Daily Energy Standup Episode #138 – Power Plant Proposal Sparks Industry Transformation: Clean Energy Bills Delayed, Fossil Fuel Investments Challenged, and Appliance Costs Soar

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Daily Standup Top Stories

How Will Industry Be Impacted By EPA’s New Power Plant Proposal?

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Natural gas hailed as backbone of energy mix with security of supply and decarbonisation vying for attention

The energy woes that befall the world in 2022 brought about the double whammy of rapidly working on diversifying the energy mix with more renewables while ramping up the crude oil and natural gas production […]

New Jersey clean energy bill on hold

CLEAN ENERGY BILL ON HOLD — POLITICO’s Ry Rivard: A bill to create a nation-leading clean energy plan for New Jersey won’t be taken up by state lawmakers until after the election. The bill, NJ S2978 (22R), would […]

Biden’s Green Rules Mean Appliances Will Soon Cost More And Do Less, Experts Say

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Californians step up efforts to halt fossil fuel investments

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Highlights of the Podcast

00:00 – Intro
02:56 – How will industry be impacted by the EPA’s new power plant proposal?
06:15 – New Jersey clean energy bill on hold
09:58 – Californians step up efforts to halt fossil fuel investments
12:01 – Biden’s Green Rules Mean Appliances Will Soon Cost More And Do Less, Experts Say
14:46 – Market Updates
16:45 – Outro

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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 Tuesday, June 6 to 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 and the Director and Publisher of the world’s greatest website, EnergyNewsBeat.com, Stuart Turley. Ma men how are we doing today? [00:00:38][23.6]

Stuart Turley: [00:00:39] It’s a beautiful day in the neighborhood and we’re just having a blast! [00:00:41][2.4]

Michael Tanner: [00:00:42] Now we have an absolute blast today we have a great show lined up to you, jam packed top line headlines will cover today. First off, How will industry be impacted by the EPA’s new power plant proposal? It’s absolutely pretty crazy what the EPA is looking at rolling out so Stu is going to cover how most industries will be impacted by those rules. [00:01:02][20.1]

Michael Tanner: [00:01:02] Next up, New Jersey clean energy bill on hold NJS2978. Yes, that is a bill and yes, it’s coming for New Jersey it is on hold Stu will cover the fallout from and what’s going on in New Jersey. Next up, we love a good California story, Californians step up efforts to halt fossil fuel investments so they can continue to kill the rainforest on the latter part of that is in addition for me. So Stu will cover what’s going on in our favorite state. [00:01:29][26.7]

Michael Tanner: [00:01:29] Next up, Biden Green rules mean appliances will soon cost more and do less, according to experts this is out of the Epoch Times and we love them. I mean, pretty scary stuff considering the energy crisis that’s upon us. And now they want us to have our washers I’ll be able to do less pretty scary Stu will cover what’s going on there he’ll kick it over to me. [00:01:48][19.1]

Michael Tanner: [00:01:49] I’ll lightly touch on really the the fallout in the first day of full trading from from the Saudi decision to add a lollipop to the market. We were actually down we were up overall from from where quote unquote, the market ended on Friday. But we’re down we were all the way up over $74 currently, now trading 7198 as we record this here at 630 on the fifth. [00:02:09][20.4]

Michael Tanner: [00:02:10] So, you know, pretty interesting I’ll cover some of my thoughts from there and then we’ll let you get out of here. Not much in the EMP space to cover before we get to all that and a bag of chips, guys remember. [00:02:19][9.4]

Michael Tanner: [00:02:20] Check us out online World’s greatest website www.EnergyNewsBeat.com you can check out the description below for all the stories that should be there. I got on our team today a little bit apparently they have been keeping it up so I cracked a little whip and we and we got some things moving but now check out the description below you’ll be able to have links to all of the websites our links to the articles. [00:02:38][18.4]

Michael Tanner: [00:02:39] Dashboard.EnergyNewsBeat.com the best place for your data and energy news combo, which we’re inching closer to that subscription people so just be wary there is there are some good things come on on that front hit us up Questions@EnergyNewsBeat.com. Where do you want to begin today show Stu? [00:02:53][14.4]

Stuart Turley: [00:02:54] Hey, let’s go ahead and start with How will industry be impacted by the EPA’s new power plant proposal? This is also in line with the the courts trying to say that the EPA should not do legislation through regulation. [00:03:13][19.3]

Stuart Turley: [00:03:14] However, they do have the right under the Clean Air Act to regulate CO2 and in the article it says the courts have given the EPA the right to regulate CO2. And with that, the agency wants to provide the industry flexibility it needs to dramatically cut heat trapping emissions. That includes capturing and burying CO2, buying renewables and hydrogen fuels or retiring older plants. [00:03:44][30.2]

Stuart Turley: [00:03:45] EPA says this rule will cut carbon by 80% by 2040, compared to 205. I’m calling hogwash. Okay. The US Supreme Court. This other paragraph down here, Michael, knocked down President Obama’s Clean Power Plan that mandated carbon cuts. [00:04:02][17.5]

Stuart Turley: [00:04:03] That ruling said the EPA only had the power to regulate inside the fence, which mean it cannot order generational shifting. However, it can prod companies to switch to cleaner fuels or deploy new technologies. This is regulations, you know, through legislation, through regulations, and they don’t actually understand what they’re regulating. [00:04:29][26.5]

Michael Tanner: [00:04:30] Well, I think the real question is this. Much like with this whole debt debacle, there’s this there’s this idea of why not just invoking the 14th Amendment, which says that the United States will pay all of its debt. So there’s this idea floating around that we could solve this whole debt crisis by doing the whole 14th Amendment. [00:04:46][15.8]

Michael Tanner: [00:04:47] I think there’s this also idea out there in the same vein, that the EPA could solve all of the carbon emissions problems and just mandate carbon net zero by 2035. But why don’t they want to do that? They don’t want to relitigate precedent of the EPA having massive authority to regulate business based upon their output. [00:05:05][18.1]

Michael Tanner: [00:05:05] And I think if you were to roll it back, if you were to open up that can of worms, it would start a legislative nightmare. That would end up all the way to the Supreme Court and would could possibly in a 63 conservative tilt on install some mandates and some think, you know, we’re they’re called all your President, I’m trying to speak legal President. [00:05:26][21.2]

Stuart Turley: [00:05:28] Right. [00:05:28][0.0]

Michael Tanner: [00:05:28] And could necessarily weaken it you know the EPA when theoretically right now you know as this article saying is extremely strong right now. So I think it’s a whole interesting can of worms that they don’t necessarily want to uncover. They only want to push so far so that nobody actually goes to the step and say, wait a second, let’s just relitigate EPA’s whole control. [00:05:47][19.4]

Stuart Turley: [00:05:48] Oh, yeah. It’s a technology that recycles wasted heat that has a 90%. What they’ve done, Michael, over the last several years is they’ve not allowed the new technologies to be installed in older plants. You know, we have great technology anyway. [00:06:07][19.1]

Stuart Turley: [00:06:08] All right. Let’s go to the next one here. This one, I love this one I got me some Cory Booker on New Jersey, Clean energy Bill on hold, Clean energy bill on hold by Politico’s Wright regarding a bill to create a nation’s leading clean energy plan for New Jersey won’t be taken up by state lawmakers until after the election. I couldn’t find which elections at 2024. [00:06:36][28.4]

Stuart Turley: [00:06:38] Like you said in New Jersey, S22978 would put the state on the path to get 100% of its electricity from zero-carbon sources by 2035, the most aggressive clean energy goal out of any large state. [00:06:54][15.9]

Stuart Turley: [00:06:54] Michael, Couple tidbits in this one, and I want to give Corey Booker a shout out for IR Guy of the week in here is why. They do say that LNG is critical to help take over this. They admit, hey, we got to have natural gas in in the east, back east, northeast there’s no pipelines from the Marcellus so they have to buy LNG. Michael Where do they buy LNG? [00:07:21][26.2]

Michael Tanner: [00:07:22] Russia? [00:07:22][0.0]

Stuart Turley: [00:07:26] You got it Michael Okay, here is here’s the other part of this and it is let me get in here to a quote Booker urges LNG Train Safety. Senator Cory Booker is urging Federal Transportation Secretary Pete Buttigieg to prioritize public safety as the Biden administration weighs a potential ban of on trains carrying liquefied natural gas. [00:07:54][28.2]

Stuart Turley: [00:07:55] A Trump era rule allows trains to carry LNG, but so far there are not shipments happening in this rule. Michael, let me get to this article. Guess what a train is an LNG? [00:08:09][13.5]

Michael Tanner: [00:08:10] A Train? [00:08:11][0.6]

Stuart Turley: [00:08:11] They dont go to Chu-Chu. It actually is the separation and liquefaction of natural gas has nothing to do with transport that train is actually called the process. So Senator Cory Booker is over here going, We need Mayor Buttigieg to go ahead and get is to choose in line because he doesn’t want LNG spilling all over the place they don’t get transported that way. [00:08:42][30.6]

Michael Tanner: [00:08:42] No! Wooops! [00:08:42][0.1]

Stuart Turley: [00:08:42] . And that brings up another point, and that is the Biden administration’s energy group does not understand energy. How can they manage it and not understand energy? [00:08:58][16.1]

Michael Tanner: [00:08:59] Yeah, I mean, it just I find it funny that they in they really went after their own kind and say, really the obstacles, why this building you move forward was due to traditional Democratic allies, labor unions and surprisingly enough, environmentalists. Think about this organized labor in the state was convinced that this bill is now going to lead them to purchase cheaper out-of-state power, which will put them out of work, which is probably true. [00:09:25][25.7]

Stuart Turley: [00:09:25] Right. But the unions are still the only ones that are holding up and I like unions, don’t get me wrong. Unions have their place, but the unions are holding up the Jones Act, which is really that. [00:09:39][13.4]

Michael Tanner: [00:09:39] You know, you’re all about the Jones Act you got to slip that one in there. All right What’s next? Let’s go to California. [00:09:44][4.9]

Stuart Turley: [00:09:45] Oh, my favorite state, hey, yesterday’s show was absolutely a hoot. I got a call from Governor Newsom. He was complaining about the oil slick you know, he didn’t like the idea he was swimming next to a penguin. [00:09:57][11.7]

Stuart Turley: [00:09:58] Californians step up to efforts to halt fossil fuel investments. Holy smokes. Southern California investor Some time to ask financial planner Mitchell Krauss with Santa monica. Capital Intelligence Associates to make sure they aren’t backing gunmakers for profit prisons. But by so far, the most common request from local clients is voting with their dollars. [00:10:24][26.4]

Stuart Turley: [00:10:25] There’s definitely been an increase over the years who are people in it? The fossil divestment movement kicked off 11 years ago today, 100,600 institutions and more than 40 trillion in assets Michael. Unbelievable, they want to join the list that could force the state’s two largest public pension funds to stop investing in major fuel companies just passed the Senate. [00:10:53][28.3]

Michael Tanner: [00:10:56] Yikes! Well, hey, They want to keep it flowing I mean, it’s just hilarious. California is going to do what California’s to do if, you know, Gavin Newsom just wants to keep destroying the Amazon, I guess. [00:11:07][11.2]

Stuart Turley: [00:11:08] Yeah. I mean, since they buy 70% of the oil destroying the rainforest, he buys. So the best quote in here real quick is Andrew Bejar. I wonder if he’s related to Joy, you know, the…. [00:11:24][15.8]

Michael Tanner: [00:11:25] We can only, we can only hope not. [00:11:26][0.8]

Stuart Turley: [00:11:26] No man there while he’s in California that says where the capital flows are, where the companies will grow as Head of you sell a nonprofit that helps people invest in line with their values. Hmm… [00:11:41][14.5]

Michael Tanner: [00:11:42] Hmm… [00:11:42][0.0]

Stuart Turley: [00:11:43] Why did our story yesterday talk about people investing with their values in ESG, with NVIDIA, which wasn’t an ESG investment because they wanted to make money? Okay. [00:11:54][11.1]

Michael Tanner: [00:11:54] It’s almost like they’re full of it. [00:11:56][1.5]

Stuart Turley: [00:11:56] Ooh… [00:11:56][0.0]

Michael Tanner: [00:11:57] You heard it here second. What’s next? [00:11:59][1.6]

Stuart Turley: [00:12:00] Okay, let’s go to the next. Biden’s green rules mean appliances will soon cost more and do less. Expert Say [00:12:07][7.7]

Michael Tanner: [00:12:08] This is awesome! I love it. [00:12:09][1.4]

Stuart Turley: [00:12:10] This is a nut one, did I just call our president nutty? A pledge by the Biden administration in December 2022 to make more than 100 actions to impose significantly tighter environmental standards on consumers Goods is now becoming a reality. [00:12:28][18.2]

Stuart Turley: [00:12:29] Consumer groups are predicting a future which Americans will pay more for products that will do less. Supply breakdowns is on the horizon, Michael. Look at this next quote you want to read it’s the second paragraph down? [00:12:45][15.9]

Stuart Turley: [00:12:45] You’re just seeing just in the last few months new rules from the Biden administration about clothes, washers, dishwasher, other kinds of kitchen appliances and in every case, you’re talking about a tightening of very, very tight standards, said OH Skinner, Executive Director for the Alliance of Consumers. [00:13:03][18.1]

Michael Tanner: [00:13:07] Well, as you say, as always, with these rules, you say the consumer’s taking it in the drive through. [00:13:11][4.7]

Stuart Turley: [00:13:12] Oh, there it’s not only the drive thru they’re going to back up and then they’re going to say, would you pull forward because you’re not your hamburgers are not ready and they’re going to wait until they die. You know, you’re going to sit there and they’re going to see a skeleton like out of Captain Jack Sparrow, who’s going to have a dead man’s skeleton. Okay,. [00:13:30][18.6]

Michael Tanner: [00:13:31] First Time? I love it No, I mean, one of the headlines, you just scary. New appliances will be closer to the 1950s, 2020. Kill me. [00:13:41][10.0]

Stuart Turley: [00:13:42] Except they’ll have a kill switch in it so that the energy Nazis can go. No power for you you have stinky clothes, you have no use. [00:13:51][9.5]

Michael Tanner: [00:13:52] You’ve eaten too much beef. [00:13:53][1.3]

Stuart Turley: [00:13:54] Yeah. You had too much beef last night no washer for you. The skinner also said everyday things that people actually want are going to get more expensive or disappear and it’s all related around the Energy Star appliance. [00:14:08][14.2]

Michael Tanner: [00:14:11] Yeah. I mean it’s it’s it’s pretty it’s it’s it’s pretty wild. [00:14:17][5.5]

Stuart Turley: [00:14:18] Between Gavin Newsom having so much oil in his hair that, you know, the Exxon Valdez is really excited about it and Biden falling down so many times we can’t buy this kind of entertainment. [00:14:29][11.5]

Michael Tanner: [00:14:30] Absolutely not. It’s just it’s almost like they’re just writing the headlines for us. You got anything else? [00:14:35][5.4]

Stuart Turley: [00:14:36] No, I’m I’m too busy trying to go buy all the appliances I can because they’re going to be on. [00:14:42][6.4]

Michael Tanner: [00:14:43] Yeah, you’re right, store them up just like you got to go buy a gas fired grill. I mean, it was pretty depressing day in the oil and gas markets. You know, I think markets were expecting a bigger pop. We did see oil crawl up over $74 I’m off the news of the Saudi lollipop a.k.a cutting an extra 1 million barrels that happened yesterday or two days ago at their June 4th meeting. [00:15:06][23.7]

Michael Tanner: [00:15:07] We did see prices fall to where they’re currently trading about 7193 as we record this on June 5th, about 6:37. So you would think prices could end up somewhere between that 70 and 85 hour, 75 and $80 range at the end of the week. [00:15:22][15.4]

Michael Tanner: [00:15:23] But very interesting to see, you know, some of this, some of this this this weakness really in what should have been a lot of a stronger sentiment base. Based upon what Saudis is doing so I don’t know, Stuart, just again, it makes this 100, $110 a barrel estimate everybody’s got seem less and less likely if Saudi’s got to try to put a lollipop only for like $0.60. I mean, maybe we’ll see. There’s a lot more days we should necessarily judge it off. One day. [00:15:48][25.6]

Stuart Turley: [00:15:50] The prince did say he said the lack of investment will raise the price up on its own. So that was part of that story. [00:15:58][8.7]

Michael Tanner: [00:15:59] I’m sure it was but I guess the question. Yeah, I know you’re right. I’m sure it is, Stu I’m sure it is. So. All right you got anything else Stu for the day? [00:16:08][8.7]

Stuart Turley: [00:16:08] No, it just it was kind of a let down on the OPEC meetings and stuff it was a big hype and then it was like, Oh, we’re going to cut a million who cares. [00:16:18][9.8]

Michael Tanner: [00:16:19] Classic, Classic! So. All right, Well, with that, guys, we’ll let you get out of here get back to work, start your day. We appreciate you guys. checking this in as always Questions@EnergyNewsBeat.com Follow Stu on LinkedIn we will be out there and see you guys tomorrow. [00:16:33][14.7]

Stuart Turley: [00:16:34] Maybe. [00:16:34][0.0]

Michael Tanner: [00:16:36] Maybe. [00:16:36][0.0]




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