December 6

Daily Energy Standup Episode #264 – Cop 28 Highlights, Oil CEOs Respond, and Nuclear Power in Focus

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Highlights of the Podcast

00:00 – Intro03:01 – King Charles Demands $5 Trillion per Year to Advance WEF’s ‘Net Zero’ Agenda05:33 – Oil CEO says blaming the energy industry for the climate crisis ‘like blaming farmers for obesity’07:19 – SAUDI ARABIA SAYS ‘ABSOLUTELY NOT’ TO OIL PHASE DOWN AT COP2809:02 – Loud fart sound erupts during John Kerry’s speech at climate panel10:26 – Nuclear Power Is the Only Solution10:30 – 22 Countries, Including U.S., Pledge to Triple Nuclear Power Capacity11:58 – Markets Update13:19 – Outro

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Video Transcription edited for grammar. We disavow any errors unless they make us look better or smarter.

Michael Tanner: [00:00:14] What is going on, everybody? Welcome to another edition of the Daily Energy News Beat Stand up here on this gorgeous Wednesday, December 6th, 2023. As always, I’m your humble correspondent, Michael Tanner, coming to you from an undisclosed location here in Dallas, Texas, joined by the executive producer, the show, the purveyor of the show, and the director, publisher of the world’s greatest Web site, energynewsbeat.com. Stuart Turley, my man. How we doing today? [00:00:37][23.0]

Stuart Turley: [00:00:38] That’s been, I guess up here in bear country. [00:00:40][2.7]

Michael Tanner: [00:00:41] Yeah it’s it’s absolutely be with cop 28 and everything we got going on the news desk has been off the hook but we have an excellent menu. We’ve paired it down for you today. First up, King Charles demands 5 trillion per year to advance World Economic Forum’s net zero agenda. Yeah, me too, buddy. Me, too. I request 5 trillion to. Next up, oil CEO says blaming the energy industry for the climate crisis is like, quote, blaming farmers for obesity. That’s not our quote. That is a direct quote from the article. So it’s dual cover. All the things that’s going on at Cop 28. The other thing that got dropped is Saudi Arabia says absolutely not to oil phase down at Cop 28. That’s the big story that happened. Next up this is just funny. Heinz, 57, our favorite climate ambassador John Kerry. Loud fart sound erupts during John Kerry’s speech at climate panel. We’re not saying who it was. We’re just we’re we’re going to just play you the audio and let you, the listener decide. And then finally, nuclear power is the only solution. This is a an opinion piece from our friends over at Time.com. Stu will then drop it over to me. I’ll quickly cover what happened in the oil and gas markets today as we really saw prices tumble on the expectation of of cuts that may or may not come. And then we saw what the API is predicting the EIA crude oil inventory numbers will be. So we’ll cover all that and a bag of chips, guys. But first, as always, check us out. World’s greatest website www.energynewsbeat.com. The best place for all of your energy news. Stu and the team do a great job of curating that site. Make sure it stays up to speed. Everything you need to know to be at the tip of the spear. When it comes to the energy business, you can check out us, Apple Podcasts, Spotify, wherever you get your podcasts at Energy News beat on YouTube, Smash that subscribe. If I was a 16 year old YouTuber, I found my best in Scream, but I’ll spare you great place to check us out there on YouTube. Teen does a great job on that. You can also check the description below on either the podcast or YouTube. Find out the links to all the articles we’re about to cover timestamps so you can jump ahead, curate the show as you need. You can also look hit us up. Questions@EnergyNewsbeat.com Dashboard.EnergyNewsbeat.com our data news combo product love for any feedback on that care question I are LinkedIn I’m going to get those two. Where do you want to begin? [00:03:00][139.4]

Stuart Turley: [00:03:01] Let’s start with my buddy Schwab and King Charles. They demand 5 trillion per year to advance the World Economic Forum’s net zero agenda. You can’t tell me there’s two bare perverts in the world talking to each other in the picture on our site. They’re in and telling stories. They’re just disgusting looking. Okay, here we go. Net zero is a list of unrealistic goals laid out by the World Economic Forum, backing from the EU backing with backing from the U.N. This is unbelievable. King Charles, the third, delivered his speech at the opening ceremony of Cop 28. He said, quote, They need their 4.5 to 5 trillion per year to drive the transformation that’s needed because of climate change. This sparked the oil companies that are there now. What did you hear that that was some more people when all of the oil companies walked in, their heads were pop and they’re like, who invited you to this party? I mean, a. [00:04:12][71.5]

Michael Tanner: [00:04:12] Massive amount of mixed signals. I mean, Cop 28 has become a breeding ground for you’ve got I mean, it’s obviously a climate focused, you know, but being held in the UAE talk, I mean, I don’t think people realize that this cop 28, which is like a symposium surrounded by the idea that we’re going to lower emissions and we need to get off base. Only gas is the enemy. They are literally holding the convention in a state that was a state that is solely funded by oil and gas production. [00:04:45][32.6]

Stuart Turley: [00:04:46] And the president of Cop this year, Michael, is the oil guy. [00:04:50][3.9]

Michael Tanner: [00:04:50] So, I mean, I want 5 trillion to King Charles added on to the tab what’s a few trillion between. Absolutely I think it’s as you rightly pointed out, the hypocrisy here is it’s so obvious. It’s not obvious. That’s what they’re trying. Oh, yes. What is it so overt? It’s covert. Somebody said that. Oh, what you. Sherlock Holmes. [00:05:11][20.4]

Stuart Turley: [00:05:11] Oh, yes. That is funny. And he goes, 28 years ago, I was most touched to ask to speak at the opening of Cop21 in Paris, which, of course, cumulated in the Paris Agreement, said Charles, that there that cop 28. [00:05:27][15.2]

Michael Tanner: [00:05:27] Good grief. Yeah. Speaking of those oil CEOs, what what did they say? That’s the next one here. [00:05:32][4.6]

Stuart Turley: [00:05:33] Oil CEOs blaming the energy industry for climate crisis is like blaming farmers for obesity. I love it. The oil companies are fighting back. I think this is great. The chief executive of the UAE based energy firm Crescent Petroleum said Tuesday that blaming the oil and gas industry for the climate crisis is like blaming farmers for obesity. I really hate to go there. True. It is When you sit back and take a look at Dubai, he goes, here’s a quote out of it. Now we need. We still need oil and gas throughout the transition. And there’s no scenario or even the most ambitious scenario that does not include that. They are right. The secretary general, Antonio Guterres, announcement that it was a step in the right direction. Again, you’ve heard me say this a lot. Saudi Arabia is investing billions in hydrogen. They’re you know, they’re trying to go green, but they’re funding it with oil and gas. What happened about Texas? We got more solar and wind than anybody else. We’re half the price. If you want to do it, you got to have oil and gas. [00:06:52][79.4]

Michael Tanner: [00:06:53] Yeah, absolutely. But remember, our friends over at the International Energy Agency, the IEA, they said last month that the fossil fuel industry faces a, quote, moment of truth about their role in the global energy system and climate crisis. So I don’t know what this moment of truth is doing. Maybe we might have a moment of silence for this moment of truth, but that’s okay. We’re waiting. That’s about as seriously as they took it with everything except for the Saudis also saying something. What Saudi saying. [00:07:19][26.0]

Stuart Turley: [00:07:19] Saudi Arabia joined in on this big pile. Saudi says absolutely not. In order to phase down at Cop 28. You got to love this one. Saudi Arabia’s energy minister did not want to get outdone. So this is a big pile of Saudi ministers. Energy minister slammed the door shut, agreeing to phase fossil fuels at the UN. Okay, let’s see those. Absolutely not. Now, this one is better. What was the Biden thing that they said done the other day when I thought that was pretty funny when they were trying to say, oh, by the way, you bad men don’t. Okay. Absolutely not. I can buy that. I think that’s just as good. Not as in, I assure you, not a single person. I’m talking about governments believes that. Well, you know why? What is Texas got? Texas has a surplus of money. Why? Because of oil and gas. He is dead on, right? It’s about the money. And that’s why you’re seeing Bill Gates and BlackRock going, oh, it’s okay to invest in ESG, in oil and gas, because we need them. Oh, it’s all about the money, stupid. [00:08:37][78.0]

Michael Tanner: [00:08:38] Of course it was. Well, of course it was always about the money. Again, the you know, they’re only going to go so far in placating these climate goals as long as it doesn’t affect their bottom line. The moment they start to see an effect to the bottom line, they begin to pivot and they’ll pivot long before that with what they’re seeing now. Oh, yeah. I hate to say it. We got to do this next article, Stu. [00:09:01][22.5]

Stuart Turley: [00:09:02] Oh, I know. This is absolutely a hoot. When? When. When you play this, we’re going to have our Ms.. Producer pull this in. And I had it here just a second. [00:09:12][10.9]

VIDEO CLIP: [00:09:13] In the world. I find myself getting more and more militant because I do not understand how adults who are in a position of responsibility can be avoiding responsibility for taking away those things that are killing people on a daily basis. And the reality. [00:09:28][15.2]

Stuart Turley: [00:09:29] That you see here. [00:09:30][0.6]

Michael Tanner: [00:09:31] With the. [00:09:31][0.1]

VIDEO CLIP: [00:09:31] Climate crisis and the health crisis, I. [00:09:34][2.5]

Michael Tanner: [00:09:34] Mean, we don’t know who it is, but we can only imagine he probably had a little bit of mayo on his hot dog, believe me. [00:09:40][6.0]

Stuart Turley: [00:09:40] All right. You be the judge. [00:09:41][0.7]

Speaker 3: [00:09:41] Listen how adults who are in possession of responsibility can be avoiding responsibility for taking away those things that are killing people on a daily basis. [00:09:50][8.9]

Stuart Turley: [00:09:51] And the reality is, you heard. [00:09:53][1.8]

Michael Tanner: [00:09:55] Those. [00:09:55][0.0]

Stuart Turley: [00:09:55] 34 seconds of the funniest thing I have heard. There’s 34 seconds, Michael. The funniest thing I’ve heard a long time. And then you see it. I swear it looked like urshela, but it was not. It was somebody that just they cut to a. Girl. And she goes, Yeah. It’s, it’s, it’s. [00:10:17][21.4]

Michael Tanner: [00:10:17] It’s not good. I. Let’s move to nuclear power. [00:10:19][2.3]

Stuart Turley: [00:10:20] But nuclear is the only solution. So let’s have a moment for large. Okay? Nuclear is the only solution here. I have to admit, there were 22 countries in a different article that said, yes, we are going to be increasing nuclear. This is absolutely fabulous. But there is something coming around the corner that the EU is again moving on, sanctioning Russian. It’s now moving again. I saw some more stuff on it. So, yes, they’re signing the paperwork over on my left hand for all of our podcasters. I’m doing this and then the right hand is over here going, No, you’re not. And so wedged between energy crisis and the climate change. Nuclear is at that crossroad. [00:11:07][46.3]

Michael Tanner: [00:11:07] I mean, I fundamentally disagree, but that’s just for another time, I think. [00:11:12][4.1]

Stuart Turley: [00:11:12] Why you disagree? [00:11:12][0.6]

Michael Tanner: [00:11:13] I think nuclear is part of the solution. I don’t think it’s the only solution. That’s where, you know, it’s not sexy to deal in in non, you know, in non superlatives. But I think, you know, saying it’s the only solution. It’s going to be a part of the solution. Texas, as you just mentioned shall we know everything can be a part of the solution. [00:11:34][21.2]

Stuart Turley: [00:11:35] I agree. I’m energy agnostic. I could care less. And by the way, we need nuclear, but we need that dang regulations running away. Let the markets handle it, baby. [00:11:49][13.7]

Michael Tanner: [00:11:49] I’m absolutely with you. So you got anything else for us? [00:11:52][3.2]

Stuart Turley: [00:11:53] Oh, you’d be surprised. [00:11:54][1.1]

Michael Tanner: [00:11:56] Well, we’ll spare everybody. And of course, we cover what happened in the finance markets today. Nasdaq actually happened to finish up about 2/10 of a percentage point. S&P 500 finishes fairly flat. Crude oil has another not great day, down about two and a half percentage points, all the way down to 7211. Brant trading down the same percentage to 7803. Natural gas trading $2.70. You know, mainly, you know, people are doubting these voluntary, quote unquote cuts that OPEC plus had. They really haven’t done anything to qualms the market. What’s interesting is the fact that, you know, the Saudi energy minister in a separate interview, you know, three days ago mentioned that we were we’re going to continue to cut to balance the market. They don’t believe the prices should be this low. They want to see $100. So it’s going to be interesting to see if they come out more forcefully here and say, hey, more cutting is coming. You know, kind of like what we do with rate cuts, telling and showing investors that we’re going to be in a, you know, a guidance policy going forward. Not much really happened. On the oil and gas news side. Crescent Energy decided to raise a little bit of debt at 9.25 percentage points. And it must be hard for them for capital over their API did drop their EIA crude oil storage inventory estimates they’re estimating about a 505 600,000 barrel build. So we’ll see what they drop. That’ll be about 10:00 as you guys listen to this on the six. What else do we got do? [00:13:20][84.1]

Stuart Turley: [00:13:20] Oh, it’s just a beautiful day in the neighborhood next week. If it is going to hang hang around there. Some interesting financial news coming out pretty soon. [00:13:30][9.3]

Michael Tanner: [00:13:30] You and your sources. We’re going to leave it at that, folks. We’re going to let you speculate on that all night. But with that, guys, we’re going to let you get on out of here. Finish up your day. I appreciate you guys checking us out here on the world’s greatest website. Energy news beat.com for Stuart Turley, I’m Michael Tanner. See tomorrow, folks. [00:13:30][0.0][773.4]

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