The UN and Climate Week Experience the Trump Effect
What a week at the UN. They were expecting a climate and green energy rally, but they got President Trump going off the teleprompter and delivering some Energy Realities that were more like a shark in a tidal pool filled with fish that could not escape. Buckle up and enjoy the global impact of the Presidential speech at the UN General Assembly.
In this week’s episode of The Energy Realities Podcast, hosts Stuart Turley, David Blackmon, Dr. Tammy Nemeth, and Irina Slav for a lively discussion on the “Trump Effect” that shook the UN and Climate Week. From the broken teleprompter moment to Trump’s fiery critique of global climate policies and migration funding, the panel dives deep into how his remarks exposed the contradictions of the green agenda.
Packed with sharp analysis, humor, and hard truths, this episode reveals how political theater at the UN became a reality check for the global climate establishment.
Personally, I think that we should defund the UN and throw them out of the United States. There is more than enough evidence that they have used USAID money against our country.
Highlights of the Podcast
00:00 – Opening & Introductions
02:23 – Trump’s UN Speech Breakdown
05:39 – Trump’s Speaking Style & Confidence
08:30 – Energy Transition and Economic Realities
11:16 – The UN’s Climate Contradictions
12:11 – Socialist Roots of Climate Policy
12:54 – OPEC+ and Climate Irony
14:20 – Trump Calls Out the UN on Migration
16:36 – NGOs, Migration, and Global Funding
18:11 – Humor & Hard Truths
19:46 – The Desperation of Climate Week Messaging
22:02 – Shifting the Climate Narrative
23:21 – The Language of “Affordable Clean Energy”
27:04 – EV Hype and Market Realities
29:09 – The Brief – China’s empty promises on the road to Belem
31:02 – UN Assembly: PM Carney Speaks of Sustainability Summit
32:27 – Increasing tree size across Amazonia
34:05 – Energy Dept. adds ‘climate change’ and ‘emissions’ to banned words list
36:11 – New report projects $95 future breakeven price for US shale oil
42:10 – Why Advertisers Are Returning To Big Oil Despite Net-Zero Pledges
44:56 – US climate groups reframe the green pitch around energy costs
48:21 – Chinese lithium battery system took down South Korean intelligence agency, and Texas has 1200 of these installed
49:30 – U.S. Presses India: Cut Russian oil imports or watch trade deal slip away – Could be bad for the U. S. Dollar
55:42 – Global Governance, Free Speech & Resistance
58:59 – Final Thoughts & Wrap-Up
The UN and Climate Week Experience the Trump Effect
Video Transcription edited for grammar. We disavow any errors unless they make us look better or smarter.
Stuart Turley [00:00:12] Hey, good morning, everybody. Welcome to the Energy Realities Podcast. My name’s Stu Turley, president of the Sandstone Group. It is a beautiful day out there. We’ve got our coffee mugs. We are waiting on another one of the members here. We’ve Got David Blackmon, the David Blackmon. And I mean, he is a fan of a great movie out there, and he’s got some humor going on. We’re going to be talking about. How are you this morning, David?
David Blackmon [00:00:38] I’m just lovely. It’s a beautiful day in Texas. The Dallas Cowboys didn’t lose last night. They didn’t win either. But, you know, I’m least happy about that. The Longhorns didn’t play this weekend, so they couldn’t lose. And so I’m in a good mood this morning.
Stuart Turley [00:00:53] Oh, that’s fantastic. And we’ve got Dr. Tammy Nemeth, a provider of the coffee mug. We’re going to open these up at the at the store here. You know, it starts selling energy reality coffee mugs. How are you this morning, doctor?
Tammy Nemeth [00:01:10] I’m doing great. Thank you so much. It’s a nice sunny day here in England. I don’t know how long the sun’s going to last before the rain kicks in. So I’m just enjoying it one day at a time.
Stuart Turley [00:01:22] Oh, I’ve got a joke, but I’ll go ahead and not share that. But the UN Climate Week experience, they experienced the Trump effect. Holy cow, Batman, you can’t buy this kind of entertainment. I mean, we’re going to open this up. If you’re on the law, if you’re live, we are live. And we are asked questions. We always love our questions and everything else. But I absolutely love this meme. President Trump is such a good looking man that he even hires the Secret Service guys that look like him. I just had to share that when I had this rope create this. But here is another meme that I absolutely love the Bureau of Imaginary Problems Climate Division. But we’re going to really jump into. What was going on at the UN? Tammy, what were your thoughts first?
Tammy Nemeth [00:02:23] You know what? I was surprised, but not surprised at his comments. I thought it was funny that he was only supposed to speak for about 12 minutes and he went on for 50 some. And, you know, the teleprompter broke or whatever. And he’s like, I don’t need the telepropter. You know, I’m just going to go.
Stuart Turley [00:02:43] Teleprompter.
Tammy Nemeth [00:02:45] Yeah, so that was pretty funny. And I don’t know if his whole speech was off the cuff or if he did, in fact, get his teleprompter working. I don’t know. It’s hard to tell with Trump because, you know, he’s so good at just speaking extemporaneously. But I think the the the points he made about climate change are a lot of different things that an energy is what we’ve been talking about for a long time with the energy realities. So, yeah, I mean, it was. It was it was quite amusing to see. And, you know, I think the it would have been interesting to see what the feeling in the room was. It was, you. Know, I heard from different sources that before they, you know when he when he was in his first term, he was treated like a buffoon and and they, you know, didn’t really care what he had to say and just kind of sloughed it off. But this time, you know, even while he was. Making these pronouncements about energy and climate or whatever. And there and there was some laughter. I think it’s got to, you know, make the blood run cold of some of these people who have been benefiting a lot from the whole climate change movement. So I thought it was interesting that at the same time they were holding this first biennial summit on sustainability and whatever that was mandated by the UN last year. So at the same time that they’re talking about how they’re going to expand climate finance in developing nations and whatnot, here’s Trump saying it’s a scam and it’s con job. And, you know, we don’t we don’t need to do these kinds of things anymore. So, yeah, it was it was interesting. And I kept thinking, oh, this is the Trump effect for sure.
Stuart Turley [00:04:32] I love the way you phrase that when you we were tossing the things around here. OK, and then I wanted to and let’s take a look here. I want to get his opinion on this. Do you think Trump, President Trump, if you were on the show, do you think you were always right? That’s sorry, I’m having a little technical.
Video Speaker (Donald Trump) [00:05:02] And I’m really good at predicting things, you know, they actually said during the campaign, they had a hat, the best selling hat. Trump was right about everything. And I don’t say that in a braggadocious way, but it’s true. I’ve been right about. Everything. And I was telling you that if you don’t get away from. The green energy scam. Your country is going to fail. And if you. Don’t stop. People that you’ve never seen before, that you have nothing in common with. Your country is going to fail.
David Blackmon [00:05:39] Well, Rodney, Rodney McInnis makes a really good point in a comment here. The teleprompter breaking or being deliberately shut down, which is what it was, thinking it would ruin his talk was the gateway to speaking as long as he wanted. The telepromptor person probably got fired. Well, yeah, that may be true. We don’t know that the person who stopped the escalator as soon as he and Melania stepped onto it probably also will ultimately be fired. I don’t know if they have been yet. That was also intentional. These are stupid, dim-witted pranks by a failing organization. Trump’s speech to Tammy’s point, I think, was kind of a replay of his acceptance speech at the Republican National Convention last year. If you remember, he had a 20 minute text of a speech prepared and he ended up speaking for an hour and a half. I think he probably had about a 20-minute text prepared to read from the teleprompter. And he also had a paper copy of it that he could have just stood there and read. But what he does is he just riffs, you know, throughout these speeches. And so he ended up going three times the intended length or the allotted time. And I’m sure that caused Antonio. Antonio Guterres is a lot of heartburn, but nobody really cares about him anyway. It didn’t really surprise me what he said. I was very pleased to hear the things he said about climate and energy. Yeah, Patrick Devine says Trump’s favorite activity is talking. Yeah, he holds two to three hours of press conferences every day. Trump has probably, in any given week, spends more time talking to the media than Joe Biden did throughout a four-year pretend presidency. So, you know, it’s an incredible difference. And try to imagine if that had been Joe Biden and he had had to walk up that escalator and then try to deliver a speech without a teleprompter. Because, I mean, we for four years had a nominal president of the United States who was incapable of speaking extemporaneously for more than maybe 10 to 20 seconds. And his vice president would have been equally lost. So, it’s a real change. Trump, I think the difference between Trump 45 and Trump 47 is he no longer cares what any of these people think about him. And he’s like, I’m sure many people watching this have seen, there’s an incredible video out on YouTube called The Honey Badger Don’t Give a Shit. It’s a guy. Narrating a stream of that was originally in that Geo video about how the honey badger is not afraid of anything and he doesn’t care what any of the other animals want to do to him. He just doesn’t give a blink and use my language. I think that’s Trump. And, you know, he has a view of the world that some people disagree with. Many people disagree with pretty much everybody in that room disagrees with. Although… I think if you could get those people in that room in private moment, you’d probably find out that most of them understand what he was saying. This energy transition trying to prematurely retire coal and natural gas plants and replace them with wind and solar arrays has been a massive failure. It’s been… It’s leading countries in the free world, in the Western world to economic ruin. And unfortunately, some of these countries, the UK, I think being a prime example, Tammy… Don’t appear willing to accede to that reality in any way. Germany seems to kind of ebb and flow. France, who knows what’s happening in France these days. But, you know, in the United States, we’re having this seed change in energy policy again, yet again, for the third time in 12 years. And, you, know, it’s causing its own kind of disruptions in our shell industry. We saw last week… Many responders to the Dallas Fed’s quarterly survey were complaining that Trump’s tariff policies in particular are kind of hampering the industry’s ability to get its work done. I’m sure that’s true to some extent. And yet, at the same time, we have a rising rig count now for four consecutive weeks. And overall, U.S. Production continues to grow despite all the doom and gloom predictions that all the… Good drilling locations have been used up. And, you know, it should be on a decline. I mean, I know one really, really excellent CEO of an independent producer from the aughts and teens of this century named Mark Pappa has been telling people for at least eight years now that the Permian Basin was gonna, you, know, very soon be in a decline, it’s kind of like, you know all the climate alarmist predictions that the world’s gonna end in 10 years. And yet it all continues to grow. So I’ve gotten way off topic. It was a great speech. I love the speech and wish we had more of them.
Stuart Turley [00:11:16] We’re gonna come back to that discussion with some of your stories, but I love where you’re going on that. Carrie Faucett wisdom. We are gonna need to figure out how to make geothermal and nuclear more efficient and safe. I love your comment and that is absolutely true. Now I did, I recorded the whole thing because I was laughing so hard I had to. I’m sorry, it was just such a great thing. I didn’t, we’re not gonna play all of that. Let’s see what, I don’t know what to make of Antonio Gunteres. This is from Rodney McInnis. His educational background is physics and his electrical engineering is mine. His hyperbolic climate claims are in direct conflict with his formal education in my point of view. He is simply a paycheck driven dude. So good point and.
Tammy Nemeth [00:12:11] No, I wanna jump in there because Antonio Gunteres was the president of the Socialist International. He is the head of the socialist party in Portugal. And if you look at who have been the previous presidents of the UN over the past, I don’t know how many years. And they’re all socialists. And so he’s playing into an ideological game which is using climate change in order to affect a reordering. Of the global economy and global governance. And he’s playing his part from that perspective. Science doesn’t matter. It’s about what the end game is in this respect.
Stuart Turley [00:12:50] Outstanding point, Tammy. And let me play this one clip. This is a
David Blackmon [00:12:54] Before you do that, can I make one point about Gunteres? And what he said last week, what we didn’t hear from him was any effort to quadruple down on the hysterical rants. You know, the highway to hell and all these lunatic claims he’s made over the past three years. We didn’t here that. And the other thing we heard from him on Thursday was urging OPEC Plus to raise its oil production. To meet its stated quotas because OPEC Plus is only really, you know, they’ve made these announcements they’re gonna add X 100,000 barrels to the market each month this year. They haven’t done that, okay? They’re only meeting about 30 to 40% of those stated increases. And so the other thing we heard from Gunteres was just fascinating to me. Cause this is a man just three years ago said, we don’t ever need to invest another dollar. In new oil exploration, urging OPEC Plus to dramatically increase its production because he believes the crude market is under supplied and could become even more under supplied next year. That’s something the media completely missed. It’s a really interesting statement by this guy. Anyway, go ahead.
Stuart Turley [00:14:11] Let’s play this because this is gonna feed into Antonio and what we really know what the UN agenda was. This was important.
Video Speaker (Donald Trump) [00:14:20] Not solving the problems it should too often. It’s actually creating new problems for us to solve. The best example is the number one political issue of our time, the crisis of uncontrolled migration. It’s uncontrolled. Your countries are being ruined. The United Nations is funding an assault on Western countries and their borders. In 2024, the UN budgeted $372 million in cash assistance to support an estimated 624,000 migrants journeying into the United States. Think of that, the U.N. Is supporting people that are illegally coming into the Unites States and then we have to get them out. The UN also provided food, shelter, transportation and debit cards to illegal aliens. Can you believe that? By the way. To infiltrate our southern border. Millions of people came through that southern border just a year ago, millions and millions of people were pouring in, 25 million altogether over the four years of the incompetent Biden administration. And now we have it stopped, totally stopped. In fact, they’re not even coming anymore because they know they can’t get through. But what took place is totally unacceptable. The U.N. Is supposed to stop invasions, not create them and not finance them. In the United States, we reject the idea that mass numbers of people from foreign lands can be permitted to travel halfway around the world, trample our borders, violate our sovereignty, cause unmitigated crime and deplete our social safety net.
Stuart Turley [00:16:06] That is bringing up the world’s problems with the UN NGOs that were funded by USAID going to the UN, all of these NGOs going around the world causing UN problems. This is a huge speech. And did you see some of those people? And then when President Trump started talking about Russia and ending the war and Zelensky was there, people were not particularly happy. In that whole thing.
Tammy Nemeth [00:16:36] Well, you know, it’s interesting with his comments about who was paying for the migrants to go to the… Hi, Irina.
David Blackmon [00:16:47] Hi, Irina.
Irina Slav [00:16:48] Sorry, sorry, I was late.
Tammy Nemeth [00:16:51] One has to ask who’s paying for the ones to come to the UK because they all get phones. They all have debit cards when they arrive on the shores. Who’s paying that? And so now the solution in the UK is to have a digital ID cause somehow that’s gonna stop the people on the boats from landing on the shore. So, you know, I think Trump is right that the UN and various other NGOs were facilitating the movement. And so on the one hand, you have the UN and the EU and everybody talking about we have to stop human trafficking. But then who’s been paying for this human trafficking? And yeah, so I thought those were really interesting comments that he made and it’s unrelated to energy sort of, but… So if you have all this in…
Tammy Nemeth [00:17:40] It’s all integrated, it’s all interrelated, so.
Stuart Turley [00:17:43] It is, and good morning, almighty Irina. How are you this morning?
Irina Slav [00:17:49] I’m fine. Sorry I was late, but I had a doctor’s appointment and they were running late, so I was running late.
Tammy Nemeth [00:17:55] Of course.
Irina Slav [00:17:58] I wrote you an email, Stu. I don’t have your email addresses on my phone.
Tammy Nemeth [00:18:05] Irina, how could you?
Irina Slav [00:18:10] I’m really sorry.
Stuart Turley [00:18:11] I love Rodney, not to be a conspiracy theorist. Maybe Trump bribed the teleprompter. Hey, you know, I think that might be pretty good. But I would like to set up a GoFundMe because you can buy that kind of entertainment and a GofundMe to get that guy a job since he’s gonna be unemployed, as David said. But this brings up some really important points about climate change. The verbology and everything else that the UN, the NGOs have been funded by the US taxpayer dollars. So Tammy, Tony Seguro has got GPS tracking on the NGO-funded phones in the United States. And we’re talking probably 50,000 illegals have gotten phones. I mean, the numbers are staggering that they know where they are just because of the geo-fenced phones. So the NGOs funding that have also been funding all the climate change language and all of the other things coming from the US taxpayer dollars. And I know I’m broke. So I’m tired of paying for all this climate change nonsense. Getting back on to climate change, the climate week seemed to be more like shark week. Irina, what were your thoughts of President Trump at the UN last week?
Irina Slav [00:19:46] I don’t know. I didn’t actually listen to his speech. I don’t listen to speeches, but I read the coverage of speeches. But with regard to climate week, I just read a very, very funny article in Forbes with the six outtakes from climate week. One of which was using the cool factor to make people like EVs more. And the all of the qualities, the new. Chief sustainability officer of General Motors who said that her kids really loved riding in her electric SUV because it was so cool. This is the level of narrative we’re dealing with. These EVs are cool. Yeah, until the battery dies, need journey, for example.
Tammy Nemeth [00:20:38] But I’m sure her kids have an app on the phone to make sure that they can navigate the route properly and find a charger.
Irina Slav [00:20:46] Yeah, yeah, they should probably start teaching them early on. But I sense a sense of desperation in all of this. There’s a lot of talk about how cool the transition is, how it’s unstoppable because winds and solar are so cheap. But give us more subsidies because it’s really cheap, but it’s not and we need the money. But it’s going to… Keep expanding even without subsidies because it’s unstoppable. It’s really paradoxical. I wrote about it in my sub-stack that was supposed to be published 20 minutes ago, but it will be late as I was. So I like this sense of desperation. I won’t lie. And there is however, I think there’s a hope among these people that transition pushes. That it will be over soon because Trump will be out of the White House in three years and normal people, according to their perception of normality, will return. If they’re really banking on that, I’m not sure this is smart.
David Blackmon [00:21:59] Yeah,
Stuart Turley [00:22:02] I’m going to change up something here real quick. You sent over for your stories, I believe this one, which was US Climate Group reframed the green pitch around energy cost. This was one of your stories. And so before we… We’re not going to go to the stories now, but Irina, this was a phenomenal story that you sent in. And I love the way that Tammy had alluded to the climate change narrative language. Is now going to change again because they’ve lost. They’ve run into a brick wall, kind of like a cartoon on the road runner and the coyote. And you know, which one’s a coyote and which one is a road runner. But this was an amazing story. They’re changing on the cost because… Wow.
Irina Slav [00:22:50] Yeah, they’re trying everything, but it won’t work because it’s self-contradictory. They’re narrative. They’re saying that electricity will be less expensive with more wind and solar, but they can’t build more wind and solar unless the government gives them money because it is not that cheap and it’s bringing electricity costs higher. Do they really think that a Department of Energy run by Chris Wright will buy this?
David Blackmon [00:23:21] Well, no.
Tammy Nemeth [00:23:22] Yeah, I mean the the quote on the previous page there from the representative of the Environmental Defense Fund. Is the same narrative language that Ed Miliband uses every frigging day in the UK. The cleanest solutions are the most affordable solutions and that has huge pocketbook benefits for people’s lives. And they repeat that ad nauseam that the only way to have affordable solutions is wind and solar. That you can build it really fast. It’s really cheap. It’s the cheapest form of energy out there and it’s these fossil fuel interests that are holding everything back. So it and it’s by people like us, they say people like us talking about the energy realities is actually holding back the progress of these affordable energy solutions.
Stuart Turley [00:24:10] Tammy, I was
David Blackmon [00:24:15] affordable, but please spend three trillion dollars a year to subsidize us. Yes, that’s the narrative.
Stuart Turley [00:24:21] Tammy quick. This is Ed Miliband as a Wallace and Gromit character. Climate change.
Tammy Nemeth [00:24:30] But I mean, honestly, if you watch him in Parliament, I can’t do it because he’s up there. He’s waving his arms around. He’s thumping on desks and whatever and and he gets absolutely hysterical. And how do you talk to somebody who’s absolutely hysterically?
Stuart Turley [00:24:49] That sounds like my ex wife.
David Blackmon [00:24:53] By the way, on the whole EVs are cool thing. This has been a Tesla thing since its inception and then GM adopted it when they created their own EV division during the Biden administration. I mean, each GM had been producing these cheap EVs for years before that. But then Mary Barra came in and bought in whole hog to the subsidy trough. And so what you’ve always seen is that the EVs introduced by GM and Ford have all these features internally with the computers and the lights and the, you know, the odd light configurations that you see on the exteriors of them as a selling point for the electric vehicles. Well, in reality, they could include every one of those same features in their gas powered models, but they want the EVs to seem cooler than the gas powered car. And for people to just fall for that and say, well, we should buy this one because of the cool strip lights on the back of it look really neat and our kids love the ability to interconnect with the systems on the interior of the car. Well, you know, but that’s just been kind of their strategy all along. And I mean, the Cybertruck is a great example from Tesla. You know, Musk introduces this radical design pickup truck. What was it? I mean, two or three hundred thousand people subscribed to get one of those things when they were finally available. Of course, only a tiny fraction of those people actually followed through and paid what was it a hundred and thirty thousand dollars, I think was the original price when when they put their money down, the advertised price was going to be around sixty thousand dollars. So so, you know, and it’s been a massive failure because once the cool factor ends. People don’t want the damn car anymore because it looks like a DeLorean from back to the future. And so it’s just it’s this ridiculous marketing of these electric vehicles has just been a thing since Tesla started really.
Irina Slav [00:27:04] Yeah, but it worked for Tesla because they were the first ones. It worked for them. They were unique. You can just take a page out of Tesla’s marketing textbook and use it for your admittedly horrible. It’s a race to make them as ugly and unpleasing to the eye as possible. I don’t know why that is. Maybe they think that looks cool.
David Blackmon [00:27:35] And on the subsidy question, you know, of course tomorrow is the last day everyone for you to go buy your US EV in the United States and get that seventy five hundred dollar per unit subsidy that was included in the IRA it expires tomorrow. So everyone run out and buy your Tesla today.
Stuart Turley [00:27:55] But here’s one with a sniper outfit on it. So, you know, there is an advantage to having a Cybertruck with this. This is the Detroit model so that you can go snipe option package on it, so sorry. Sorry about that. I didn’t mean to. Being the producer with the buttons kind of as dangerous sometimes, I should not do that. Sorry. All right. Let’s roll over here and go over to the stories here and let’s go to I do love this. I’m sorry.
Irina Slav [00:28:32] I love it.
Stuart Turley [00:28:36] You know, and you know, he would pull it off. He’s the only man on the planet that would be in a shark suit and not care. I guarantee you and he could actually probably golf very well in that love this. This is absolutely money.
David Blackmon [00:28:51] That’s what Monty Python would be doing if those guys were still producing comedy. That’s
Stuart Turley [00:28:59] And Tammy your up first.
Tammy Nemeth [00:29:01] Okay, so I have three really quick stories. The the first one is the China’s empty promises. So because of climate week or whatever and the lead up to the cop 30 in Brazil, they had all these nationally determined contribution pledges from the various countries. And so China it was touted all over the sort of mainstream press very very much cheerleading that China is reducing pledging to reduce absolute emissions by seven to 10% at some point around 2035 or something. But then it turns out and and this is so surprising from your active which tends to be quite supportive of the cheerleading narrative. They pointed out that it’s actually a net cut. It’s not an absolute emissions cut. It’s a net-cut meaning there’s a parallel pledge to scale up the amount of forests in China. And so that supposedly will offset whatever emissions they have in their manufacturing or whatever. And then at the same time China statements also said, hey look, you know, we think we’re going to increase the install capacity of wind and solar and batteries in China, but we also think it’s important that countries lower their barriers for building out and importing. Solar and wind components from other countries and this was a shot at say the EU that’s pushing a by EU campaign and the US is no longer actually really participating in this except for like California or maybe some of the other states. But so they were kind of making a pitch that green products around the world should be promoted because they’re going to come from China. So that was a really great article to explain to unpack what it is that China put forward in their NDCs. My second story is Mark Carney who gave a presentation to the first biennial summit for a sustainable inclusive and resilient global economy and each leader was allotted three to four minutes to make a little statement or whatever. And what’s important about this is that it wants to redefine how climate finance is put forward in the world and basically what’s really concerning and I’m going to write about that this week is that they want the international banks like the World Bank, the IMF, the Inter-American Development Bank and so on. They want to bundle debt from the developing countries and basically issue it as investment vehicles similar to what happened with the subprime mortgage.
David Blackmon [00:31:53] Oh, no.
Tammy Nemeth [00:31:54] Thing in the US so they want to do this on a global scale and
David Blackmon [00:31:58] What could possibly go wrong?
Tammy Nemeth [00:32:00] What could go wrong, right? So I mean, it’s as I was digging deeper into what this means and and whatever and they they they made various announcements from the other multilateral banks that last week. This is extremely concerning. So stay tuned for that on Substack this week and then my bonus story really quick is that there was a good news story in nature. Where it says that the increased co2 has actually made all the trees in the Amazon grow bigger instead of just some of them. So they the scientists have actually quantified that that co2 actually helps all things grow go bigger.
David Blackmon [00:32:44] Maybe maybe China maybe Xi Jinping’s government can seize on that particular study and say well, we’re already making our forest grows in China. So we’re meeting that pledge already.
Tammy Nemeth [00:32:58] Right, so it’s good that they have all these coal fire plants because they’re contributing to the growth of their forest.
David Blackmon [00:33:04] We’re going to build another hundred coal plants just to make those forests grow.
Irina Slav [00:33:11] And then the activists would have to come up with a way in which bigger trees are actually bad for the climate.
Irina Slav [00:33:17] Exactly.
Tammy Nemeth [00:33:19] Which is what Bill Gates has been saying that the big trees don’t capture as much co2 and therefore we should cut them down.
Irina Slav [00:33:27] Oh, I thought it was about old trees, but yeah, bigger trees tend to be older trees.
Tammy Nemeth [00:33:35] So that’s it. You can find me on Substack, TheNemethReport.substack.com. If you hit the subscribe button, you’ll you’ll get notified whenever a new post comes up. So please do that.
Stuart Turley [00:33:52] In an address, where to buy that? I didn’t say free. There you go.
David Blackmon [00:34:00] Okay. Well, the first story I circulated among the group this morning that the energy department adds climate change and decarbonization and green energy to the list of verboten words to be used in internal and external communications in the energy department. Well, it’s actually in one branch of the energy department that was there to take all that USA money and give it to all these green groups. And so I you know, it it’s not it doesn’t apply to the whole energy department. Now the point here is this they’re changing the language. Chris ride in my interviews. I’ve done a couple of interviews with him before he became energy secretary. He’s One of his main concerns is it has been how we talk about energy and how the language has been bastardized in the United States in the Western world to portray traditional sources of energy like oil and gas and coal and nuclear has negative things. And so they call us fossil fuels and they, you know, inevitably every story in the New York Times and Washington Post for decades. About nuclear included mention of Three Mile Island and Chernobyl and on and on. And so what he’s trying to do within this this subset of the Department of Energy that was created to dole out all these subsidies from the IRA basically is to change the language they use in their communications and that’s that’s what this is part of. I’m not a big fan and when I circulated that I think Irina and Tammy both responded that maybe it’s not the best idea to be changing the language and I I tend to agree with that. No, you know, we don’t need right. The banning part of things is is, you know, banning speech is never a good idea in the United States and we see a lot of that happening. So this is one area where I might be might not be fully on board with Secretary Wright’s agenda at the at the Energy Department. The other story is new report projects $95 future breakeven price for US shale oil that that is based on a study that was published last week by Enveris, one of the great energy data and analytics firms here in the United States. They’re projecting that by 2035 the breakeaven price, which is currently $70 in US shales plays on average. It’s lower than that in the Permian higher than that in some of the less prolific place is going to rise to $95 a barrel by 2035 and that sounds like a lot that’s about a 35 36 percent increase from today’s level. But when you really look at it that is right in line with projections of economic growth and inflation over the next decade as well. So it’s really not inertia shattering. Thought that maybe the breakeven price for crude oil is going to rise a pace with with everything else. That said, we also had the Fed survey last week. The Dallas Federal Reserve Board does these quarterly surveys of energy executives here in Texas and around the country to get their current temperature on what’s happening in the oil patch and in other parts of the energy space and some of the shale executives really had big complaints about the Trump energy policy and particularly the tariff policies. Being disruptive to their business and complaining that one even said the shell business in the United States is broken. To me that that kind of flies in the face of the fact that the Baker Hughes and in various rig counts have now increased for straight weeks. You’ve got a growing active rig count. You have overall U.S. Production continuing to rise every month despite lower drilling levels that we’ve had this year. So I just we’re getting a lot of mixed signals. I think the U.S. Shale business and some of these executives who are struggling. There’s no doubt that there’s a lot of reasons why they’re struggling. The oil price has dipped this year but it was already dipping long before the Trump administration came on board. And you know the tariffs have certainly had an impact on their cost structure and supply chains. You know this concept particularly the fact that the tariff situation changes all the time as Trump moves from country to country to try to negotiate these deals. So I fully understand that aspect of it but to say the shale industry is broken I think is a huge overstatement because it clearly is not. There’s no data that supports that. It’s still a growing industry in the United States and one thing we know about the oil business. Not just in the U.S. But all over the world is it’s extremely nimble and adoptive to changing changing market conditions. And I suspect we’ll see the US shale industry adopt and change along with these disruptions as well. So that’s my story and I’m sticking to it.
Stuart Turley [00:39:20] Outstanding points and I do want to point out that that was a I went ahead and I took that title but I rewrote it and and this was on Energy Newsbeat and I added a bunch of things to it. Yeah. And then I broke it down by basin in the basin. Each basin is going to have different reasons for different cost increases and so that’s on EnergyNewsbeat dot co. But where can people find you David?
David Blackmon [00:39:52] David no Blackmon.substack. It’s the Energy Editions. David Blackmon on substack All right.
Stuart Turley [00:40:03] And now we have Irina.
Irina Slav [00:40:07] Before I get to my stories I’d like to make a point related to David’s first story about the ban words list. I wrote in that exchange that banning is probably not the best thing to do. There may be other ways but Tammy made a very good point and that point was that transitionists have been weaponizing language and using that weapon for years telling people about carbon pollution climate pollution fossil fuel pollution in the form of emissions to such an extent of saturation that a lot of people have internalized the lie as fact and thinking of carbon dioxide as a pollutant which it is not. So this definitely is a brilliant point and that state affairs needs to change. I’m just very sensitive to you know us becoming like them.
Tammy Nemeth [00:41:02] Yeah, thank you. I agree.
Irina Slav [00:41:04] But this needs to be false. This this weaponization of language and invention of new meanings and subversion of normal meanings. That’s it.
David Blackmon [00:41:17] Can I just one point about that? I think a better way to accomplish that goal is to rid the energy department of all the propagandists that have been implanted there from the NRDC and the Sierra Club by the Biden administration get rid of those people and replace them with people who actually know something about energy. And to me then naturally the language would would change just by changing up. They’re all screaming but I mean we’ve got three hundred thousand fewer bureaucrats in the federal government today than we did in January and there’s going to be another three hundred thousand gone by the end of this year. So they can scream all they want to but they’re leaving the government which is a good thing.
Irina Slav [00:42:01] It is a very good thing. You’re saving a lot of money. Okay. Now I see both these stories are about advertising in a way. So first advertisers are returning to be gold despite net zero pledges. I took the liberty to use one story that I wrote for oil price based on an FT report that the advertising business is apparently struggling. I had no idea. They were struggling to make money because they were being challenged by AI. I think there might be another reason such as that probably climate NGOs are not as generous as oil companies. So advertisers essentially going back to the energy industry the conventional energy industry. Hat in hand and asking for for their business. Of course to get that business they’ve had to tone down the climate hearing rhetoric which they have also done but as with bankers and asset managers yeah, yeah, we’re not talking about it so much but we are totally on board with net zero believers. We still have the targets. We still very much climate conscious or whatever they’re calling it at this stage of narrative development. But we need the money which at all was hilarious.
Tammy Nemeth [00:43:27] Well for sure because quite often the environmental groups the activist groups have targeted advertisers saying why are you supporting these companies that are killing the planet and they’ve done like protests outside of advertising agencies trying to do like a boycott campaign and stuff and and they’re like well this will affect your ESG score because you’ve got this bad reputation in the press. So it’s curious that the advertisers are like, you know what we’re going to take that hit because we need the money.
Irina Slav [00:44:05] Exactly. The bottom line is more important than the ESG credentials. We wouldn’t have any ESG credentials if we have to fold because we have no money.
Stuart Turley [00:44:16] Irina on your article I added a note because I added this to energynewsbeat.co because this was a great article that you wrote for oilprice.com and I absolutely love the fact because I deal with investors so much in oil and gas. Investors are going back to oil and gas because they’ve gotten billions of dollars in return. Oh, wait a minute. What do advertisers and investors want? They want returns on their investment. So, you know, advertisers you brought up fantastic points on that.
Irina Slav [00:44:53] Thank you. The other story was about all climate groups reframing the green pitch around energy costs, which we kind of already discussed, but it was really entertaining reading as well, especially coming from the financial times that tried to frame it as something that could work.
David Blackmon [00:45:17] I wonder, Irina and Tammy and Stu, I don’t read the FT because I can’t afford the subscription and wouldn’t read them anyway, wouldn’t do it even if I could. But are we seeing the FT just as an entity retrenching on its boosterism of the whole climate alarm narrative or is it just continuing down that same?
Irina Slav [00:45:45] It continues on that same row. And by the way, I just canceled my FT subscription today because I can’t pay for this level of propaganda anymore.
David Blackmon [00:45:54] Yeah, that’s crazy.
Tammy Nemeth [00:45:57] Yeah, I mean, they’re doubling down on it and I think it’s because of who buys it, right? It’s like the UK financial elites, the European financial elites, and then they keep trying to do the boosterism for the American financial elites to say, you know, look, if you want to be in the in crowd. We’re still the in crowd. I don’t care what Trump is saying. Like some of these other ones who are talking about how Trump and America was isolated at the UN. I don’t think they wanted to be included in a bunch of stuff at the UN because everything that the UN is doing right now with respect to the sustainable development goals and pushing the whole net zero agenda, trying to restructure the financial global financial industry. These aren’t necessarily to the benefit of the United States’ goals and ambitions, nor what’s good best for the world. So yeah, the US is isolated. I was like, yeah, they’re probably happy to be.
Stuart Turley [00:47:03] Yeah. Irina is right. This is right, this is from Rodney McInnis again. Irena’s right. Once you get rid of government slush funds and climate change nonsense, that lake of money dries up quickly. Yeah, it’s amazing how much USAID paid for the world’s language.
Tammy Nemeth [00:47:23] Well, I wonder if maybe Orsted also doesn’t have money left to be advertising. Look at how great our wind turbines are.
Irina Slav [00:47:33] There’s that too, but if what these people are saying that wind is cheap, solar is cheap. Well, welcome the opportunity to prove it. If you don’t need subsidies, you should be happy they’re on their way out. Yeah, I mean, it gives you a wonderful opportunity to say, see, we were right, but it won’t, won’t will it?
Stuart Turley [00:48:00] And your substack is one of the best on the planet.
Irina Slav [00:48:06] My substack is Irina Slav on energy. Still, I haven’t rebranded yet.
Stuart Turley [00:48:16] I’ll tell you, I had fun writing these two. This one, Chinese lithium battery took down South Korean intelligence agency. And then I started finding out that Texas has 1200 of the same batteries that took down a Korean intelligence agency installed in five gigawatt systems in Texas. So, these, this brings up the cyber problems that are available to your equipment that are in wind, solar, and the grid. There are still 492 major grid interconnections in the United States that Trump took out, Biden put back in, and that China could possibly get connected to, and I haven’t found if they’ve been pulled back out yet again, but lithium batteries do, once they have a runaway plan, have a serious problem. So I highly recommend that you do get a plan for not having them. And then U.S. Presses India cut Russian imports or watch trade deals slip away should be bad for the U. S. Dollar. I absolutely love President Trump. I think he’s the greatest president we’ve had ever. However, I do disagree with him picking on India and China for the tariffs for trying to end the Ukraine-Russian war, and I think that that is a mistake because it again goes along with weaponization of the U. S. Dollar and is a mistake to do this. I think the only way to end the Russian war is to get President Putin and President Trump in a room and do a deal and then.
Irina Slav [00:50:16] Close the door.
Stuart Turley [00:50:16] Pardon?
Irina Slav [00:50:19] And close the door.
Stuart Turley [00:50:20] And close the door. And don’t let anybody that’s below this height, which is Zelensky with a deep voice, let him go play in the playground and then get another actually have them do an election in Ukraine and end the war like adults because Zelenski is tubing every single thing that he’s trying to do by even putting duct tape on drones and throwing them into Poland. You can’t buy that kind of entertainment. So anyway, sorry for going on a rant and I am funny. I’m here at 11 and so you can find me on theenergynewsbeat.substack.com and you can also find me on energynews beat.co or energynewbeat.com. So that was a lot of fun today guys.
Irina Slav [00:51:10] Yeah, sorry. I missed most of it. Well, half of it.
David Blackmon [00:51:16] Half of it.
David Blackmon [00:51:18] Not quite half.
Stuart Turley [00:51:20] No, you only missed me ranting a little bit. Ironically, Mark Carney has the same one Coerced Financial Institutions of London and elsewhere to phase out fossil fuels. He now has the power to close all the Canadian oil. I’ll tell you what you bring up a great point PB. I’m not sure if that’s peanut butter or Pat Bailey. I’m, not sure who that but you have a great point and the Bank of London is actually broke and that is in its own little island in there and that is part of the problem when they want war and they’re trying to fund all this kind of stuff. It is part of the problem. Sorry, did I just say that out loud?
David Blackmon [00:52:01] Tammy, what’s your view on Mr. Chairman?
Tammy Nemeth [00:52:07] He’s bad, but it’s interesting because he speaks in contradictions. On the one hand, he’s pursuing all of this climate stuff, the climate finance in particular, which is going to restructure global finance and he talks about promoting conventional and green energy. So what that means in the Canadian context is support of these offshore wind turbines that they’re proposing offshore the East Coast by Nova Scotia and Newfoundland and offshore oil and gas development there but not necessarily increasing the Canadian oil sands, which is the biggest, the third biggest deposit in the world. So he’s happy to sort of say natural gas is okay as long as you can decarbonize it and then he said you can have the oil if you decarbanize because they’re bringing in, they’ve developed a fossil fuel oil and gas emissions cap and if you have an emissions cap based on how production currently is, you’re basically instituting a production cap. So this is something that’s been a debate for over a year, maybe two years now and they put forward a motion in the House of Commons while Mark Carney was jetting around the world. The conservatives did saying we don’t support an oil and gas emissions cap and it failed. So the liberals all voted for an emissions cap for the Bloch-Hibakwa, which is holding the balance of power to some extent and the NDP. So basically all the socialist parties said yes, we want an oil and gas emissions cap. And only the conservatives said no, we don’t want one. So what that means going forward is unclear. Mr. Mark Carney, who was a central banker, supposedly, you know, really supposed to know about economics. It’ll be eight months before there’s a budget. Canada hasn’t had a budget and I would say over a year. And the Parliamentary Budget Office, which is like an auditor came came out last week during committee hearings and said Canada’s economy is in shock. Is it like there are accounts are shockingly bad and like basically if all these promises that are being made about spending in Canada go forward, Canada will be bankrupt. So I don’t know what you know what they’re planning. The November 4th is supposed to be when they have a new budget, but he’s he’s creating a new accounting method so that there’s their spending and subsidies will be counted as investment rather than spending.
David Blackmon [00:54:52] Of course, yeah.
Tammy Nemeth [00:54:55] I know. I know so they’re they’re going to change the accounting to make it seem like we’re not in as much debt and as we are. So I don’t know UK is doing something similar. So it’s it’s not surprising because all these sort of socialist countries are doing the same thing and Mark Carney was here again You know, he’s jetting around. He went from the UN to to London and they had the the Global Progress Action Summit, which is where all the socialist leaders and progress international get together and basically explain how great they are and what they’re doing to further the progressive cause in the world. So yeah, that’s what they were doing.
David Blackmon [00:55:41] Oh boy.
Tammy Nemeth [00:55:42] Yeah, Canada Post is terrible too.
Stuart Turley [00:55:47] How’s the free speech in the UK? Are you going to be arrested anytime soon? Since I’m my sense of humor is horrible.
Tammy Nemeth [00:55:55] I don’t know. I hope not. But who knows once the digital ID comes in and and we’ll all be tracked and stuff like it. I don’t.
Stuart Turley [00:56:04] I don’t think I’m going to comply.
David Blackmon [00:56:07] Well, you don’t live in the UK. I mean.
Stuart Turley [00:56:10] I’m not going to comply in the US. So I mean, you don’t put a digital ID.
Tammy Nemeth [00:56:14] Yeah, but you but you know, they they they’re making it so you wouldn’t be able to file your taxes. You won’t be able to have a business. You won’t t be able to do whatever without it. So yeah, we’ll see it. We’ll see what happens.
Stuart Turley [00:56:30] If people rise up and all revolt Spain France we is not being covered, but there’s a lot of strikes going on in France in the US it’s not being covered in the and if people around the world kind of wake up and say we’re done kind of like a couple of the other places where they’re we’re done with this stuff.
Tammy Nemeth [00:56:53] Well, I don’t know. Brits can’t even complain about the grooming gangs. They can’t complain about the illegal migration and these people hanging around schools. You’re not allowed to. You know and Brits who are trying to hang up flags, one of the labor-run councils said you’ve got 24 hours to take your flag down or we’re taking them down and throwing them The British flag or the English flag. It’s it’s unreal.
Irina Slav [00:57:28] What happened to that? March to defend the flag flag tooting and you know to protest everything and it just came and went.
Tammy Nemeth [00:57:37] Yeah, I mean they had their march and then some new political party was announced this past weekend called Advance UK. And so I think people are really sort of dispersed and they’re there’s not an enough coordination and the long arm of the state is preventing people from speaking out and creating a very chilling effect. So I don’t know where that’s going to go.
David Blackmon [00:58:05] I’ve seen this play before haven’t we?
Tammy Nemeth [00:58:07] We’ve seen it before. I don’t know if the British have the the strength anymore to stand up. I mean the fact that like like Star Mayor is saying the only way to stop the the boats from landing on an island is to have a digital ID. He said that’ll stop the boats. Like what you have a military you have in Navy. What happened to Britain’s amazing Navy couldn’t they stop it?
Stuart Turley [00:58:33] I think Trump was right about everything. We’ve heard that today was right. About everything.
David Blackmon [00:58:40] All the conspiracy theories are just you know now known fact and accepted fact it just he has a perfect record.
Stuart Turley [00:58:50] Pretty wild.
Tammy Nemeth [00:58:51] Pretty wild.
Stuart Turley [00:58:53] But you know, I believe the UK took pick the guns up in 1990. I believe.
Tammy Nemeth [00:58:59] Yeah, it was in the 90s.
Stuart Turley [00:59:01] In the 90s and now they’re picking the guns up in Canada. This is bad for Canada and I hope that Canada becomes the 51st state before that and I hope they save the ostriches because that’s terrible.
Tammy Nemeth [00:59:18] Yeah, what they’re doing there, I mean.
David Blackmon [00:59:21] It’s just inhuman.
Stuart Turley [00:59:24] Last word before we head out for this great week.
Tammy Nemeth [00:59:31] The fall weather.
David Blackmon [00:59:33] The fall weather.
Tammy Nemeth [00:59:35] Oh, yeah.
Stuart Turley [00:59:36] So for the with that for David Blackmon and his at David Black Blackmon dot sub stack dot com for dr. Tammy Nemeth at the Nemeth report dot substack dot com and Irina Slav on energy. Thank you all. My name is Stu Turley president CEO of the sandstone group. We had a lot of fun this morning and I’m alleged to have on mine. Thanks. We’ll see you guys next everybody.
Irina Slav [00:59:59] Bye bye.
Tammy Nemeth [01:00:00] Bye
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