Source: ENB
Daily Standup Top Stories
Ex-Biden Lackey Tells CNBC: To Fix Inflation, Ditch Fossil Fuels And Boost Green Spending
A former Biden official promoted spending billions more dollars on green energy as a solution to economic and inflationary woes. Heritage Foundation economist E. J. Antoni quickly set a former Biden official straight after […]
Oil Extends Gains As EIA Confirms Crude Draw, Rising Fuel Inventories
Crude oil prices went higher today, after the U.S. Energy Information Administration reported an inventory draw of 4.9 million barrels for the week to July 12. This was on top of the draw of 3.4 million barrels for the previous […]
Oil and Gas Exports Are Increasingly Important for Canada’s Economy
Alongside surging production, Canada’s oil and gas exports jumped in the period 2002 to 2022. Canada saw a record-high oil production in 2023 amid expanding oil sands output. Combined, crude oil, NGLs, and natural gas […]
India ups LNG imports in June
India’s liquefied natural gas (LNG) imports rose in June compared to the same month last year, according to the preliminary data from the oil ministry’s Petroleum Planning and Analysis Cell. The country imported about 2.64 […]
Elon Musk explains why Tesla’s Robotaxi event is delayed
Elon Musk has seemingly confirmed Tesla’s Robotaxi event has been delayed and revealed one reason the company needs more time before the big reveal. Bloomberg reported last week that the event had been delayed from August 8 to October. […]
Highlights of the Podcast
00:00 – Intro
01:20 – Ex-Biden Lackey Tells CNBC: To Fix Inflation, Ditch Fossil Fuels And Boost Green Spending
04:22 – Oil Extends Gains As EIA Confirms Crude Draw, Rising Fuel Inventories
05:56 – Oil and Gas Exports Are Increasingly Important for Canada’s Economy
06:47 – India ups LNG imports in June
07:49 – Elon Musk explains why Tesla’s Robotaxi event is delayed
09:05 – 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. My name’s du Turley, presidency of the sandstone Group. And I mean, it is just a crazy day out here. Today is July 18th, and I’ve got some stories lined up for you here. Biden Lackey tells CNBC to fix inflation, ditch fossil fuels and boost green spending. Right next one oil extend gains as EIA confirms crude draw rising fuel inventories. Pretty interesting here taking a look at Canada. Oil and gas exports are increasingly important for Canada’s economy. Very important. They’re good news. India ups LNG imports in June. It’s very important for India to help increase their LNG and reduce the carbon there. Want to give shout out to Elon to Elon Musk. Elon Musk explains why Tesla’s robotaxi event is delayed. So we want to cover that here for here just a little bit. [00:01:19][65.2]
Stuart Turley: [00:01:20] But let’s start with our first story here x Biden Lackey tells CNBC to fix inflation, ditch fossil fuels and boost green spending. On a July 12th segment of CNBC’s Squawk Box, Jennifer Harris, the director of the Hewlett Foundation’s Economy and Society Initiative, lauded massive government spending on cleaner energy sources as a potential cure for inflation. Notably, she had seen, as previously served on the Biden administration, at least energy is moving to a set of cleaner energy sources for the grid that not knowing that don’t have the kind of inflationary channels that oil and gas do. She is so mistaken. We’ve had a moment in the Inflation Reduction Act and other public investments that we’ve had to sever some of these traditional channels for inflation. She is 100% wrong. CNBC anchor Joe didn’t seem impressed. He brought up the massive cost of switching energy sources, and asked Anthony if the transition to beat inflation would be worth it. At least he asked, he added solar and wind may very well have been our main source of energy, but they simply can’t. Today they’re net losers. And if you look at the Inflation Reduction Act, by the way, not only are they helping strangle reliable sources of cheap energy like coal, oil and natural gas, but on top of that, they’re funneling more scarce, scarce resources into solar wind, which, again, are net losers. Hats off to him on that one, Harris said. The cheese board offer this absurd cure immediately after the CNBC host Melissa Lee brought it up. The IRA is an inflation driver, I applaud them. Tony called out the Biden administration for allocating 7.5 billion and then just seven charging stations. Two years later. It is just flat. Amazing the amount of money wasted. Monthly inflation has averaged at 5.4% under the Biden administration, as the president signs massive spending bills after massive spending bills. But to the end users or the consumers, energy is well up over 30 to 35% that in in the last three years impacts everything. So inflation may be only averaging it hit is a high 9%, but the effective impact to consumers is extremely high. What I do know is that the Fed’s hands are tied here because the government is spending trillions of dollars it doesn’t have. I couldn’t agree more. Anyway, hats off to Newsbusters. That’s where this story came out of. [00:04:22][182.1]
Stuart Turley: [00:04:22] Let’s go to the next story here. Oil extends gains as EIA confirms crude wrong. But rising fuel inventories. Crude oil prices went higher today after the U.S. Energy Administration reported an inventory draw of 4.9 million barrels. It was on top of the 3.4 million barrels for the previous week. This was it was in line with the estimates provided by the American Petroleum Institute. Tuesday’s drawdown was 4.4 million barrels for the week of July 12th in the in the throes of the high energy demand. But the EIA reported mixed changes in fuel inventories for the week in gasoline. The agency estimated the inventory to be increased 3.3 million barrels in the week ending July 12th with. Production at 9.5 million barrels. It’s pretty interesting. Oil prices were there right now. At the time I’m recording this or 8293 for basic WTI crude and Brant is 8473. [00:05:24][62.6]
Stuart Turley: [00:05:26] So and let’s go to the next one here. Oil and gas exports are increasingly important for Canada’s economy alongside surging production. Canada’s oil and gas exports jumped into the period 2002 to 2022. Canada saw a record oil high production in 2023 amid the expanding oilsands output. I sure wish we were getting a lot more of those oil sands in on by instead of by rail. Combined crude oil, NGL and natural gas exports accounted for roughly 20% of Canada’s total exports. That is huge. Well done Canada. That is just nuts. Record high oil production data from a statistics in Canada showed export terms of volume last year, rising by another 3.2% with improved access to global markets. Canadians can now look forward to receiving higher value for our energy resources, meaning more money coming into the economy. This is important because they take the we buy Canadian oil at such a lower rate that it is nice that they can ship it out. Now to the open markets. Hats off to Canada. Let’s get them some more oil. More money. [00:06:47][80.6]
Stuart Turley: [00:06:47] India ups LNG imports in June. This is important country. India received about 2.6 4,000,000,000m³, or 2 million metric tons of LNG via long term contract, a rise of 11.4% compared to the same time last year. That’s important. India paid 1.1 billion in June for LNG exports, compared to the 1.1 billion in June of last year, and paid 3.2 billion in the April-June period, down from 3.4 during the same period. Pretty important when we take a look at the importance of eliminating pollution. I hope they can get all the LNG that they can. And if you have any LNG or crude oil that you would like to buy or sell, I go to Energy News Beat.co forward slash trading desk and get in touch with us there. We’ll hook you up with the right traders. [00:07:48][60.8]
Stuart Turley: [00:07:49] Hey, let’s come over here to the last story here. Elon Musk explains why Tesla’s robotaxi event is delayed. Bloomberg reported that the event had been delayed from August 8th to October, was delayed internally, and the design team was told to modify some aspects of the vehicle requested. Was what I think an important design change to the front and extra time allows us to show off a few other things. I think that this is one of the reasons that Tesla’s Tesla cars, Tesla’s taxi, and Tesla’s move from California and moving it out of California, all things. Elon, I love Tesla. I hope that this goes really well. I miss producer, if you could bring up the new thing. I got tickled at Elon. The Cybertruck has a sloppy roof on it, so the Secret Service snipers out there won’t be able to use it for a, shooting platform. So that’s a whole market that is really out there. And hats off to Elon for having a little bit of sense of humor with his sloping roof on the Cybertruck. I don’t know that we would have any Cybertruck, taxis out there, but, pretty funny stuff out there. [00:09:04][75.7]
Stuart Turley: [00:09:05] So with that, like subscribe, share, tell your friends, tell your family. And we really appreciate all the wonderful feedback that we’re getting. And thank you. And by the way, where are your Trump gear out there, folks? Buckle up. It’s voting season. Have a great one. See you. [00:09:05][0.0][527.0]
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