Daily Standup Top Stories
How Washington plans to spend money from the new carbon-cap law
This article was originally published by Crosscut. As Washington state lawmakers and Gov. Jay Inslee put the final touches on a trio of budget deals this legislative session, they are set to make big […]
Turkey Says Its Black Sea Natural Gas Discoveries Are Worth Over $500 Billion
Authored by Tsvetana Paraskova via OilPrice.com, The volumes of natural gas that Turkey has found so far in the Black Sea are worth in excess of $500 billion, Turkish Energy and Natural Resources Minister Fatih […]
NEWS: Indonesia: Uncontacted tribe being destroyed for electric car batteries
– Tesla, plus French and German companies, all linked to massive nickel mining plans A unique uncontacted tribe could be wiped out by a massive Indonesian project to produce nickel for electric car batteries. A […]
Nuclear phase-out would increase pollution deaths, says study
If the USA were to shut down its nuclear power plants, the pollution from the coal, gas, and oil that would be used to make up the generation shortfall would result in a worsening of […]
Battles over taxing the rich abound in liberal California
In deeply blue California, there’s never a shortage of efforts to raise taxes on the state’s wealthiest residents or corporations to support expansions of government programs. Each year sees a new batch of tax-the-rich proposals […]
Highlights of the Podcast
00:00 – Intro
02:51 – How Washington plans to spend money from the new carbon cap law
06:46 – Turkey says it’s Black Sea natural gas discoveries are worth over 500 billion
07:58 – Indonesia uncontacted tribe being destroyed for electric car batteries
10:31 – Nuclear phase-out would increase pollution deaths, says study
14:10 – Battles over taxing the rich abound in liberal California
19:51 – Market Update
25:38 – 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 into another edition of the Daily Energy News Beat. Stand up here on this gorgeous Wednesday, April 12th, 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 of the show, the purveyor of the show, the director and publisher of the world’s greatest website, EnergyNewsBeat.com, Stuart Turley, my man. How are we doing today? [00:00:36][21.9]
Stuart Turley: [00:00:36] Beautiful day in the neighborhood. Yeah, I’m wiped out. [00:00:39][2.6]
Michael Tanner: [00:00:39] Yeah, it’s it’s been a long day for both of us. But nonetheless, do you always amaze me with what you’ve run on EnergyNewBeat, we have an excellent menu lined up. [00:00:49][9.1]
Michael Tanner: [00:00:49] First for the show. We’ve got How Washington plans to spend money from the new carbon capture law this was an article originally published in Crosscut, but Stu’s going to give us an overview specifically on what’s going on with this new carbon cap law next to Turkey says its Black Sea natural gas discoveries are worth over $500 billion. [00:01:08][19.4]
Michael Tanner: [00:01:09] I will take a slice of that. Thank you very much. Good for Turkey. Some Black Sea off shore stuff. He will dive into what that means for the global energy markets. Next news. Indonesia. Uncontacted tribes being destroyed for electric car batteries. [00:01:22][13.2]
Michael Tanner: [00:01:23] This is an awful story and still cover what’s going on in the race for EVs. We seem to be outrunning we seem to be we seem to be now messing with the uncontacted tribes of hope that that will lead somewhere good. [00:01:33][9.8]
Michael Tanner: [00:01:33] Next up on the menu, we have new killer phase out would increase pollution deaths says study. Interesting statistic. Many of you very interested to hear what this study says they might be though. So take that for what it’s worth. [00:01:46][12.3]
Michael Tanner: [00:01:46] And then finally in the news section, Battle over taxing the rich abound in liberal California. I mean, they’re eating their own over there. It’s actually incredible. So, Stuart, David, what’s going out on with our friends over in California? He will kick it over to me. [00:02:00][13.5]
Michael Tanner: [00:02:00] I will cover what happened in the crude oil markets. We saw a nice rally, you know, some good price action. If you’re a day trader out there man there’s a clear action. About 6 a.m. could have made a lot of money. We currently trade about 8183. Natural gas looks up at $2.22. Are both crude oil and natural gas having a nice little bump for the day Overall markets Not at then we will let you guys get out of here. [00:02:21][21.3]
Michael Tanner: [00:02:22] But before we kick it over to Stu to kick us off with news again, check us out. All of the stories you are about to hear are courtesy of the world’s greatest website, www.EnergyNewsBeat.com. [00:02:29][7.8]
Michael Tanner: [00:02:31] Stu does a great job of curating it every single day to bring you the most pertinent Energy news and it’s the best spot to stay up speed on what’s going on in the industry Dashboard www.EnergyNewsBeat.com Is our combo data news get it while you still can you never know where it might go. I’m out of breath though Stu Where do you want to begin today’s show. [00:02:49][18.0]
Stuart Turley: [00:02:49] Let’s start with Washington, How Washington plans to spend money from the new carbon cap law. Michael This is kind of like me trying to write a headline. It’s actually misleading, but I like it. It’s not Washington, DC, it’s Washington State. [00:03:06][16.5]
Stuart Turley: [00:03:07] so when you sit back and take a look, the Climate Commitment Act out of Washington State, the law’s expected to generate 500 million and 1 billion annually in the coming years. Here’s the systemic problem this is really bring it out, Michael. [00:03:25][18.5]
Michael Tanner: [00:03:26] And that is once lawmakers get a budget and they get extra money coming in, they’re going to spend it. And there’s some really important things in here. The new law has gotten a boost since it was signed because of the Federal Inflation Reduction Act, included big investments in climate change that included that matching federal funds. [00:03:50][24.5]
Stuart Turley: [00:03:51] So here’s where I come down into another part. We want to make sure that this money is used to tackle climate change, because there’s many things that are good projects in the state of Washington. But we’ve made a commitment to Washington’s to reduce our carbon pollution. [00:04:09][17.4]
Stuart Turley: [00:04:09] Let’s come on down to one other line in here, Michael. And it says, As Washington works towards a green future, we must be mindful of the impacts that these transitions have on our communities. [00:04:22][12.6]
Stuart Turley: [00:04:23] Our farmers are critical contributors to our economy, and they are being unfairly targeted by big oil companies this is totally wrong. It was always our intention to exempt their fuel from the CCR guidelines and this legislation affirms our commitment to them as we transform into a cleaner, greener economy. [00:04:47][23.5]
Stuart Turley: [00:04:48] And then, he says, as he describes it, as the dark underbelly of the issues that has not yet surfaced in his referring to the grid. This article is hugely impacting of what is in actually Washington DC. Michael. [00:05:05][17.1]
Stuart Turley: [00:05:05] From the standpoint is a money comes in b they want to spend it on all these other things, other than what it’s supposed to be for. And then you see the regulations and everything else, even those in Washington state. I was I thought that I was sitting here looking at this and it was Washington, D.C.. [00:05:24][18.2]
Michael Tanner: [00:05:25] You got catfished. I found this interesting. It is like a fourth or fifth pair ground down. In March, the State Department of Ecology sold its first round of credits at an auction, which will take place four times a year, raising a total of 300 million or so. [00:05:38][13.5]
Michael Tanner: [00:05:39] Because you see what’s happening here in this carbon cap and invest program. They’re dealing out credits, but what they’re doing is they’re holding an auction for the credits. That’s genius. [00:05:47][8.3]
Michael Tanner: [00:05:48] It’s a genius way to make money off incentivizing people to pollute, because the more people are polluting, the more people need to buy credits. And the more credit you have available to buy the more money you make. This can take place four times, actually $1,000,000,000. [00:05:59][10.8]
Stuart Turley: [00:06:00] Just. [00:06:00][0.0]
Michael Tanner: [00:06:01] To the bottom line. Now, you should be investing that in infrastructure and grid sustainability, but that’s not going to go there. But that’s a crazy thing to think about that they’re just they just auctioned off. They’re going have these four times a year, just boom, clear, 300 million, boom, clear, 300 million. [00:06:14][13.5]
Stuart Turley: [00:06:15] You know what? And this is year in a find. This is just like Colorado. When you and I worked on the Colorado legislation and everything else in our in helping other oil companies there, it’s the same thing they’re going to take a state well, they’re going to go, hey, that’s a great way to steal money. I mean, excuse me, tax without representation. And that’s exactly what they’re going to do. So you heard it here. [00:06:40][24.8]
Michael Tanner: [00:06:40] So 70 bring us back to 1774. Stu, what do you got next? [00:06:44][3.7]
Stuart Turley: [00:06:44] Okay. Turkey says it’s Black Sea natural gas discoveries are worth over 500 billion. This is really huge for the simple fact that this is right next to Club Med. You know, you go right on through there, you’re going to see some natural gas pipelines come in. [00:07:03][19.3]
Stuart Turley: [00:07:04] And actually, Turkey needs this very, very bad because their inflation rate, if I remember right, Michael, is 90% right now they need the revenue. And I think it’s great. [00:07:18][14.0]
Stuart Turley: [00:07:18] Turkey needs to be able to become energy independent as well. The Black Sea now have increased to 710 billion cubic meters. That’s nuts. That is nuts. So happy for them. And it means a lot to Eastern Europe. Now let’s go to the next. [00:07:37][18.7]
Michael Tanner: [00:07:37] Yeah. No, I mean, I don’t have much to say other than this would be very helpful to Europe in a time when they’re very reliant on Russian gas. [00:07:46][8.7]
Stuart Turley: [00:07:47] Oh, you bet. Okay. This next one is really sad. And I’m tired of hypocrisy, either political hypocrisy or energy hypocrisy. Indonesia uncontacted tribe being destroyed for electric car batteries. [00:08:04][17.1]
Stuart Turley: [00:08:05] You kind of made the mispronunciation sound like you didn’t mispronounce. They sounded like Uncontracted Tribe. And I think that’s almost the same thing. They’re uncontracted. They get paid for any money of places that they were work living on. [00:08:20][15.1]
Stuart Turley: [00:08:20] Nickel mining is said to destroy the vast areas of the forest and interior of Hammond area. These forests are inhabited by 3 to 500 uncontacted members of the Tonga Manaia tribe. [00:08:35][15.3]
Stuart Turley: [00:08:36] If mining goes ahead as planned, they will not survive the destruction. Where’s the hypocrisy? Where, Pete? Where’s the outrage? Save the whales. Let’s save the people. Destruction from the nickel mining the forest. [00:08:49][12.6]
Stuart Turley: [00:08:50] Let’s see. The mining is illegal under international law, but they’re going to do it anyway. [00:08:55][4.5]
Michael Tanner: [00:08:55] So are partly owned by a French mining company. You got to love that. Yeah. Protesting over there. I’m not I’m not a politics international aficionado. I don’t know. I don’t know anybody who is. But something’s going on in France, Aren’t they? Rioting? [00:09:12][16.0]
Stuart Turley: [00:09:13] They are. And the major news is the major news outlets are not covering it. And the reason is because Macron basically told he’s in bed with Zee now and he basically was this in the US and calling us some fairly bad things. [00:09:38][25.5]
Stuart Turley: [00:09:39] Germany also called us some fairly bad things and that was horrific what they just said today on the German floor of their parliament, saying that our administration is one step short of lying. [00:09:56][16.5]
Stuart Turley: [00:09:58] So our administration is going on there rioting because Macron actually is trying to raise the retirement age. But that’s only one fact. Instead of it. He’s also increasing taxes without representation. So I can’t blame them. Hats off to the French people for rioting. [00:10:23][25.3]
Michael Tanner: [00:10:24] So you heard it here first. Hats off for rioting. [00:10:27][3.0]
Stuart Turley: [00:10:28] Yeah. Okay. Let’s go to the Nuclear phase. And this one helps out a lot of folks as well, too. I’m on a roll today, dude. I don’t know why I must have had six espressos today or something, but let me pull this one. [00:10:43][15.0]
Michael Tanner: [00:10:43] I only had four. So you’re beating me. [00:10:46][2.2]
Stuart Turley: [00:10:47] Nuclear phaseout would increase pollution deaths. This is very important because speaking of Germany. Germany has announced today that they are also looking at chilling the rest of their nuclear thing so they can go more renewable. [00:11:04][17.1]
Stuart Turley: [00:11:05] Michael, didn’t they learn anything anyway if the U.S. were to shut down its nuclear power plants, the pollution from coal, gas and oil would be used to make up the generation shortfall would result in worsening of air quality that could cause an additional 5200 pollution related deaths over a single year and even more when you consider the amount of bad air and longer term, it is getting worse. [00:11:36][30.8]
Stuart Turley: [00:11:37] Michael We’ve had the lowest CO2 and pollution in years because we’ve been moving from coal to natural gas. So I thought this was a great study in, quote, our scenario, removing nuclear power results in compensation by coal, gas and oil, resulting in increases of PM 2.5 and ozone that lead to an extra 5000. I’ve already said that. So anyway, we got to keep our nuclear fleet going. We got to expand it and guess what the hold up is? [00:12:10][33.0]
Michael Tanner: [00:12:10] Michael Regulation. [00:12:11][0.7]
Stuart Turley: [00:12:12] Boom. You heard it here. Second. [00:12:13][1.4]
Michael Tanner: [00:12:14] Well, I had to say something still before you move on here. I mean, first off, you know, we had to go to M.I.T. to tell us that if we switch from coal, a coal smokestack going to a nuclear plant, we will or excuse me, going from nuclear to coal, you’re going to increase pollution desk. [00:12:33][19.8]
Michael Tanner: [00:12:34] We had to go to MIT. We that was hard earned taxpayer money that was sent to MIT that probably paid for a few grad students better in that situation, not at MIT, but somewhere else where the government’s paid a really nice fee to get some research put out there. [00:12:50][15.5]
Michael Tanner: [00:12:50] Well, that’s obvious. I mean, this is just what boggles my mind. We had to go to MIT. We had to tie up the smartest people in the world on the question of whether or not nuclear is better for the environment than coal. I could have saved the government a lot of money and told them, Yeah, it probably is. [00:13:06][15.9]
Stuart Turley: [00:13:07] Great point. And Secretary Granholm, in the past week and over the last several months, we know that nuclear is now being approved as far as available for infrastructure dollars and funding. [00:13:24][16.9]
Stuart Turley: [00:13:24] Secretary Granholm did say that they are getting in better shape now. They’ve got documentation from a left leaning university to go see m.i.t. Did it. I’m going to follow the science like they have another thing. So they’re buying it for a talking point. [00:13:43][18.9]
Michael Tanner: [00:13:44] Yeah, i’m just i’m glad we’re wasting. Are the smartest people in the world on finger on. I’m telling you this, but i’m i’m glad. I’m glad we spent the resources I’d like to get cut in Next time you just give me a call. [00:13:55][11.4]
Michael Tanner: [00:13:55] Secretary Granholm, if you can be any more of this research done, whatever you’re charging per hour at MIT, I’ll do it for half because I’m sure it’s cheaper. We’ll do it for half. [00:14:06][10.1]
Stuart Turley: [00:14:06] We’ll do it for half. I like the way you think. [00:14:08][1.8]
Michael Tanner: [00:14:09] What’s next? [00:14:09][0.3]
Stuart Turley: [00:14:10] Okay. Battles over taxing the rich abound in liberal California. I got tickled at this one because speaking of taxation without representation, you got to love it. I almost feel like throwing a tea party just because, again, in deeply blue California, there’s never a shortage of efforts to raise taxes on the state’s wealthiest residents or corporations have expansions of government programs. [00:14:39][28.9]
Stuart Turley: [00:14:40] There’s a couple paragraphs in here that I got really, really to that and see. It was voters are virtually certain to face another tax the rich ballot measure next year. The proposal would add a 6.75% surtax on incomes over 5 million to finance pandemic detection and programs. [00:15:03][23.5]
Michael Tanner: [00:15:04] Oh, nice gain of function research. That’s nice. Increase taxes, brigade of function research. Sweden. And now. Going to put California in charge, people. [00:15:13][9.1]
Stuart Turley: [00:15:15] Sign me up now and then. There’s about three more things in here. It would have been a major revision of Proposition 13, the 1978 ballot measure to both limit property taxes and make other taxes difficult to impose. [00:15:32][17.5]
Stuart Turley: [00:15:33] That’s the critical part, because it’s going to open it up for them to tax anything they want at any time. There’s also another thing in here saying that it would only be the rich. Biden has been saying that it’s he’s only going to tax anybody making more than 400,000. [00:15:48][14.8]
Stuart Turley: [00:15:49] Guess what? Everybody in the entire country is being taxed by his new methodology. So this is the same thing. People are leaving California. I only pray and I want to put this out there, that they leave their voting there. Yeah, I. [00:16:05][16.6]
Michael Tanner: [00:16:06] Don’t think that’s going to happen. Stu Unfortunately, they’re all moving to Austin, so at least just don’t move there. [00:16:11][5.3]
Stuart Turley: [00:16:12] Real quick. Half sec. That poor guy that was released yesterday, they may pardon in in Texas where he was an Uber driver and defended himself against a. [00:16:24][12.5]
Michael Tanner: [00:16:25] I heard about that didn’t he also brought a red light to get into the protests. There’s some sketchy details around this dude. It wasn’t just cut and dried. [00:16:34][8.6]
Stuart Turley: [00:16:34] Well, he was his fare was in a rush. And when he got down there, the gentleman was a non-minority. In fact, he was white carrying an AK 47. So carrying. [00:16:46][11.3]
Michael Tanner: [00:16:46] This. Is this where there’s. Let me let me just we got to break this down here because I was listening to this this morning on one of my one of the few part. No, no, no. This is this is interesting, Stu, because this is the intersection of open carry and stand your ground law. [00:16:59][13.0]
Michael Tanner: [00:17:00] Think about it. If someone is walking around with an AK 47 or Billy brandished tied around your chest, in my opinion, that in and of itself is threatening. [00:17:12][11.6]
Michael Tanner: [00:17:12] Now, the problem. So are you allowed to stand your ground and shoot them? But they’re not breaking the law because you can open carry in a tricky situation. [00:17:20][7.8]
Stuart Turley: [00:17:21] It is. But when you brandish a weapon, they’re holding it in a holster or in a strap, is not brandishing, is not brandishing. And he. [00:17:30][9.0]
Michael Tanner: [00:17:30] Wants it. That’s what he was pointing it at. [00:17:32][1.6]
Stuart Turley: [00:17:32] The guy he said he pointed it at him. I saw him talk to and I saw an interview. He pointed it at him that is brandishing a weapon. Having a weapon on your holster or in a strap is not brandishing. [00:17:50][17.5]
Michael Tanner: [00:17:51] But and I we were way off topic. But it is just so I agree with what you’re saying over I just think it’s a very interesting and I think there’s going to be a lot of people rethinking these stand your ground in open carry laws, because that brings up a very interesting point, Stu. [00:18:03][12.1]
Michael Tanner: [00:18:03] I know you’re an expert on this stuff. I don’t want to I’m not going to talk with you about guns when it comes to me. This is what you used to do. I would say it’s a it’s an intersection that, like this is an edge case. I’m a computer programmer. [00:18:13][9.3]
Michael Tanner: [00:18:13] When sometimes you run code, you run it for a week, you want it for a month, you want it for a year, and then all of a sudden one edge case shows up boom error. And you’re like, Oh, I got to account for that. [00:18:22][8.9]
Michael Tanner: [00:18:23] So I’m not saying this, but it’s a very interesting the intersection of I mean, if I just was walking around with a rocket launcher not branded like, you know what I mean? Like at what point, you know what I mean? If I did a sniper over my shoulder, like at some point there is you you see what I’m saying? I’m not crazy. [00:18:37][14.9]
Stuart Turley: [00:18:38] No, and I couldn’t agree more. But here’s the left wing media last night was saying that because the governor is possibly most likely going to pardon him, they’re saying that the governor is of Texas is now racist because, you know, we’re going to pardon a guy for a Black Lives Matter when the guy was white. [00:19:01][22.3]
Michael Tanner: [00:19:01] So is this, though, a jury of his own peers convicted him. [00:19:05][3.7]
Stuart Turley: [00:19:05] In Austin, in Texas? [00:19:07][1.4]
Michael Tanner: [00:19:08] But, I mean, that’s that’s that’s it’s that’s the American system. I mean, that’s my only pushback. I know I could be persuaded. [00:19:14][6.1]
Stuart Turley: [00:19:15] One last thing. In Texas, George Soros funded that day. [00:19:19][4.4]
Michael Tanner: [00:19:20] I call it The Dark Fleet. The Dark Fleet. [00:19:22][2.3]
Stuart Turley: [00:19:23] I’m sorry. George Soros needs to be thrown out of the country now. [00:19:26][3.2]
Michael Tanner: [00:19:27] Two sources, a creep. I’m with you. George Soros is an absolute creep. [00:19:29][2.8]
Stuart Turley: [00:19:30] So we can talk about anything you want. [00:19:32][1.9]
Michael Tanner: [00:19:33] I’m good. This is enough of a sidetrack from energy. I was just listening that it was very it’s very interesting and it’s a sad situation all around. Regardless, it. [00:19:41][8.1]
Stuart Turley: [00:19:41] Is in all people’s lives matter. [00:19:44][2.6]
Michael Tanner: [00:19:44] Yes. You got anything else? [00:19:45][0.8]
Stuart Turley: [00:19:46] No. I’m thoroughly going to get is thrown off you to look. [00:19:51][4.5]
Michael Tanner: [00:19:51] Yeah. Thank you for that. By the way, looking at finance, you know, we were actually basically flat on the S&P. We traded up literally where we started 4140 was to settle for a nice, crisp 0.00% increase. [00:20:05][13.7]
Michael Tanner: [00:20:05] So take that to the bank. Nasdaq was down three quarters of a percentage point. Oil ran a little bit there. We started the day a little bit below. 1879, 615 rolled around. We had a nice little day trade price action to the north. 8146 is what we set out right now. [00:20:20][14.1]
Michael Tanner: [00:20:20] A lot of it has to do with a little bit of a weaker Chinese inflation data, which is better than what we’d hoped. China inflation. Everyone’s dealing with inflation. That’s the funny part. I think, you know, we focus so much from what’s going on in America, and rightfully so, because the dollar is more of a global currency. [00:20:34][14.5]
Michael Tanner: [00:20:35] But every everyone has experienced inflation right now, even China, who does it, even who controls their currency at a state level. So a lot of things on that front. We saw the dollar drop a little bit today in response to that, in response to some of the weakness going on in the stock market. [00:20:49][14.5]
Michael Tanner: [00:20:50] And what we did see at about 315 API came in and said an expected a 1.4 million barrel draw or draw from the crude oil reserves, we saw a little bit of a build. So we’ll confirm that tomorrow at 10 a.m.. Or as you guys listen to this at 10 a.m. on Wednesday, we’re actually recording this Tuesday night. [00:21:10][19.5]
Michael Tanner: [00:21:10] Newsflash, we’re sitting here about 640, so we currently traded 8147 you overnight. Again, it’s going to be interesting this as again the markets go and the dollar goes so well. So we’ll go places again if we if I keep harking back to the recession, whenever the quote unquote recession comes, Duell argue that it’s here now. It’s been here for six months. [00:21:31][20.9]
Michael Tanner: [00:21:31] Economists, you know, we know they changed the definition six months ago. So we may not technically be in one, but we probably are. But, you know, people feel okay, I just saw a stat today that for the first time, more than 50% of people feel insecure about the financial future. [00:21:45][13.4]
Michael Tanner: [00:21:45] And now it’s saying it’s sitting at like 72% that you start getting because that becomes recession, because people start a lot of the recessions. Do people feel like they’re in recession? [00:21:53][7.8]
Michael Tanner: [00:21:53] Because that’s really I mean, and that’s weird to say, but that’s how you quantify a recession is does everybody you talk to feel like they’re in a recession? We’re getting there where people are starting to more and more people are starting to feel like in 2008. [00:22:05][11.9]
Michael Tanner: [00:22:06] I mean, I was in middle school and I knew a recession was happening. That’s when, you know, you’re in a recession, when you’re young, when you don’t really know what’s going on. You just that’s the vibe that’s out. [00:22:15][8.4]
Michael Tanner: [00:22:15] I mean, that’s that’s my non-technical way of saying, well, what’s a recession? I mean, you have to agree with me. Still, there’s a difference when people who know nothing about what’s going on, all it’s like when, you know, a pop culture reference stew, that’s when you know, that pop culture references bridge gaps is when you find out about it. You know what I mean? It’s the same. [00:22:33][17.8]
Stuart Turley: [00:22:33] Thing. I disagree. I disagree. [00:22:35][2.1]
Michael Tanner: [00:22:36] Disagree with what? The we’re in a recession now. We probably are. [00:22:39][2.8]
Stuart Turley: [00:22:39] That you think that a recession is by definition when people feel like they’re in a recession because the media and the social media has been not covering it and we’ve been the whole thing is all bets are off on that. [00:22:57][18.0]
Stuart Turley: [00:22:58] The only way to get rid of the recession is to fix the energy policies lower, actually lower the interest rates and fix energy, lower the energy prices. Those are the only things that’ll do it. [00:23:15][17.0]
Michael Tanner: [00:23:15] By the technical definition of a recession. We’re of course, we’re in a recession and we’re probably going into a quote unquote, depression soon. That’s what everyone claims going on. [00:23:24][8.8]
Michael Tanner: [00:23:24] That’s what you would say. What I’m saying is when you just talk to people on the street, do they they’re not worried about a recession. They’re starting to. That’s what I talk about, the feel of it like when things start crossing into me and you look at this stuff everyday, you’ve been pounding the desk for recession for for ten years. [00:23:39][14.9]
Michael Tanner: [00:23:39] But does your neighbor, who maybe is just is works a day job, who’s not really invested on a day to day? When did they start being like, wow. Stu men, are you he’s getting tight for you? And then that’s when you’re like, okay, it’s you know, again, it’s not a technical term, but you get what I’m saying. [00:23:54][15.4]
Michael Tanner: [00:23:55] There’s the technical definition. Which word boy was there? It have crossed the boundary, but then there’s the actually feel it like for me, I don’t feel like we’re in a recession. [00:24:03][7.9]
Michael Tanner: [00:24:04] So that’s why I’m saying we might take leadership. I don’t feel like it. And that’s just my anecdotal proof. But that’s when I say that there’s not a feeling. But it it can be not. You get what I’m saying? [00:24:14][10.9]
Stuart Turley: [00:24:15] I do, but I don’t agree. [00:24:16][1.0]
Michael Tanner: [00:24:17] I like it, though. I like it. Let’s move to natural gas, though. Well, up to $2.22. Again, we were drawn by a little bit of warmer weather that we saw roll in throughout the Midwest, which is great. It’s actually a gorgeous day here in Dallas. I don’t know how it is up where you are. So it was a good day. [00:24:31][14.2]
Stuart Turley: [00:24:32] Abilene. [00:24:32][0.0]
Michael Tanner: [00:24:33] No, you’re right. You’re right. You’re you’re you’re not at the secret cabin anymore. We’re both in the great state of Texas, but the Midwest is seeing some great weather. And we will get natural gas stocks on Thursday. [00:24:42][9.1]
Michael Tanner: [00:24:42] We should see a slight draw, even though last year we did see a little bit of a build. So that could bode well for prices. Again, Have we found the floor? $2, hopefully. [00:24:51][8.3]
Michael Tanner: [00:24:51] But as we move into summer, it’s going to be interesting as we move to injection season when we roll over in some of those seasonal requests, there is nothing really on the M&A market or finance squad to look at. [00:25:01][9.5]
Michael Tanner: [00:25:01] I do see that that new executive over at Northern Oil and Gas, they’ve now got a CTO. I think that’s interesting. I like that like that tech I background let me a little oil and. Throwing in a CTO. Well, besides, that still ain’t much. Kind of. Kind of slow. [00:25:15][14.4]
Michael Tanner: [00:25:16] Everyone’s just talking about Exxon Pioneer. Everyone’s talking about it. And. Okay, if that deal’s getting to the point where it’s getting floated, what other deals are being talked about that aren’t getting float? [00:25:25][9.6]
Michael Tanner: [00:25:26] And there’s got to be some and I’m sure you’re hearing rumors. I’m hearing rumors. We’re not a new war on a news site nor. [00:25:32][6.2]
Stuart Turley: [00:25:32] Nor investment. [00:25:32][0.2]
Michael Tanner: [00:25:33] Why would we? We’re not a new site. We don’t have a website that gives out news where you can come and see news like don’t go to EnergyNewsbeat.com for all your latest and greatest breaking news, because we’re done with the episode. We’re going to let you guys get out of here. [00:25:45][11.6]
Michael Tanner: [00:25:45] We appreciate you checking out world’s greatest podcast Energy News Beat Daily Stand Up early. I’m Michael Turner. We’ll see you guys tomorrow, folks. [00:25:45][0.0]
