Daily Energy Standup Episode #186 – Energy Whirlwinds: Biden’s Regulatory Surge, Whales’ Fate, and Climate Confessions Shake Markets

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A “Global Inflationary Depression” Is Very Possible – But what does this do to energy and oil?

August 13, 2023 Allen Santos

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

Michael Tanner: [00:00:07] What is going on Everybody, Welcome into another edition of the Daily Energy News Beat Stand up here on this gorgeous Monday, August 14th, 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, my man, How are you doing today? [00:00:29][22.6]

Stuart Turley: [00:00:31] Its a Beautiful day in the Neighborhood. I mean, it is a great action packed show today. [00:00:36][5.6]

Michael Tanner: [00:00:37] It was unbelievable you know, we record this on Sundays. I sat down and I was trying to figure out one of these stories to boom, I couldnt so they all intertwined Stu does a great job it’ll be a great show lined up for us, Menu is Great. [00:00:50][12.8]

Michael Tanner: [00:00:50] First up, A Global Inflationary Depression is very possible, starting out on an extremely positive note so Stu will talk to us about the depression that’s incoming. Next up, Scientists Admit to a spreading alarm about Climate Change. Quote, It’s a Manufactured Consensus. Dun, dun dun. In a move, no, but everyone saw coming, Scientists are now admitting climate change is manufactured. This is going to play off an interview that Stuart did for our ENB Podcast so it’s a little self-promotion all baked into one, got to love it. [00:01:21][31.1]

Michael Tanner: [00:01:21] Next up, Don’t Fall for the Ploy. BlackRock is still Working to Undermine American Energy. I mean, of course we all knew that. So Stu will cover what Larry Fink and BlackRock are still up to. Next up, 30 foot humpback whale found dead on Fire Island, at least 18th doomed humpback discovery on East Coast this year. Wind farms doing the job that I should be doing so I appreciate that Stu will cover what’s going on on the East Coast at then. [00:01:48][26.9]

Michael Tanner: [00:01:49] Next up, Biden’s Regulatory Onslaught is Quote, Legislation through Regulation or is Stu’s dubby now LTR. And then finally, sticking with the Biden administration, This week, Bidenomics never enough oil, which, hey, I’m all for that if that’s the case. So stew or Stu will drop us into the everything going on with Biden nomics. He’ll then toss it over to me. [00:02:11][22.5]

Michael Tanner: [00:02:12] We’ll cover what happened really last week in the oil markets. You know, we finished somewhere about 83.19 markets seem to open will open this afternoon, a little bit lower than that or Sunday afternoon, excuse me, opened up a little bit lower than that. So it would be interesting what kind of give a fork and idea of where oil prices might go this week. [00:02:30][18.2]

Michael Tanner: [00:02:31] We saw a lot of earnings happening last week things will start to die out this week as we move into what I think will be a small a we’ll give our predictions for what I think this third quarter will be as we sort of move out of earnings season, move into everything. So Stu and I will cover all of that and a bag of chips, guys. [00:02:47][16.2]

Michael Tanner: [00:02:47] But first, check us out. World’s Greatest Website www.EnergyNewsBeat.com the best place for all of your Oil and Gas News. Stu does a great job of curating that website to make you sure she’s up to speed with all of your Energy News. Our team does a great job of delivering that content quick fast it officially. [00:03:03][15.7]

Michael Tanner: [00:03:03] You follow us on Spotify check us out on YouTube, guys we appreciate everybody who checks out on YouTube. You can watch that at at @EnergyNewsBeat on YouTube or you can just find us. If you go to EnergyNewsBeat.com, you can see the video version is Podcast. But we appreciate all of our Spotify listeners give us five star guys. If I was a know if I was a 16 year old crack pipe content creator, I would say smash that like button, but I’m not. So I will leave that alone. [00:03:27][23.9]

Michael Tanner: [00:03:29] Again Dashboard.EnergyNewsBeat.com the best place for all of your Data and Energy News Combo. We are hard at work at V2 guys that we appreciate that. Email us Questions@EnergyNewsBeat.com take a look at the description both in the YouTube Show and If you’re listening to this on Spotify or Apple, you can hit Timestamps to all of the best segments. I’m out of breath tho Stu, Where do you want to begin? [00:03:50][21.1]

Stuart Turley: [00:03:51] Hey, let’s start with one of my most gloomy and we’re going to finish on a high note with a training video for the government, so you got to love government. A Global Inflationary Depression is very possible, but what does this do to the Energy and Oil markets? [00:04:08][16.8]

Stuart Turley: [00:04:09] You know, do you and I have been talking about this for a long time. In fact, three years ago we could pull the tape and I was always saying Depression, Depression, Depression as a cheerleader and you’re over there going nahhh!. Well, you’re right. I’m right but we’re having fun. [00:04:25][16.0]

Stuart Turley: [00:04:26] Roughly two and a half years ago, it was predicted on the advancing time on this article that we might soon be witness to the first global inflationary depression. Many of us predicted inflation rolling, but underestimated the size of stimulus would put it in the pipeline. Boy, they bloated this up like a dead whale on a beach, you know, with all the stimulus they put it around the world. [00:04:51][25.9]

Stuart Turley: [00:04:54] To those finding this notion unacceptable, we would reframe this as stagflation era of reversion. What this all has meaning is that the global supply chain, Michael, the Global printing of money for renewables in the Global loss in GDP is going to really have a tough time in 2024. [00:05:20][25.9]

Michael Tanner: [00:05:22] What this is going to do with elevated energy prices, I mean, that’s the whole thing in this that nobody accounts was affected of energy gets more expensive. It only exacerbate this inflationary period because now it makes just the basic necessities more expensive on top of the printing of money. [00:05:38][15.8]

Stuart Turley: [00:05:39] There you go. And in when you’re talking about Europe, Europe is losing business because it’s coming out, because they don’t even have natural gas. They’re now doing coal. Germany is firing up coal plants they just killed their Nuclear. [00:05:55][16.0]

Stuart Turley: [00:05:56] California’s the same thing businesses are leaving. Now they’re leaving for two reasons ESG bad Government and Regulations. You’re going to see a theme going along here in just a sec but just just as a side note so let’s roll the next one here. [00:06:11][14.3]

Stuart Turley: [00:06:12] And if anybody has any questions on, I want their opinions on the Global outcome because it’s hard to predict Oil Prices. Saudi Arabia and OPEC, OPEC+ are going to be cutting back production. I don’t know what the amount of demand is going to do because it’s always Supply and Demand in different formats. Russia has survived. [00:06:40][27.8]

Michael Tanner: [00:06:40] Before we move on, I want to say, He talks about the idea that we’re in stagflation and you have to flesh that out a bit, because if you use the official government numbers, we’re not in stagflation. [00:06:53][12.9]

Michael Tanner: [00:06:53] What is stagflation? High unemployment, High inflation. You use the Bureau of Labor Statistics numbers we are not in high unemployment. Unemployment is rising, but we’re still at 4.6-4.7% unemployment, which is historically low. Think about when Barack Obama took over in 2008 we had a 10% unemployment rate. So yes, I know you’re going to tell me the numbers are skewed. You could tell me. But I have to point out that if we use the official if we use the official numbers, we’re not in stagflation yet. [00:07:25][31.9]

Stuart Turley: [00:07:26] I’m going to throw out old definitions because the old don’t throw up for our podcast listeners. Reverse Peristalsis or the act of throwing up and violently throwing up on his microphone just happened this is an incredible moment. [00:07:43][16.6]

Stuart Turley: [00:07:43] So when you sit back, Michael, and take a look how in the world at this amount of debt that the United States now has. People are not buying it. Gold is becoming the energy standard nothing is as it was or as it seems. So I’m going to now I’m going to throw up and use reverse peristalsis and throw up. [00:08:08][24.5]

Stuart Turley: [00:08:09] And that is you can’t use the old standards the other standard is anybody that has a job has two jobs. Anybody that is wanting to get out of the workforce gave up. There’s a whole bunch of baby boomers that weren’t ready to retire and they’re out they’re going to go starve and eat the dead whales on the beach because they can’t afford to eat. So nothing is the same and thank you for letting me rant. [00:08:35][26.3]

Michael Tanner: [00:08:35] I agree. I 1,000% agree with you that we have a big issue with underemployment and double employment. I absolutely agree with you where that’s an issue, in my opinion, with wages, though not necessarily the availability of jobs, but that’s a story for another time. Let’s move on to promoting our own Podcast, because there’s nothing more that we like to want to do. [00:08:55][19.5]

Stuart Turley: [00:08:55] Oh, and honestly, Michael, thank you for letting me rant and prove that I’m always right and you’re wrong. I am kidding. You’re 99% more right than I am. [00:09:06][10.5]

Michael Tanner: [00:09:06] I hope you’re wrong on this Globanrie, this Global Depression, but. [00:09:10][3.5]

Stuart Turley: [00:09:10] Globanarie, Globanarie, You’re an animal a new word. Okay go into the next one. Scientist Admits to spreading alarm about Climate Change it’s a manufactured consensus, I did not say this. [00:09:26][15.6]

Stuart Turley: [00:09:27] And in real quick, I really enjoyed my Podcast with Judith Curry. She was truly a Leader in the Environmental Advocacy Groups and she was the Doomsday around it was manufactured. Why, Judith, This matters about Judith Curry is her business is a weather modeling business, and she’s got it down to a science. [00:09:53][26.1]

Stuart Turley: [00:09:54] So I’ve got the list in there a couple quotes in here, It’s a Manufactured Consensus, says Climate Scientist in my new video, she says, Scientist have an incentive to exaggerate risk to person, pursue fame and fortune. And the fortune is in about how they get funded by the government so the governments are the ones that are actually doing it now. [00:10:21][27.0]

Michael Tanner: [00:10:23] Well we have to let’s lay the groundwork here. Who is Dr. Judith Curry? Think it’s important? She’s a doctor here. This is a brilliant woman. BS Degree in Geography 1974 Northern Illinois University, a Ph.D. in Geophysical Sciences in 1982 from University of Chicago. No slouch there. Okay. [00:10:43][19.7]

Stuart Turley: [00:10:43] No,. [00:10:43][0.0]

Michael Tanner: [00:10:44] She is a Former Chair of the School Earth and Atmospheric Sciences at Georgia Institute of Technology. Love them, Georgia Tech Research we’re just reading the Wikipedia here. She was a member of the National Research Council’s Climate Research Committee, has published over a hundred scientific papers and co-edited several major works. She retired from academia in 2017. Why? Because she went public with her climate change skepticism. Interesting. It seems like you can’t teach publicly if you don’t think Climate Change is real. Funny how that works. [00:11:15][31.4]

Stuart Turley: [00:11:16] Hey, let me throw this squirrel at you, Michael. And that is the fact that she went from academia to the business and her company, as she has to and those companies are. [00:11:27][11.0]

Michael Tanner: [00:11:28] God bless America. [00:11:28][0.5]

Stuart Turley: [00:11:30] Oh, yeah. And you got to love those companies because they can read and save people’s lives because they have climate forecasting, storm forecasting down to a science. And that is not a pun because she is fantastic. So anyway, that’s going to lead into this next one. A couple others here in a second let’s go to the next one. [00:11:56][26.6]

Michael Tanner: [00:11:57] Check that out Energy News Beat Podcast if you are listening to this on Spotify just scroll down you’ll find it. If you’re on YouTube, just go look at one of our other playlist you’ll find Stu’s long for podcast. Love a good little self-promotion, but we love Dr. Judith Curry thanks for coming on the podcast. [00:12:13][16.0]

Stuart Turley: [00:12:14] Oh, absolutely give her a big shout out and were gonna tag her on this. Hey, BlackRock is one of my least favorite companies out there and I put them right up there with the U.N. So you know how that goes. [00:12:26][12.5]

Stuart Turley: [00:12:27] Don’t Fall for the Ploy BlackRock is still working to undermine American Energy. This is one of the big white Stripes huge apes in the planet of finances, I mean, it is huge. Wall Street giant BlackRock just added the CEO of Saudi Arabia’s national oil company, Saudi Aramco, to its board of Directors. The New York Times headline announcing the move read “BlackRock Forges New Ties with Big Oil”, giving the impression that BlackRock was reversing courses on environmental, social and governance coming to the senses it’s on fossil fuels. [00:13:11][43.7]

Stuart Turley: [00:13:12] The exact opposite is the case. Now here’s where it gets a little bit messy in in what BlackRock is doing. BlackRock is not only a energy hypocrisy investor, they’re an ESG hypocrisy investor and the biggest one in the world. They had holdings in pipelines, oil and gas pipelines in the Middle East. They have had oil and gas and they were the only ones that did not lose money of their 1.7 trillion lost in the first half of the year Michael was all in green and renewable energy. [00:13:49][37.1]

Stuart Turley: [00:13:50] So they’ve made that quiet twist into fossil fuels over the last several years but they’re over there going, We’re green they’ve been the ultimate in greenwashing. So when we take a look at this as we come in, so Saudi Arabia’s ahead of the you know, I like the way Saudi Arabia takes care of Saudi Arabia first. [00:14:17][27.3]

Stuart Turley: [00:14:18] Saudi Arabia’s using their profits from oil and gas to go to renewable and fund renewable, how soon? 30 years down the road the technology technology’s not there. BlackRock is now following Saudi Arabia‘s, but they’re publicly using an IR guy of the week and really falsely advertising their funds. [00:14:39][20.8]

Michael Tanner: [00:14:40] But I mean this makes total sense though Saudi Arabia is not aligned with U.S. oil interests. They’d love nothing more than to enact have the U.S. enact regulations that shut down the oil business. I mean, what did we see in WikiLeaks? Who’s the biggest funder of Greenpeace? Russia Why? Energy. [00:14:59][19.6]

Michael Tanner: [00:15:00] I mean, it doesn’t take. I really like that you brought this article, Stuart, because I think, you know, The New York Times thinks one step ahead think two moves ahead three moves ahead. We talk about second order thinking are clear the New York Times doesn’t do that because if they actually spent 5 seconds thinking about this, they’d be like, well, wait a second, is it Saudi? Wouldn’t Saudi Arabia really enjoy the shutdown of the U.S. oil industry to only make the the entire world more reliant on them? [00:15:25][24.8]

Michael Tanner: [00:15:25] Maybe if they don’t have as much of reserves as we think they have, shutting down the American oil industry will only continue to prop up their declining reserve base. Hmm. I don’t know. I’m just throwing those things out there. But it’s helpful to think ahead instead of just renouncing a headline. Saudi Arabia or BlackRock Forges New Ties with Big Oil. Gimme a break. [00:15:44][18.9]

Stuart Turley: [00:15:46] Oh, yeah. Here’s why. I mean, Saudi Arabia already tried to wipe out the great U.S. oil company. [00:15:53][7.9]

Michael Tanner: [00:15:54] They’ve done it. They did it. They’ve 2014 they’re going to do it again. [00:15:57][2.9]

Stuart Turley: [00:15:58] Oh, if they can, they will. And I guarantee you, with this current Administration and Energy policies in place, the only thing I’ve got going for the current government on energy policies is their Regulations will cover here in a second, are not energy racist if you want to say that they hate all Energy. [00:16:24][25.6]

Michael Tanner: [00:16:26] We’ve got to go to this let’s talk about this Whales. [00:16:28][1.3]

Stuart Turley: [00:16:29] Okay. This is a Hoot! 30 foot humpback whale found dead on Fire Island, at least the 18th Doomed humpback discovered in the East Coast this year. Hey, I found a training video at the end of this, Michael. And let’s talk about the Arctic for a little bit and then I’ll talk us through the new training video on how to clean up whales. So let’s go ahead and talk about this for a little bit. [00:16:55][26.8]

Stuart Turley: [00:16:57] I had a wonderful interview with Craig Rucker this week, and I embedded the Fox interview that he just had with him, and that’s how I got to meet him. He also knows Patrick Moore in Patrick Moore was the Co-Founder of Greenpeace that I’ve interviewed and I’ve got more interviews coming up with him. [00:17:19][22.0]

Stuart Turley: [00:17:20] So, you know, we’ve also got a we’re working out details to interview him at Cop 28. So this is huge from a story. The whole thing about this is the Animals, the Whales there’s hundreds and hundreds of them that we know about this year are dying Porpoises, Whales, the Fisheries it’s killing the fishing industry and it’s because of the vibrations Michael of the wind turbines. Why is the Green Methodology and the Green Push silent on one of the biggest important ecological mammals in the world regarding the world’s health. [00:18:07][47.3]

Michael Tanner: [00:18:08] It’s pretty crazy. A 30 foot humpback whale was found dead last Friday morning. What was that? The 10th? [00:18:15][6.8]

Stuart Turley: [00:18:16] Yeah. [00:18:16][0.0]

Michael Tanner: [00:18:16] And now the 11th there. The 18th humpback discovered in the East Coast so far was found on the eastern side of Smith Point County Park and Shirley Long Island, according to the National Oceanic and Atmospheric Administration. I mean, doing the job I should be doing. [00:18:32][16.3]

Stuart Turley: [00:18:33] Yes. Killing the whales as a millennial is one of the few things and you see there’s a New York Post in there showing the one. But Michael, I went to a research desk and I went and found a short clip from 50 years ago, and I discovered that Granholm has already sent this out as a training video expense that she doesn’t care about the whales. This is ah. [00:18:58][25.2]

Michael Tanner: [00:18:58] Let’s. [00:18:58][0.0]

Stuart Turley: [00:18:59] Let’s go ahead and play this. [00:19:00][0.3]

Michael Tanner: [00:19:00] We’re going to watch this? [00:19:00][0.5]

Stuart Turley: [00:19:01] Yeah, let’s watch it. [00:19:02][0.8]

Michael Tanner: [00:19:02] Lets que it up let’s start it now. [00:19:03][0.8]

Short Video: [00:19:04] (As the blubber we go.) [00:19:05][1.8]

Stuart Turley: [00:19:06] Okay. Yeah. You see the girl? Ten, nine, eight, seven. [00:19:11][5.3]

Michael Tanner: [00:19:13] For those watching at home, it’s a countdown there’s a dead whale on the beach. Are they going to blow this thing up? No, there’s no way. [00:19:20][7.6]

Stuart Turley: [00:19:22] Look at the chunks and you can hear the screams in the background. And the announcer is so calm. He says, Great. And we were watching it and we had to go away because the pounds of flesh. [00:19:35][12.7]

Short Video: [00:19:35] (Our Camera stop Rolling immediately after the Blast) [00:19:36][1.6]

Michael Tanner: [00:19:36] The smell alright we can cut this,can you imagine the smell that’s going on. [00:19:42][5.8]

Stuart Turley: [00:19:43] And just a little bit after that, Mike. I’m going to go ahead and start waging here. But a little bit later on this, he’s he goes up to a Cadillac and he says, and it’s a good thing people did not get like this Cadillac. The Cadillac is destroyed and the guy the guy on the beach in the interview goes, well, we don’t know how much we’re going to have to blow up again and they ended up just having. [00:20:08][24.6]

Michael Tanner: [00:20:09] I was born in the wrong era. I was born in the wrong era. [00:20:12][3.0]

Stuart Turley: [00:20:13] No, the amount of C-4 they used on this, whale incredible, I mean, anyway. Okay,. [00:20:18][5.5]

Michael Tanner: [00:20:19] That’s what we need to do, folks. [00:20:20][0.9]

Stuart Turley: [00:20:20] Oh, yeah. Go,. [00:20:21][0.5]

Michael Tanner: [00:20:22] Blow up the Whales. All right, What’s next? Legislation through Regulation. [00:20:24][2.2]

Stuart Turley: [00:20:26] I’m now calling this LTR, Legislation through Regulation because I went to Oklahoma State, and it’s the only way I can remember it. Biden’s Summer Regulatory Onslaught is Legislation through Regulation, and I got to hand it to him. He’s not energy racist. He’s cutting out Wind, Solar or Nuclear it doesnt matter. [00:20:47][21.2]

Michael Tanner: [00:20:47] Go back to fire, baby. [00:20:49][1.3]

Stuart Turley: [00:20:49] Yeah. He wants us going back to fire. So when we talk about Congress is out and the media sleep, new rules make the American economy go to hell in a handbasket. Transportation Department Michael on Friday, they did a 696 page rule raising corporate average fuel economy standards that would effectively require 100% of new cars to be electric by 2032. This is even more aggressive than the California’s EV mandate, which would ban the sale of new gas powered vehicles until 2035, this is despicable. [00:21:34][45.0]

Stuart Turley: [00:21:36] And when you sit back and take a look, passenger cars would have to achieve 66.4 miles per gallon in 2032, up from 44.1. I was visiting with a crowd on this the other day and he said the difference is they’re going to be able to only do a mix of of fossil fuel engines, gasoline engines so the hybrids are not going to be able to do it. They’re buckling down into hell, I mean, they’re consumer hell for one reason, Michael. They’re getting they don’t want American consumers to have cars. Unbelievable. [00:22:21][45.0]

Michael Tanner: [00:22:22] Passenger cars would have to achieve 66.4 miles per gallon in 2232? [00:22:27][5.4]

Stuart Turley: [00:22:29] Right. [00:22:29][0.0]

Michael Tanner: [00:22:29] Wow. [00:22:29][0.0]

Stuart Turley: [00:22:30] And the the balance. [00:22:31][0.8]

Michael Tanner: [00:22:32] Drops at 54? Hooh! [00:22:34][1.6]

Stuart Turley: [00:22:34] Yeah. Now, here’s the thing. The way they’re putting this rule in, Michael is complex, but it allows the manufacturers to keep making gasoline engines only if their overall mix puts out like a pound or whatever the number is of of Carbon, which means it’s basically going to be down to three. So those three gasoline powered engines are going to be $16,000 a minute to run. I mean, it’s just those are all exaggerations, but it’s going to be true. [00:23:14][40.1]

Michael Tanner: [00:23:15] They’re also making a 236 page revision through the National Environmental Policy Act, which if you’re in the mining business, you know, that is NEPA that would require federal agencies to consider climate change and environmental justice in project reviews. [00:23:29][14.6]

Michael Tanner: [00:23:30] They say that, quote, “Leases for oil and gas extraction or natural gas pipelines have local effects, but also have reasonable perceived global, indirect and curative effects related to GHG emissions”. The footnote does say that these NEPA revisions, according to the laws, decree that the federal government, quote, must assure for all Americans safety, health, product productive and esthetically cultural pleasing surroundings. I mean, this is in the words of use to the bunch of boy hockey. [00:23:56][25.8]

Stuart Turley: [00:23:57] Yeah, well, yeah, it’s it’s even worse than bull hockey we’re going to go for whale hockey. Okay. Let’s go to the next one, because I’m about to jet you. Yeah, I’m going to get here. [00:24:07][9.9]

Michael Tanner: [00:24:08] Alright Bidenomics. Kill me. [00:24:09][1.2]

Stuart Turley: [00:24:10] Yeah, kill me. Just shoot me. You know what’s funny about this? This week in Bidenomics Never enough Oil. Michael, I’m just going to say this right now. The Wall Street Journal threw Bidenomics out as an insult and Biden is so not there and he depends that’s a pun on things that he’s got a supply of depends that Dr. Jill follows him around with. Okay, I’m done. But when you sit back, Biden now makes he’s proud of it and it’s an insult. It’s kind of like. [00:24:48][38.4]

Michael Tanner: [00:24:50] Oh, well, I think the hard part is here’s the part Bidenomics is this idea that everything is going great in the economy the problem is it’s not. Gasoline was five bucks in is then, the part that I find hilarious is that people in the Oil and Gas business should love Biden. Oil’s never been higher since when he’s been in office. [00:25:11][21.0]

Michael Tanner: [00:25:12] Every time a Democrat takes office, oil goes to 100 bucks and it’s not because. Oh, it’s not random. It’s that’s it’s the way it’s markets understand that under Democratic presidencies we’re going to have so there’s going to be a contraction in intended contraction of supply while demand continues to increase because we have an insatiable demand for energy. So it is funny, Biden nomics actually helps the oil and gas business, the very industry he’s trying to hurt. [00:25:42][30.6]

Stuart Turley: [00:25:44] Oh, absolutely. The gas for the consumers was cheaper and oil was cheaper but it’s all about you’re you’re seeing a theme. [00:25:53][9.3]

Michael Tanner: [00:25:53] Here’s the things to Stu you want $100 oil and Biden is president or $25 oil and Trump is President. Ask people in the oil business that question, they’ll get tongue tied. [00:26:03][9.8]

Stuart Turley: [00:26:04] Okay. Yes. And I’m I’m a humanitarian I want humans to be better off. So I vote for $25 oil and get. [00:26:13][9.3]

Michael Tanner: [00:26:14] Good Job, I see how it is. [00:26:15][1.3]

Stuart Turley: [00:26:16] Oh, hey, you and I are Energy, baby. [00:26:18][2.0]

Michael Tanner: [00:26:18] I know. Just you know, it is interesting, though. You walk around and ask people, Oil and Gas, you want $25 oil or. No, not at all. What if I told you $100 oil was only possible with a Democratic president? Now what? [00:26:30][11.5]

Stuart Turley: [00:26:31] Yeah. Excuse me. I got to give a shout out to RT over at PACO’s Operating and The Crude Truth. That’s exactly what he said and that was when I was my first time with him, was I did a Scooby Doo. Mm hmm. Right? [00:26:43][11.9]

Michael Tanner: [00:26:44] You know, and to get back to get back to the point, if you’re all tapped into the news, they’ve been walking around and trying to pump up this Bidenomics. Who knows what that is? The point is, we will have an insatiable demand for energy and oil demand. [00:26:58][14.9]

Michael Tanner: [00:26:59] The IEA came out last week and said all demand is going to go to 103 million barrels. You know, it’s part of the reason why prices were up last week. It’s incredible that people can’t quite see it. And it’s incredible they’re still trying to point out that the economy is sweet. You’d be fired up today. I’m, like, sweatin over here. [00:27:17][18.7]

Stuart Turley: [00:27:18] Oh, yeah. I mean, I got, you know, I always try to weave our stories to a common theme and today was easy. [00:27:25][7.5]

Michael Tanner: [00:27:28] Bidenomics! Kill me. Oh, we’re done, though, at least thank goodness. [00:27:32][4.8]

Stuart Turley: [00:27:34] Yeah. Shoot me. [00:27:35][0.6]

Michael Tanner: [00:27:36] All right, well, we’ll switch over and we’ll cover specifically oil prices here, which is on markets last week have a down week specifically we just start with the S&P. We traded down about two, three and a half percent week over week NASDAQ stayed fairly flat. [00:27:48][12.3]

Michael Tanner: [00:27:49] Oil prices we saw rise. You know, really we are at $80 when we began the week we’re sitting out 83,19, where the indices settled. We did see all the way above at $84 we almost saw 85 again last week we saw 103 million barrel Oil demand per day estimate from the EIA coming up here in July and August, September. [00:28:11][22.2]

Michael Tanner: [00:28:13] Saudis continue to say we will continue to cut, cut, cut. And it’s just a sign that we’re now getting back to fundamentals. Oil prices continue to shift up we did have natural gas prices fall a little bit, $2 and 78, some mainly off the back of that while weather is still hot, I think some of those the weather’s been dialed back a little bit. You know 106 hopefully is now 100, which is still horrible. I mean, it’s literally hell here in Texas Stu I’m buying, but we’ll we’ll get it through. [00:28:41][28.0]

Michael Tanner: [00:28:42] Some of the other numbers and interesting to note, it was our seventh week over week gain on oil. So if you if you say it’s if you say there’s bullish, it’s great. OPEC did come out and say expect global oil demand to rise by another 2.24 million barrels so that gets us a little above that 103 number that the IEA came out. So I have more faith in OPEC than I do the the IEA but, you know, that’s just me. [00:29:03][21.4]

Michael Tanner: [00:29:05] You know, we do we do believe that some of this economic data, you know, the Federal Reserve is is is the average there. But meeting up coming here in a few weeks, the real question is what will they do? I don’t think they’re going to raise rates I think they’re going to stand still. I think that’s what the Street is expecting as well but, you know, it is what it is. Where do you see oil? This week’s Stu Oil and Gas we got $83 are you what side are you on this week, up or down? [00:29:32][26.8]

Stuart Turley: [00:29:33] I’m up because oil Russia is cutting out an estimated 300,000. You have the Saudis are now rattling their saber, trying to get under Biden’s skin again. And they’re looking at more cuts. And you’re going to see this now that everybody is going, is it a Depression Recession. They’re going to be worried about how much it is. I still think in the short run, we’re going to be UP. [00:30:06][33.5]

Michael Tanner: [00:30:08] What should people be worried about next week besides Depression? [00:30:10][2.6]

Stuart Turley: [00:30:12] Biden. Got anything else? [00:30:15][3.5]

Michael Tanner: [00:30:16] That’s pretty scary. That’s pretty scary. Well, We Appreciate you Guys it’s a Monday, we hope the meetings aren’t too horrible, but we hope we can ease the pain a little bit here at Energy News Beat. Appreciate you guys make it through we’re going to have a great week, Guys. For Stuart Turley, I’m Michael Tanner. We’ll see tomorrow folks. [00:30:16][0.0]

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