] I mean, they, they, affirmatively enacted that policy last year about this time last year. Yes. Yeah.

Tammy Nemeth [00:39:50] Yeah. So I wanted to make one last point. And that is during the UK debates, climate change, net zero and energy were not raised at all.

David Blackmon [00:40:01] Unbelievable

Stuart Turley [00:40:02] Wow.

Irina Slav [00:40:03] We all know all of these issues. I suppose we’ve discussed this one. They don’t really have differences.

Tammy Nemeth [00:40:11] There’s no differences, but they don’t want to raise awareness amongst the public that there could be a party that is different, right. Which is reform for said they would scrap.

David Blackmon [00:40:19] To to all my fellow Americans, as much as you hate our news media here in the United States and you should, you don’t hate them nearly as much as you should. You would be infinitely more disgusted with the news media in Great Britain and in Australia and in other parts of the Western world. You can’t imagine how awful the BBC is and the monopoly it has on the media.

Stuart Turley [00:40:45] I think that’s why my podcast is doing so well is because you can take a Oklahoma State graduate, add a Texas accent to him, but speak the truth and people want to hear you. Go figure that out. I never hear about that.

Tammy Nemeth [00:41:02] So shall we move on to the headlines for today?

David Blackmon [00:41:05] Oh, yeah. We’re just getting started. This is going to be the fun part.

Tammy Nemeth [00:41:10] Where is that one? Is that.

Stuart Turley [00:41:13] There you go.

Tammy Nemeth [00:41:14] Ye. Oh, these are mine. Okay. Yeah. So this is the story about Denmark’s world’s first carbon tax on cattle and agriculture. Wow. It’s appalling. And it’s not going to kick in until 2030, apparently. And then they’re saying, oh, whatever we collect in the tax, we’re going to give back to farmers. I’m like, sure.

Irina Slav [00:41:41] Why? Why yes. Yeah.

David Blackmon [00:41:43] Yeah.

Tammy Nemeth [00:41:43] Right. Oh, are we going to give it back so they can transition and so on. And well what does that mean exactly that you’re going to be culling, you know, herds or something. I’m not sure. But you know, Danish, pork is world renowned and the pigs as well are going to be facing this carbon tax. So it’s just another, another element. So they’re going after energy first and food is is the next thing. Right. And it’s it’s just appalling that they would do such a thing.

Irina Slav [00:42:14] It is the best time until 2030. Maybe there will be a swing of the political pendulum in Denmark too.

Tammy Nemeth [00:42:22] Hopefully, because I mean, if people realize just how much their food is going to increase the cost of it, I think maybe that will be that. That seems to be what affects people when it hits their wallet, when it hits their pocket. Book and it becomes easy.

Irina Slav [00:42:40] Sooner or Later. It does him.

Tammy Nemeth [00:42:43] Yeah. Okay, that’s that one. I read.

Irina Slav [00:42:48] oh, you just had one. Oh, okay. Okay. Okay, okay. Through, that that second. I’ll start with the private clients Return to ESG funds with new ways to tackle returns. Just looking at the headline, new ways to tackle returns.

David Blackmon [00:43:11] Don’t worry about profits. Don’t worry about returns on investment.

Irina Slav [00:43:15] I, I never thought that returns on investment are something to be tackled.

David Blackmon [00:43:20] Yeah

Irina Slav [00:43:21] Technologies problems. You know that’s one thing. But from what I gather from the stories that people are starting allegedly to to return to ESG funds with more realistic expectations, which I translate as you know, we know it’s not going to make any money anytime soon, but eventually it might. So let’s be here. Well, they’re just being lied to by managers. So in that book. And this is why they’re returning. But the. This is the best story. Wedding? I don’t know, in a month at least, we’ve been accidentally cooling the planet, and it’s about to stop. So essentially, the use of oil and gas and coal has been heating up the planet with CO2. But at the same time, sulfur emissions from the burning of these hydrocarbons has been neutralizing the effects of CO2. So basically, this would mean we had some sort of balance between heating and cooling, simultaneous heating and cooling. Who knew hydrocarbons could do this? But because we’ve we’ve done such a great job and it is a great job. And ironically, in cutting sulfur emissions, which of course this is.

David Blackmon [00:44:51] A real pollutant. Yes.

Irina Slav [00:44:53] Yeah. And we’ve been cutting this so.

David Blackmon [00:44:59] Unbelievable. Oh, no.

Stuart Turley [00:45:04] Oh, I’m going to get a screenshot of this.

David Blackmon [00:45:08] Irina froze with her eyes closed.

Irina Slav [00:45:11] Oh.

Stuart Turley [00:45:12] How funny.

David Blackmon [00:45:13] Oh, no.

Tammy Nemeth [00:45:13] Well, what’s interesting is that those particulates that Irina is talking about from that article are primarily due to shipping. And so these particulates go in and they reflect the sun, and it makes it it has a cooling effect. Yeah. And so the solution is to fly airplanes around and put particulates into the, into the clouds in an atmosphere like they did offshore California to make up for the shipping that used to do something similar.

Stuart Turley [00:45:44] Did you send the article around about the where they’re going to be putting ice? They were actually putting the the ice around in there. That was a funny story. I don’t remember where I saw that.

David Blackmon [00:45:55] That was entrails for real, folks. Kim trails are you real thing okay.

Stuart Turley [00:46:02] Yup.

Tammy Nemeth [00:46:03] Okay, so until Irina comes back, David, do you want to talk about your.

David Blackmon [00:46:09] Yeah. So I’ll, I’ll be quick to the one about, the AC units to the Paris Olympics. The United States joined a stream of other companies, countries. We’re going to we’re going to ship, hundreds of, room air conditioning units and window units over to Paris to keep their athletes cool during the Paris Olympics. Paris had hoped that everyone would comply with a brilliant plan. Genius plan to do without air conditioning while the athletes were there at Paris. And, it rely instead on a geothermal cooling system that apparently is widespread across that city or beneath that city. And but but our athletes, you know, our, our, our Olympics committee here in the United States, which never misses an opportunity to virtue signal about global warming and, and, climate change, suddenly decided that, well, you know, if it’s going to be 78 degrees in those rooms, which is all the geothermal system can do, well, that’s just too hot for our athletes to stand. Our young, highly conditioned athletes can’t possibly sleep in 78 degree Fahrenheit temperatures. So we have to send AC units with them to Paris. That’s just the height of. Yeah, it’s just unbelievably hypocritical. And so sick of those people.

Tammy Nemeth [00:47:29] Canada’s doing the same thing.

David Blackmon [00:47:31] Yeah, Canada’s doing it. Half the countries in the EU are doing it. Yeah. One African country. I forget which one Botswana or Nigeria said. Unfortunately, they wouldn’t be able to do it because they can’t afford the cost of the AC units. So, I’m just waiting for Blackrock or somebody to step up to the plate and agree to fund the AC units for, for countries that can’t afford it.

Tammy Nemeth [00:47:55] David, how are they going to power it since the the Olympic Village is supposedly with solar?

David Blackmon [00:48:00] Yes. I’m, I’m anxious to see the blackouts taking place at the Olympic Village while the Olympics are on going. That will be fun. But the big, big story I’ve got is the Chevron deference, which has been the facilitating legal doctrine that has, led to the exponential growth of the administrative state in the United States and enabled the Obama administration and Biden administration to, you know, develop in and put into place this, climate change agenda that they put in place was overturned by the Supreme Court for 40 years. It was always destined to be overturned because it’s bad case law. Eventually you were going to get a Supreme Court that would overturn it. And, now that puts in jeopardy the entire climate change agenda in the United States, including the 2007 Massachusetts v EPA decision, which authorized the Environmental Protection Agency to regulate carbon dioxide as a pollutant. Plant food is a pollutant, as defined in U.S. law. Now, thanks to the Chevron deference. With that gone, that case will eventually be overturned, too, because it’s bad case law completely outside the Constitution and the scope and scale of the Clean Air Act. And so this entire agenda that’s been put in place over the last dozen years by these Democrat presidencies is now in great jeopardy. It’ll take years to get rid of it all, but it’s all going to get unwound.

Tammy Nemeth [00:49:33] Wow. That’s huge.

Stuart Turley [00:49:35] David, I want to ask your opinion on this. And, Tammy, is that the. As I had mentioned earlier, is that as the elites and the Democrats potentially lose power, that they do more violent, things, and we are already seeing, like Maxine Waters calling for more violence, and you’re seeing a lot of that stuff. There’s also a call for packing the court. Oh, yeah. I believe that this decision may be a flagship, for them to try to retain power.

David Blackmon [00:50:09] And they’re not going to be able to do that. They’re not going to have them. Jared is necessary to do that. They’d have to have 61 votes in the Senate, and that’s not going to happen. So, you know, they can talk about it all. They want to they can they’re not going to be able to get it done.

Tammy Nemeth [00:50:24] My concern is with the potential litigation coming afterwards. And if it goes through federal courts or, you know, more regional courts or something, district courts, that if you get activist judges, then this drags things out even longer and you’ll have activists who will be willing, more than willing, with all of their foundation funding in order to litigate this to the right judge.

David Blackmon [00:50:50] Oh, of course. Yes.

Stuart Turley [00:50:51] You brought up the fantastic point, and this all boils it down to where it needs to be in this becomes into local elections matter manner matter even more now. And we need to eliminate the Soros impacted type. Folks.

David Blackmon [00:51:10] Yeah, yeah.

Tammy Nemeth [00:51:12] Yeah. Stu.

Stuart Turley [00:51:15] A couple things here. I absolutely love this one from this. This group Trump is Europe is not ready for Trump.

David Blackmon [00:51:23] Is that in the economy, whether it’s from.

Stuart Turley [00:51:27] It is from

David Blackmon [00:51:29] Looks like the.

Stuart Turley [00:51:30] Foreign policy.com. They’ve got a great feed.

Tammy Nemeth [00:51:33] From Policy.

Stuart Turley [00:51:35] Yeah. They are good. Good. I mean, they got good material, but, Trump I think is, is, loving hating. There are things about him I’m not real thrilled about, but I think he is the only one that’s going to stand up for right against rhinos and and anybody else. Tammy, what is your thought? Oh.

Irina Slav [00:52:02] Yeah.

Tammy Nemeth [00:52:04] I don’t know. Europe is such a socialist mess. It really doesn’t matter which country you go to. It seems to be the administrative state in Europe is dominated by the socialists. I mean, they’ve gone so far left. Like David had said earlier that, you know, you have a, just a normal conservative opinion and you’re labeled as far right because they’ve gone so far left that if you’re just kind of in the middle, you’re super right compared to the far left. So I don’t know. Europe isn’t ready. If I don’t, it’ll be no different than than what it was in 2016, to be honest.

David Blackmon [00:52:43] Right.

Stuart Turley [00:52:44] Well, well yeah.

David Blackmon [00:52:46] The Europe, the European guy, because Trump was president for four years. I mean I didn’t notice that.

Tammy Nemeth [00:52:53] Yeah. Well, you know, with respect to the Green Deal now and they’ve they’ve thrown all this money, into that apparatus. And then if you have a super competitive United States who that isn’t on that bandwagon, then that creates a huge economic risk for Europe, right? You know, the potential for even more companies pulling up stakes and and moving to the U.S. or whatever. I mean, with all of this new administrative burden, with the sustainability standards that the EU has brought in. Yeah. It could be a problem.

Stuart Turley [00:53:30] Yep. Oh. You bet. And with. That’s what Lord Radcliffe you brought up exactly what he was, talking about. You know, about how bad it’s going to be for Europe. If you don’t mind.

David Blackmon [00:53:45] Do Tom Mumford has a good question here. Wouldn’t that have to be a constitutional amendment to pack the court? No, because the number of justices on the Supreme Court is not defined in the Constitution, and it has varied over the years. It would it could be done by an act of Congress.

Stuart Turley [00:54:03] So.

David Blackmon [00:54:04] Anyway. Sorry.

Stuart Turley [00:54:06] Yeah, this this, other one, the far right. I put that in there just because we were talking about this. I thought that was an excellent, stance. We’ve already covered that one. But China surpasses Europe in per capita energy consumption. And there’s a couple reasons for this. And that is because the de-industrialization of Europe, because of the green policies, in my opinion, I could be wrong, but, when you take a look at that. So as the, manufacturing has left and gone to China, so is the pollution. Pollution is up in China, but yet their per capita is, so when you take a look at the statistics on this, I thought that this was very interesting. This is from the, IEA. We should not ignore the energy and emissions that Europeans have effectively exported to Chinese manufacturer Energy Institute Chief Executive Officer Nick Wei, as recently told Bloomberg, if a decline in energy consumption and emissions in Europe simply boost carbon output elsewhere, policies to tackle global climate change aren’t working. You know, I, I couldn’t agree more. So policies around energy and deindustrialization have consequences.

David Blackmon [00:55:33] Yes they do. Somebody in one of the European politicians actually made that point, Tammy, a couple of weeks ago, right. That, Britain’s not really reducing emissions with these policies is just transferring them to other countries.

Tammy Nemeth [00:55:48] Right. Yeah. For sure.

David Blackmon [00:55:49] And now might have been Nigel Farage.

Tammy Nemeth [00:55:53] Yeah. Could be. But they’re also doubling down on interconnections, right. So instead of, the UK producing its own energy, it’s going to rely on other European countries for that energy. Yeah. At least that’s the proposal. And there were seven interconnectors proposed. And the regulator only allowed one of them, which was interesting. And I wonder if they’ll be asked to reconsider once. The election happens on Thursday.

David Blackmon [00:56:26] So

Stuart Turley [00:56:28] that will be the one to. Germany, is that correct? If I remember right. Why?

David Blackmon [00:56:32] Irina has a piece at her Substack. By the way, her laptop died. She just sent an email out.

Stuart Turley [00:56:38] Oh, okay.

David Blackmon [00:56:39] But she has a great piece on her Substack. Folks, go read it. It’s about the 2485 mile, power line that investors want to spend $24 billion to move solar powered, electricity from, from the Sahara desert. I forget which country it’s in to. England. Okay. And 400.

Tammy Nemeth [00:57:04] You’re doing that again?

Stuart Turley [00:57:06] Yeah. Yeah. And. And, Tammy, I want to give you a shout out for the studies in the notes that you had put out there. I think we need to study the. If I was identified as a rich person, I would love to personally fund all of those studies that you had talked about. We know the North study, on the wind. And, like Captain Carrick, Kelly, is talking about the pilot whales. We need to save the planet and not have pollution. I mean, even Arnold Schwarzenegger is talking about it being pollution and not, you know, fossil versus that. It’s about let’s get rid of pollution, not net zero.

Tammy Nemeth [00:57:51] Right. And what I, what I think is concerning is that there’s all of these attribution studies, and I put attribution in scare quotes that are designed specifically to, cuz, oil and gas companies of every weather event that’s going on. And that is designed for future litigation to sue the oil companies for damages. And unfortunately, there aren’t any other studies taking place right now because there’s no you can’t get funding for them that would demonstrate, you know, there’s other variables there besides the use of oil and gas that changes weather. And to even say that using oil and gas changes weather, I think is just just absurd. But that’s where we’re at, where that that absurdity and all the things that David points out every week, every day almost, you know, is, is informing these, these decisions, that, that are coming and will be coming.

David Blackmon [00:58:53] Boy, oh boy, what a world. What a time to be alive.

Tammy Nemeth [00:58:57] What a time to be alive. Yeah.

Stuart Turley [00:59:00] So tell me, the Nemeth report.com. You also have a podcast? Yep. All right. And David is blackmon.substack.com. And Irina.

Tammy Nemeth [00:59:15] and Stu.

Stuart Turley [00:59:15] Irina is Irina Slav @ .substack.com that all of those you must go follow.

Tammy Nemeth [00:59:24] And Stud at energy news beat dot co

Stuart Turley [00:59:28] There we go. Awesome.

Tammy Nemeth [00:59:29] All right. Thank you everybody.

David Blackmon [00:59:32] Thank you. Thank you all. Have a great week.

Tammy Nemeth [00:59:34] Have a great week. Happy 4th of July.