Daily Energy Standup Episode #204 – Weekly Recap: Saudi Oil Cuts, Urban Global Warming, China’s Influence, Offshore Wind Challenges, and More

Washington Journal -Today Stu Turley, David Blackmon, and Rey Trevino III on their energy policy podcast “Three Podcasters Walk Into A Bar” and criticism of the Biden administration’s policies.

EU purchases of Russian LNG up 40% compared to pre-war levels, new study finds

Stuart Turley: [00:00:14] Hello, everybody, and welcome to the Energy News Beat Daily Standup. This is the weekend that weekly recap. We have had a wild week this week. Not only did we have the Saudis in OPEC extending out their production cuts. Oil has been going up. It has been absolutely nutty. We’ve had everything from Bill Gates trying to bury more trees to absolutely all the other stories that we could come up with. And it is a hoot. I like to give a shout out to all of our fans, subscribe like give us questions, and we can’t wait to hear from you on anything. We are going to talk to you Sunday with Michael. We’re going to release that podcast Monday morning. Have a great weekend. We hope to talk to you soon. [00:01:02][48.2]

Stuart Turley: [00:01:03] A new study suggests global warming could mostly be an urban problem. Data matters and you do read the data. Now, whoever wrote that title’s got to be a chowder head because. All right. [00:01:16][13.4]

Michael Tanner: [00:01:17] That seems like a modified title. I’ll tell you that much. That seems like a stew modified by to me. [00:01:23][5.8]

Michael Tanner: [00:01:23] All right, So when we take a look, it’s well-known that the cities are warmer around the countryside, right? A lot of cement, a lot of hot air, a lot of politicians. Well, urban areas are only account for less than 4% of the global land surface. Many of the weather stations used for calculating global temperatures are located in those urban areas. So here we are. And that was some of the other articles we were going to do today is that climate crisis and climate fear is generated by where the sensors are located at. Oh, that’s why it’s an urban problem. I thought that was pretty interesting. You sit back and kind of go, Oh, well, if you put your meters in the middle of the field where there’s nothing bothering it, that’s a different than being in the middle of downtown Dallas. And you’re getting barbecued by all the extra heat waves, right? Huh? Goodness. [00:02:22][58.7]

Michael Tanner: [00:02:23] Kill me. Kill me. Kill me. Same thing. Okay. [00:02:27][4.1]

Stuart Turley: [00:02:28] It’s the same thing with the arson. All the arson you had Greece had 76 arsons that were arsonists that were. [00:02:34][6.8]

Michael Tanner: [00:02:35] And you had I boom, the arson story. So you had to get that in there? I had to. [00:02:39][4.1]

Stuart Turley: [00:02:39] Get it in there because it went along with this story. And then there were all of the arsons and arsonists in Louisiana and then in Canada. They’re having all of them and who knows what’s behind them. And now, because I have no I. [00:02:53][13.9]

Michael Tanner: [00:02:53] Here’s. My thing with how much money did this study cost? Do we think we have any idea how much this study cost? [00:02:59][5.7]

Stuart Turley: [00:02:59] Still no idea. But I think we need to open up a new division. Yeah. [00:03:03][4.1]

Michael Tanner: [00:03:04] So, I mean, you’re talking this this was dropped on July 19th, 2023. Published August 28th, 2023. You’ve got 1923 authors on this thing. You write 30 or was it 37 researchers? 18 countries to tell me that we’re more people are. It’s going to be hotter. That’s what they came to the conclusion to mean. You could have done that for half the cost. I’m going to push back a little bit, but say. [00:03:29][25.7]

Stuart Turley: [00:03:30] I’m. Going to say. 10%. [00:03:30][0.6]

Michael Tanner: [00:03:31] And this is this is why nobody likes the academic community, because they spend millions of dollars for a study to show. Of course, New York’s going to be have the cause of more climate. But the problem is it’s the people there think that it’s not the I mean, I get what you’re saying, urban density. But of course we’re going. What I’m saying is I just want you know, you want to talk about why we’re in 9,000,000,000,000 billion debt. Studies like this. [00:03:56][25.3]

Stuart Turley: [00:03:57] Exactly. [00:03:57][0.0]

Michael Tanner: [00:03:57] Now, hopefully the U.S. government didn’t find any of this. Oh. [00:04:00][2.6]

Stuart Turley: [00:04:01] We probably the only way the U.S. government would have funded this is if there was gain of function research in it, then we would have funded it. [00:04:08][6.8]

Michael Tanner: [00:04:08] We would have signed it. So, hey, I’m all for you know, let’s keep doing this. I’m all for basically I mean, if you’ve actually read the IPCC, you know, climate change report for you guys, for poor or people who don’t know the Intergovernmental Panel on Climate Change, the IPCC puts out yearly reports it’s a U.N. governing body. And if you’ve actually read the actual report, you would be much less bullish on climate change or global warming. They’re very what they actually say in the report is fairly moderate. What people in government do is, you know, it’s like telephone. You tell one person, you know, you don’t read the thing, one person tells one person and the next, by the time it gets to the politician, it’s seven degrees from Kevin Bacon. I mean, it’s all over the place in terms of what people even mean. We’ve seen, you know, we’re all going to die in ten years. That’s not really what it says. So I’m all for studies coming out and saying, oh, you know, the even the IPCC could be overestimating what’s going on. But two other quotes that are critical or dollars funding something else other than, yeah, I’m pretty sure climate change comes from places where people are. [00:05:08][60.7]

Stuart Turley: [00:05:09] Okay, this. Yeah. This name I can pronounce. Dr. Willie Soon. Center for the Environmental Research for Earth and Sciences. For many years, the general public has been assuming that there is that science on climate change is settled. This new study shows that that’s not the case. I could even pronounce his name. [00:05:27][18.5]

Michael Tanner: [00:05:27] So I guess you’re right. Maybe that’s worth the $10 million we spent on this study. [00:05:31][3.8]

Stuart Turley: [00:05:32] But who’s going to read that one line and then who’s going to read the other line in there that I picked up on saying how? It’s because we’re taking all the sensors and dropping them into cities in order to say it’s climate change. I’m with you. And then you have the arsonists that are burning down the place. All right. So let’s go on. [00:05:47][15.7]

Michael Tanner: [00:05:48] I got to get the arson is in there and. [00:05:49][1.3]

Stuart Turley: [00:05:50] I keep bringing that one, too. [00:05:51][1.0]

Michael Tanner: [00:05:51] We’ve got a great little segment here we got to review. So Stu is part of the wonderful podcast, three part. He’s he’s on nine podcasts. So one of the seven things that Stu does, three podcasters in a bar sponsored and hosted by Sandstone Media, we love those folks. You guys got an opportunity to go on C-SPAN. So there’s about 80 people that saw it, which was sweet of you. A few more than watch this. Just a few more than watch this podcast. It was a it was a pretty good segment. How did they find you? Because you you we need to walk through the story. How does Stuart Turley end up on C-SPAN? [00:06:25][33.8]

Stuart Turley: [00:06:26] You know, I don’t know. That whole thing, it was a bit of a arty reached out. It was an arty, yeah, but they had contacted him about the three podcasters. Now the three podcasters walk into a bar, RT Trevino and David Blackman. David Blackman is. [00:06:44][17.5]

Michael Tanner: [00:06:44] Our favorite random guy on Substack. [00:06:45][1.1]

Stuart Turley: [00:06:46] He’s a random guy on Substack He is the No, I’m the straight man. And then RT is the MP operators of what a mix. And we are having a blast. And so they brought us on to this segment for C-SPAN. Mimi is the host there and she’s phenomenal love. I love her. She did a great job. We had callers come calling in. It was a 30 minute about David Blackman got to answer questions because his knowledge he had many asked David about his on Forbes fantastic ask Artie about his stuff as an EMV operator. It was phenomenal. And anyway, I got some feedback. I want to hear your feedback. [00:07:30][43.3]

Michael Tanner: [00:07:30] Well, first it was cool to see like, like a straight up news program on TV. Just do 30 minutes uninterrupted. It’s pretty crazy. You could call in, but you call in by party affiliation and that Great. So there’s like three lines. There’s the Republican, the Democrat and the independent line. Then there’s a text line I tried to call and text. I didn’t get in. They answered the phone. I told them my name. They hung up on me. So I don’t know if they I don’t know what they heard or not. But it was it was pretty cool. You guys look good. You actually look good on TV. But it was you guys mainly talk to us energy policy, energy hypocrisy. It was really an opportunity to showcase to three of your guys this expertise. I’m saying, quote, In the energy industry, too, we got to do Stooges cover. I mean, some of the tweets that came out of this are absolutely hilarious. I tell you, the Internet is always undefeated. I called Stu yesterday as I was reading these. We were crying on the phone. So we’ve got it. [00:08:23][52.5]

[00:08:23] We got we got the top six tweets from Stu C-SPAN segment. We’ll start 6 to 1. [00:08:30][6.9]

Michael Tanner: [00:08:30] Okay. First up here, this is my this is just number six. What a waste of a segment. These guys are horrible. Ben Hayes, I agree. These guys are horrible. Number five, I love this one. First part, I’ve never heard of any of these podcasters. You haven’t heard it goes on, I bet. Tim Sager I love breaking points, which is a saga and Krystal love those guys. I don’t get the rest of it, but I just love I’ve never heard of any of these podcasters you’ve have on Hey time zone me either by the way and this is great. This is Stu was talking and all of a sudden Mary Lou comes in now the one right winger is talking her brings up the border, of course, like who’s got to salute the border invaded. [00:09:08][37.9]

Stuart Turley: [00:09:09] And that was a good because the caller called in and said China is going to take down the grid. And I responded and there’s a list of. [00:09:17][8.1]

Michael Tanner: [00:09:17] Who’s going to bring up the border. Not getting guy number three. Take you watching Washington Journal moderator a group were providing the show this morning. Your last segment should have been called three podcasters walk into a bar and they were misleading, biased and unchallenged by a fact checker. Do better in the future. MLB Stu is misleading. He misleads me all the time. Is getting number two. This is a play on the title. This is what we got here. These are these top two are what we should rename the guy. You got to rename the podcast to three old guys in the oil industry, walk into a bar and run up a tab. A great time was had and they leave at the end of the night without paying the bill. Oh, Deon and Deon Cain, 64. I absolutely agree. Shout out don it. Why pay their bill? It’s mighty large. It’s the Internet’s. It’s by now. [00:10:08][51.5]

Stuart Turley: [00:10:09] Makes you go to the bar. [00:10:10][0.9]

Michael Tanner: [00:10:10] Exactly. Don’t blame Biden on me. Next up, the winner is Deb Johnson. This one. I’m still crying over this one. Is there somewhere I can go? Maybe The Wizard of Oz to get my, quote, thought leader license, certificate, medal or whatever designates the official thought leader credentials? Question mark? Quite possibly. Oh, my goodness. You just got to follow the yellow brick road, Deb, and you at the end of it, you see Stu standing there pulling the strings. Oh, I was dying. [00:10:42][31.1]

Michael Tanner: [00:10:42] Fabulous. But, you know, I want to give a shout out to Mamie. She does a fabulous job on C-SPAN, and I was very impressed. [00:10:50][8.3]

Michael Tanner: [00:10:51] New nickname is Oz. Name is Oz. [00:10:54][2.3]

Stuart Turley: [00:10:54] My new nickname is Instead of Happy, It’s Yours. My new nickname is Happy Oz. Yes. Okay. [00:11:01][6.5]

Michael Tanner: [00:11:02] I’m sorry. So funny. The Internet, folks, is always is undefeated. You can check that out. Washington Journal. Go to our YouTube channel at Energy News Beat. We’re going to have all the clips available, but we appreciate everybody checking us out. [00:11:13][11.6]

Stuart Turley: [00:11:14] We’re off to the EU and Russia. Several things in here. Just make it just absolutely wild. Belgium, Spain and France have become busy designated carriers for importing for the EU and Netherlands, Greece, Portugal, Finland, Italy, Spain and Sweden are also listed by global Witness as crucial consumers of Russian LNG in their based on shipping data appeared from Kepler, an analytics firm. Pretty crazy. Here are some numbers that just made it mindboggling. The EU is estimated to have bought 52% of all Russian’s LNG exports between January and July of this year, and it marks 49% of 2022 and 39% of 2021. This is nuts. That is a lot of LNG. So even though they’re not doing the pipeline, they’re paying more. And on a podcast just a little while ago, we talked about the price difference of natural gas for the U.S. consumer versus natural gas in the EU. EU is around that $11 mark. And when you talk about the natural gas is 230 something right now somewhere in that range. So the consumers are getting it in the drive through. So it’s one of those kind of things. Unbelievable. Great article. So even though LNG volumes have increased, it’s a relatively overall over of the total energy is what they’re saying. That’s not what the other folks have said. So it’s kind of interesting on that. [00:13:04][110.1]

Stuart Turley: [00:13:04] Saudi Arabia has put out on Tuesday, said it extended its 1 million barrel per day boundary oil production cut until the end of the year, according to the state owned Saudi Press agency. Let’s see here to see if I can get a good quote. And Saudi Arabia depends on its oil revenues to support several so-called giga projects designed to diversify its economy. I have to always say I don’t always agree with the social, humanitarian things going on in Saudi Arabia. I hand it to the Saudi Arabian leadership for their energy policies and taking care of their Saudi first. So you have to admire Saudi Arabia on their energy policies. There would be less wars if everybody followed that. Riyadh had a GDP slowdown, which is a slowdown from 3.8% from the previous quarter and 11.2 in the same period of 2022. So Iran’s oil minister, Javad. Are we in the middle of August, said that his country was producing as much as 3.19 million barrels per day despite ongoing U.S. sanctions? Well, you know, when you take a look at Iran, they’ve gone around the sanctions. Sanctions don’t matter. I need to do one thing. I’ve got Irene. Islam’s sure right over here. Irene is low. I need to give you a shout out the sanctions. Shourd is wonderful. I’ll put a picture of it in the show notes. Also, a shout out to Kat Slav from Bulgaria. I got this really cool picture from Kat. Thank you very much, Kat Arena and Chris. Thank you guys very much. [00:14:54][109.3]

Stuart Turley: [00:14:54] China’s influence on oil market grows with BRICS expansion. This one is an interesting read is from oil price. Simon Watkins. Good guy. I was going to interview him last year, but. I had COVID and made a little tough turn to do the interview. I’m trying to get him back on. But when we take a look at China, is its geopolitical building blocks or another, it has several others that Simon is bringing up, and it is just unbelievable between the BRICS and Rhodes. You also have the G-8, the G-20. It is amazing what China is trying to do. China anticipates it will be dominated by the SCO, which is Shanghai five, that it was set up in 1996, China, Russian and three states of the former USSR, Kazakhstan, Kyrgyzstan and to education. Aside from its vast scope, the CEO believes the idea that this practice of the multipolar world, which China anticipates will be dominated by the 2030 Russian Foreign Minister Sergey Lavrov, has since started. The Shanghai Shanghai Cooperation Organization is working to establish a regional and just world order as it provides us with unique opportunity to take part in the process, forming a fundamentally new model of geopolitical integration. All right, so we have the WEF, World Economic Forum. We now have the SCO, we have BRICS, we have the U.N., we have the EU. My heads are exploding with all the people that are trying to take over the world. And quite honestly, I would think this is more like a mike Myers film. When he was the MO, the comedian in Oh, I can’t even think of the movie. But I know everybody knows what the movie is. And in fact, I was just talking to somebody about the other day. [00:17:10][135.9]

Stuart Turley: [00:17:11] U.S. Offshore Wind Project seeks Looser Subsidies in the Fight for Their Survival. This is different than the article we talked about for several weeks that projects are being canceled. This one is the components in the I.R.A. The Inflation Reduction Act are actually have several requirements in them to be either built in the United States or assembled in the United States at some percentage, and then also in disproportionately impacted communities, which I love. I think that that’s fabulous. There’s not many disproportionately impacted communities off shore. So it just kind of goes without saying that this really is causing some folks some heartburn. You have Norway’s EQUINOR, France’s Engie, Portugal’s EDP, renewables and trade groups in the U.S. are assured, telling Reuters they are pressing to rewrite the requirements and warning the loss of jobs and investments. Otherwise, it is unbelievable mess. I like some of the restrictions that are on there, but let’s go through some of them. The provisions are key to supporting President Biden’s goals to try to reinvigorate US manufacturing jobs through clean energy investments and direct 40% of those to disadvantaged areas. The credits are worth 10% of a project’s cost and can be claimed on top of the Ira’s base for a 30% credit for renewable energy projects. Bringing a total subsidy is almost 50%. That, to me is just unbelievable. And then as I said yesterday, and I’ve said many times, the lifespan of offshore wind farms is not 30 years. It’s not ten, it’s not 20 years, maybe ten. Fiscally, they become insolvent after the subsidies run out. And there’s a lot of subsidies here in order to get the maintenance done. Eight years is what I’ve found. If you have any other different numbers, please reach out to me so you can’t. I like what Don Harty is saying. He’s the executive of Orsted’s operations in the Americas. You can’t put requirements that no one can meet. Well, there’s got to be a way for these projects to be able to be self-sufficient and market priced so that they can get into the market and tied into the grid and not cost the consumers a lot of the extra money. Offshore wind industry already has loose requirements for claiming the bonus than other sectors with domestic content to make up just. 20% of the cars compared to 44 solar and onshore wind. So they can’t even make the 20% costs this. This is why you are seeing some very, very large wind projects being held up. Orders are going to be being continue to be pushed out and that’s going to throw China’s economy even further down. But I really don’t want to support China all that much anymore. And I say that. [00:17:11][0.0][995.4]

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