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Bill Gates Stuns Audience by Denying There’s a ‘Climate Crisis’
Bill Gates, who is worth an estimated $7 billion, recently seemed to backtrack on some of his prior statements about climate change. “There’s a lot of climate exaggeration,” said Gates at a recent event. “The climate […]
Bloomberg estimates economic cost of Iran-Israel conflict
In a worst-case scenario, the world would be plunged into a recession and lose $1 trillion in GDP The global economy would fall into recession with oil prices skyrocketing if Iran were to get involved […]
COP28 In Dubai: Climate Negotiations At A Crossroads
Another year will soon pass, another ‘Conference of the Parties’ to the United Nations Framework Convention on Climate Change (“COP”) will convene. This time the 28th COP will meet in Dubai in the United Arab Emirates […]
Africa’s revolt against Net Zero
For the past two centuries, human prosperity has correlated with one factor: energy, released through the burning of fossil fuels. This is a self-evident global truth. Europe and North America, the wealthiest regions on the […]
Climate Change Is The Number One Problem Of… No Nation?!
According to preliminary results from the World Meteorological Organization, last month was the warmest September ever recorded around the world – the latest in a string of apparent temperature records. Nevertheless, despite the near constant barrage […]
Farmers Rejecting Wind Power Projects to Avoid Massive Clean Up Costs
Farmers are rejecting offers to host wind turbines to avoid being left with the massive cleanup costs after these things grind to a halt. At first blush, being paid an annual license fee of $10-25,000 […]
Highlights of the Podcast
00:00 – Intro
01:03 – Bill Gates Stuns Audience by Denying There’s a ‘Climate Crisis’
03:47 – Bloomberg estimates economic cost of the Iran Israel conflict.
07:33 – COP28 In Dubai: Climate Negotiations At A Crossroads
09:53 – Africa revolt against net zero?
12:53 – Climate change is the number one problem of Of what? No nation?!
14:34 – Farmers rejecting wind power projects to avoid massive cleanup costs
17:35 – Outro
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Video Transcription edited for grammar. We disavow any errors unless they make us look better or smarter.
Stuart Turley: [00:00:14] Hello, everybody. Welcome to the Energy News Beat Podcast My name is Stu Turley president and CEO, the Sandstone Group. I’ll tell you what, it has been a wild week for the news. I have been in the Permian Basin at the oil show, the international Oil Show. It was phenomenal. I got to meet some absolutely wonderful folks. We have a lot of podcasts coming out of there. Talk to you some great folks from Africa. So it’s about elevating humanity out of poverty through low cost energy. So sit back and enjoy the show. Share like tell your friends, tell your pets. And I am so excited. We’ll see you again on Monday morning. Have a great day. [00:01:01][47.0]
Stuart Turley: [00:01:02] All right. Let’s start off with Bill Gates stans audience. By denying there’s a climate crisis, I’m going to just say this man’s a chowder head. Bill Gates, he’s worth an estimated 7 billion and he is questionable on his business dealings, quote unquote. Michael, there’s a lot of climate exaggeration, said Gates at a recent event. The climate is not the end of the planet, so the planet is going to be just fine. Man Where did this come from? This is the same guy that was going around saying that we’re going to die and you got to eat bugs and now we got to kill everybody else. [00:01:40][38.4]
Michael Tanner: [00:01:41] Wasn’t he funding things too, Too like cloud seeding? Wasn’t he behind all bass eating stuff where they’re going to shoot stuff into the atmosphere? Nuke these. Obviously, he’s part of Save US All from climate change. [00:01:51][10.5]
Stuart Turley: [00:01:52] Yeah, he’s part of the World Economic Forum, and he wants to be all about control. And so he’s bought most of the a lot of farming. He’s the biggest farm land owner in the United States, so he can control food. I’m serious, this guy. Here’s another quote. You can’t have climate policy when one party’s in charge goes full speed and then stops cold. These are 30 year investments in steel factories. Hey. Okay. [00:02:20][27.9]
Michael Tanner: [00:02:21] My question is, so what’s his incentive for saying this? You’re right. He was trying he’s amassed this farm, this largest private farmland, because he says that, you know, conventional farming methods have a negative impact on the environment. He’s come out and said climate change previously would be responsible for more human deaths than coal. That was pre 2020. My question is, what incentive now does he have to say this now? Yeah, he’s a smart guy. He probably knew this all along. The question is what? In my opinion, what financial incentive does he have now to make this decision? Is he now looking at funding other sources like say, you know, is he in on compressed natural gas? Is he going to go buy all the stuff that’s that’s collecting vapors over landfills? We talked about the stuff that BP’s doing is, in my opinion, there’s got to be some financial incentives, money. Gucci. Yeah, exactly. So my question is, it’d be interesting to see what investments he’s made recently. [00:03:10][49.7]
Stuart Turley: [00:03:11] He’s made a couple of them and they are not in the. I’m going to have more information on this, but here’s here’s where you have to look at. The head of the WEF World Economic Forum said, oh, by the way, people are waking up and they’re not taking the shots. We’ve lost control of the shots. We’ve all. Hang on, dude. I know. And and we got to find a new way. Bill Gates is the tip of the spear. And I guarantee you, watch what he does. I see now a. [00:03:42][31.0]
Michael Tanner: [00:03:42] Shill for Klaus Schwab. [00:03:43][1.0]
Stuart Turley: [00:03:44] Hey, let’s go to the war here. Bloomberg estimates economic cost of the Iran Israel conflict. Again, I just want to say our hearts and prayers go out to the entire area on this. Here’s the worst case scenario. The world would be plunged into a recession and lose $1 trillion in GDP right now, Michael, 1 trillion in GDP spread out between the countries. Countries are on the edge because of printing money. You know how I feel about printing money and we are facing already. Here’s a couple quotes in here. Bloomberg Economics Analyst Well, these three scenarios, the wider conflict, the spreads, the more impacts becomes global rather than regional conflict in the Middle East can send tremors through the world because the region is a crucial supplier of energy and a key shipping passage. And one other key and here for another in analysis, the spare production capacity in Saudi Arabia and the UAE may not save the day if Iran decides to close the Strait of Hormuz through which one fifth of the world’s daily oil supplies pass. There’ll also be an extreme risk of shift in the financial markets. [00:05:00][75.7]
Michael Tanner: [00:05:01] I mean, okay, so to answer the question, what’s the worst case scenario? That right there. Yep. The closing of the Strait of Hormuz would be horrible in terms. Short term oil prices. Oil’s at 87 now. You’d see 100, in my opinion. [00:05:16][15.2]
Stuart Turley: [00:05:16] Absolutely. And and here’s in 2150 maybe. [00:05:21][4.6]
Michael Tanner: [00:05:22] I don’t know. [00:05:22][0.4]
Stuart Turley: [00:05:22] In the short term, you had a large jump. I talked about this, the trifecta of retro. And I’ve talked to several other experts over the weekend. You have the one if Israel takes out the export facilities for and the downstream capabilities in Iran. We have a chatter head in Lindsey graham. Lindsey graham, senator lindsey graham call for the united states to do that. [00:05:46][24.1]
Michael Tanner: [00:05:47] Yeah, that’s that’s. [00:05:47][0.6]
Stuart Turley: [00:05:48] That’s. [00:05:48][0.0]
Michael Tanner: [00:05:49] That’s almost that’s criminal in my opinion. You want to put us in a war and not criminal, But I mean, holy shit, I read that. I got a shiver. I said, Oh, man, they want a nuclear war with Iran right now. [00:05:59][9.6]
Stuart Turley: [00:06:00] He is the ultimate chowder head. I’m sorry. Anyway, okay, so if that happened, step one, if because they’ve sold $30 billion worth of oil just to China, but they now have over 70 billion in their coffers, the only export they have is oil. So that’s a lot. So now if Iran counters and they mind the Strait of Hormuz, that is huge. Those two items are going to cause those two single items. Here’s the other third piece of this. They you and I talked about this a little bit, and that is they’re in the Club Med, a little bit more data on Club Med, the Leviathan field that Israel is really got some they’ve got production out of and it goes to Egypt. The Egypt natural gas has spare capacity in order to export LNG. What’s going around the rest of the world with LNG, very, very important. So the only way for Israel to ship natural gas to the market is through Egypt. Here’s a really big issue. You have Turkey and Cyprus fighting over the border wall like you and I talked about for years. It’s now surfaced again. So if they’re taking that off, Israel is I mean, Egypt is going to lose 20% of their energy, which is done by natural gas. Wow. I mean, all of those three things are like, Holy smoke. COP 28 in Dubai, Climate negotiations at a crossroad. And I think Cain is probably right in the center of that crossroad. Pickle. There’s a cartoon, cute cartoon there. And you look at 22, 23, 24, 25, 26, and then 28 is there. And you see people at the bar either trying to pick each other up and now they’re having that I’ll take checks. Bank order. Do you have any money? Is there money down there? What is going on this year? And that’s because there’s such a there’s a great sequence of events in here. Michael from COP 27, and now we’re coming down to COP 28 with the leadership in the UAE being cast animated by legacy media. Similarly, the conclusion of COP 28, Will it care? This is a hoot of an article, Michael. It’s kind of like sitting here going in COP 28 another high carbon footprint fast. And they have the Saudi prince going to be there. They have Aramco going to be there. I got to get me a flight to Dubai to be there for this and maybe. [00:08:47][167.2]
Michael Tanner: [00:08:47] Catch a flight on John Kerry’s private jet. We know that’ll make it. We’ll know that. [00:08:51][3.5]
Stuart Turley: [00:08:51] But I would not out there ever want to ride with Lurch. There is no way that I could ever get my cart ready carcass on a plane with Lurch. The economist John Kenneth Galbraith once remarked, Meetings are indispensable when you don’t want to do anything, they’re going to go over there and have ladies in the evening and they’re going to have nothing to talk about because it’s economies. [00:09:16][25.7]
Michael Tanner: [00:09:17] Is your prediction that COP 28 is going to be a slight about face when it comes to setting these ambitious climate targets? Or do you feel like there’s all of this? Because right now there’s all this noise every we’ve read. This is the fourth story we ran that said, Hey, cop 28 might be a little different, maybe be a little bit. You know, you said NBS is going to be there, UAE is going to be there. You know, there’s a lot of people within the oil and gas business. They’re going to be there and are giving a prominent voice. Do you see this is actually a shift in what’s going to be the policy’s, quote unquote, and come out of this? Or is this just a lot of noise around what will eventually just be the same old talking point? [00:09:53][35.4]
Stuart Turley: [00:09:53] Africa revolt against net zero? This is one of my passions about being a humanitarian and a legend in my own mind. Not only am I a legend, I am a humanitarian. And guess what I get to do tomorrow? I’m talking to Cyrus Brooks from. He’s going to be in Africa and he’s lining me up some African leaders and big dogs to talk about African stepping away from net zero. Africa is revolting against net zero and I’ll have more on it, but this article is really cool. Then at the COP26 summit, oh, this one is actually in a thread again. Michael, you see how I wove that in there? The Breakthrough Institute. I can’t even. I’m I Michael VI, her rem a Chan and Seaver Wang of the Breakthrough Institute observed quote, No matter what advocates and policy makers say, these cheap renewables only scenario remain the theoretical and unproven for wealthy countries that Africans are tired of having high belt and road initiative, high cost of capital, high cost of energy being forced on them because nobody is loaning them money for fossil fuels. And that drives me nuts. Sorry, it. [00:11:18][84.9]
Michael Tanner: [00:11:18] Is considering the fact that, you know, they have in it, you know, they have 13% of the world’s global gas reserves, which is only slightly less than the Middle East. I mean, what Africa has the same amount of natural gas as the Middle East and we can’t allow them to unlock it. Why? Because. Because. Oh, we got to it first. You know, we had all our fun with with with oil. And now we all have I mean, it’s incredible to me. [00:11:41][22.7]
Stuart Turley: [00:11:41] Creates. [00:11:41][0.0]
Michael Tanner: [00:11:42] The amount of natural resources that Africa has that they’re really not able to be exploited. I love that. You know, at one point they say the governments of Uganda and Tanzania say they intend to move forward with the projects regardless, arguing they can’t afford not to exploit their natural resources while the world still runs on fossil fuels. I couldn’t agree more. [00:11:58][16.6]
Stuart Turley: [00:11:59] Absolutely. But I guarantee you we as a world should pay more for oil coming out. But I know it’s it’s a world market. There needs to be in Africa only Africa only tax so that we pay for the energy transition by buying from them more expensive and then selling it internally for them at a lower price. I’m all in on that. [00:12:22][22.7]
Michael Tanner: [00:12:22] Yeah, this is a great article. Thomas Fawzi over at the Unheard. Yes. You know, there’s a bunch of hot quotes in here. You’ve got the Senegalese president, Macky Sall, who’s also the president of the African Union. He’s quoted in here basically saying that they’ve got no choice but to explode the largest gas reserves. You’ve got the president of the former VP of Nigeria making the exact same argument, everybody. What’s funny is everybody in Africa is on the same page. It’s just us now, for some reason, can’t get on their page. [00:12:47][24.8]
Stuart Turley: [00:12:47] Oh, it’s me. I’m all in, man. I’m a cheerleader. I’m like. [00:12:50][3.3]
Michael Tanner: [00:12:51] Yeah, you’re not the one holding it back, though. But yes, I agree. Climate change is the number one problem of Of what? No nation. Very interesting. So, according to preliminary results from the World Meteorological Organization, last month was the warmest September ever recorded around the world, the latest string of apparent temperature records. Nevertheless, despite the constant barrage of media attention given to the, quote, exponential threat, the topic of climate change has still not reached the top of the agenda for many people, according to data from the statistics. Consumer Insights According to their statistics. Katherine Buckholtz, A Respondents in none of the 21 nations covered by the survey collectively rated climate change as the most important problem for their own country. When asked to name the issues of the world’s business and it begins, you can find more of this info as statistics. Switzerland comes in the closest, with climate change being named as a severe issue and the second highest number of respondents behind rising prices and inflation. It was lowest in Poland and South Africa. United States was actually an outlier, only 30%. So be sure to wise up here. And no, I think it’s interesting. We hear climate change is this existential threat. Yet if you actually go pole to pole person to person and there’s other things specifically when we’re in a time of heavy inflation, we’re in a time of high energy prices. A lot of that is driven by this high inflation. It’s you know, it’s not on the top of people’s mind. And I think, again, as this comes as as as inflation’s not going anywhere, folks, energy prices are going to continue to stay high. I think it’s only you’re only going to see this trend continue work. Yes, climate change. I think people think that’s important. But is it the most important issue surrounding them? Not clearly. And I think statistics did a great job pointing that out. [00:14:32][101.3]
Stuart Turley: [00:14:33] This story. Farmers rejecting wind power projects to avoid massive cleanup costs kind of also ties into that in Africa. This article is pretty amazing. There’s a lot of farmers out there rejecting offers to host wind turbines to avoid being left with a massive cleanup cost after these things grind to a halt. At first blush, being paid an annual license fee of 10 to 25000 per term turbine sounds very, very good. I’ll tell you what, the 600,000 plus of demolished. Shaking and removing a single turbine all of a sudden goes, Holy smokes. That is a real problem. Who’s going to pay that at the end of the 25 year contract? Most contracts are around that 25 year mark. It is already coming out on my way to Abilene. I’ve been saying all the time when I’m coming to the office here in Abilene, you see a wind farm and it’s got the smaller turbines on it. And I guarantee you, it’s been abandoned. It just sits there and all the blades are coming off of it, and it’s sitting there and it’s no longer fiscally capable of sustaining itself. And the electrical companies are not able to go out and increase rates. So they just sit there. Who’s going to pay for those orphaned wind farms? This is despicable because it’s not even planned. Everybody thought, oh, wind farms are going to last 30 years. I’ve been talking about this on the podcast a long time. Without tax subsidies, they’re not fiscally responsible from day one. They are fiscally not even sustainable at about eight years with tax subsidies. And they’re starting to fail right around that point. And then rates have to go up. And so they’re lucky if they make ten years. So with that, if anybody has any different information on that, please contact me. So when you take a look at the rest of this story, the Vestas Star Wind Farm project rejected by the landowners, and rightfully so. Now, when you take a look at what Cyrus and I talked about in Africa, they’re concerned that these wind farms are going to come in and it’s even worse than that. It’s because they’re getting loans from the World Financial Bank. The and they sit back and they really higher interest rates renewable only And then who is going to clean these things up? It’s not in the contract. So that’s a huge, huge problem. So anyway, let’s go to the next story. Much of the world’s gas comes from Hamas headquarters. This war could affect us all. The headquarters for Hamas is guitar. And so this is really a gigantic problem. [00:14:33][0.0][843.7]
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