California War on Oil and Gas

Source: ENB

Daily Standup Top Stories

5 things to know about the EU election results

California set to crank gas power and emissions to keep cool

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, the daily stand up. My name Stu Turley, president CEO, sandstone Group. Today is June 11th, and I’ll tell you what is already wild around here. Let’s take a look at our stories for today. Five things to know about the EU election results. I’ll go through some of those. Europe’s shift from Russian gas to pricey LNG Europe in talks with keeping Russia, Ukraine gas pipeline flowing. California’s impossible war on oil and gas. California to set crank and gas power emissions to keep cool. North America continues a streak. I rig add ons. I’ll tell you what. You can’t buy this kind of entertainment around the world here. [00:00:59][44.9]

Stuart Turley: [00:01:00] This morning I have to give a shout out to the Energy Realities podcast. I was on there with Tammy Nemeth, David Blackman, and, Irina Slav, and they did an outstanding job covering the five things that you need to know about the EU election. And, what we had discussed this morning was a clear shift to the right. Now they keep saying, all right, but let’s go through some of these numbers in here. Far right. Did make some significant groups, the two groups in the European Parliamentary on the furthest right of the spectrum, the European Conservatives and the reformists, the SDR and the Identity Democrat group will control a 131 seats in the chamber. That’s not counting for the alternative. Germany’s 15 lawmakers and the ten representatives that the Hungarian prime minister, Viktor Orban’s Wajda’s party belonging to Poland’s Confederation Party. What this is, indicating is that the Renew the Green side fails to follow along. And what this means is that there is a waking up of people are tired of paying high prices for energy. That’s what this is all about, is this is going to happen to and blow over to the United States. I believe it is. And I, I really think that we have got to stop saying its left right. If it’s the right, what what is what they’re calling far right is actually a conservative and basically a normal kind of policy of not going, fully green. So wake up, you’re going to see a major reprisal for people or politicians not taking their citizens, first. So you should take a look and listen to citizens as citizens are going to vote you out. [00:03:03][123.3]

Stuart Turley: [00:03:04] So let’s go to this next big, article here. This one is from Oil price. Europe’s shift from Russian gas to pricey LNG. It is. LNG is pricey, but it is a lot cleaner. It’s best if you hit natural gas from a pipeline if you can’t get it from a ship. But you got to get it in, Europe’s, which there’s three key bullet points. Europe switch from Russian pipeline gas to LNG is increased energy costs, despite claims of overcoming dependance without adverse effects. It’s a lot more costly. Upcoming winters could see higher gas prices due to increased demand at the end of favorable weather patterns. New EU methane emissions regulations will further rise raise LNG costs, making it more affordable. Here are some of the key things, that are very important. The EU bombarded Russia with sanctions following the Ukraine back in 2022. Russia’s exports have increased and their pocketbooks have increased, I believe 70%. Their energy revenues are up over the last three months. They are actually doing quite well even around sanctions. So geopolitical problems only get passed on to the consumers. And, there is more to this. Gas flow for May showed earlier that Gazprom’s flows via Ukraine to Europe went up by 39% year over year. That is huge. Russia exported 13 billion c u am of natural gas to Europe. Unbelievable amount of natural gas. So when we take a look at where how is Europe going to pan this out. [00:05:03][119.2]

Stuart Turley: [00:05:03] Well take a look at Europe is now in talks to keep the Russian Ukraine gas pipeline. Line going in Russia goes through this despite the war, there are several key ways that the EU still is getting gas from Europe. And let’s take a look at those numbers here. Let’s see, Slovakia is one of the key countries that could benefit from the deal. However, Russia still ships about 15,000,000,000m³ of gas to Europe each year through Slovakia and through and Austria, where, Austria is still more than 80% of Australian consumption for five straight months. Russian LNG they still import Russian LNG via ship, even though they have denied that they’re doing it. Some member states are fear of the energy crisis, and they’re trying to find a solution that the Ukrainian gas transportation system will continue to be operational because it’s a big asset. Someone, should be a customer. Here’s where the underlying war going on in Ukraine is really, coming to light. It’s about the energy. It’s about the minerals that are in Ukraine. And Ukraine is a crime scene. Quite honestly, there is so much corruption that is going on around there between the funding, from different political sources, that it is a shame that the Ukrainian people and the Russian people and the United States people are all the victims. So let’s get low cost energy. I’m all about reducing energy poverty. And, let’s get the politicians out of the way that I just say then. So, okay,. [00:06:55][111.8]

Stuart Turley: [00:06:56] Let’s go to California. California’s impossible war on oil and gas. They can not get enough of that. Brutalizing what’s keeping their lights on? The assault on oil and gas has been relentless. Relentless. In September of 2020, three, California Attorney General Robert Bonner sued ExxonMobil, shell, Chevron, ConocoPhillips and BP for causing climate change. Well, has anybody bothered to tell California that the only reason that they reduced any chance of their CO2 output was because of their natural gas, generation? They are they’ve got about 42% of their power is between nuclear and natural gas. But yet they’re trying to shut down all of their natural gas that they possibly can and import more oil from Iran, China and Russia. And it is just despicable. And they’re doing more harm to the UN, environment and to the, in, than they possibly can. So when you take a look at energy trends, based on the Statistical review of World Energy published annually in the 2023 edition, current data, equates to 2288 giga joules per capita in the United States and a mere 67 giga joules per capita in the rest of the world by 2050. That’s giving that number is going to be off a ton when you consider AI and data centers. So California’s climate warriors may, succeed in their quest to eliminate fossil fuels in their state, but it will become a grievous, cost to their fellow residents. As an example for the rest of the world cannot possibly emulate. So you know what? California, I feel sorry for anyone. I love California, I love the times that I visit there. Will not live there. But I’ll tell you what. I just feel sorry for the folks that are stranded and can’t get out of that state. And when you take a look,. [00:09:13][137.0]

Stuart Turley: [00:09:13] The other article on here, California too set, set to crank gas power and emissions to keep cool. So they have got some serious, power problems. Listen to this. Between 2021 and 2023, Casio operators boosted gas, powered plants by an average of 72% during the June to August window, from the average levels of the previous three months. They have got to have the natural gas to keep the load, balanced there. You can have an oversupply of solar, but at the transition time between solar and night, you’ve got to have the emergency or the stable grid stabilization of natural gas plants. The steep climb in solar, has just really caused a problem with the balancing authorities in keeping it up. So an excellent. Article and this is from Reuters. [00:10:12][59.1]

Stuart Turley: [00:10:13] Let’s take a look at the last article. Today. North America continues the streak of rig add ons, I’ll tell you. Let’s go through some of these numbers of the rig count of 594 572 rigs are classified as land, 22 are classified as offshore. The country has 492 rigs, 98 gas rigs and four miscellaneous rigs. The count highlighted of the total rigs, 531 has are categorized as horizontal. 43 are categorized as directional, and 20 are categorized as vertical. So, week on week, the rig is dropped six land and it’s, oil and gas. Rig count reduced by four while its gas rig count was cut by two. The the country, cut five horizontal rig and one directional rig week on week. Canada’s rig count of 143 is made up of 89 oil rigs, 5954 gas rigs. And Baker Hughes pointed out the country’s gas rigs stayed flat week on week. North America is down 94 compared to year on year levels. So we’re going to continue to see, solid output from the U.S, because we can, and because the markets are going to need it. So, I’ll tell you, the largest single week increase was in Oklahoma with that, activity in the Ardmore Woodford formation, rising, 3 to 7 rigs in the Permian Basin in the Delaware Basin fell by one, to 170. And the Midland Basin activity fell two rigs to 113. So anyway, with that, like subscribe if you’re in looking for crude oil, or trading or LNG, you will be able to see, a place we have access for traders to be able to start sourcing LNG or jet fuel or crude oil. [00:12:20][127.2]

Stuart Turley: [00:12:20] So, with that, like subscribe, share and, tell your friends, hug your pets, hug your family, and we will see you on the next show. Thanks. [00:12:20][0.0][722.5]

– Get in Contact With The Show –

Energy News Beat