Daily Energy Standup Episode #240 – Offshore Wind Challenges, Geopolitical Conflicts, and Market Trends

Daily Standup Top Stories

GE Offshore Wind to Post $1 Billion Loss in 2023, Again in 2024

General Electric Co. expects its offshore-wind operations to post annual losses of about $1 billion for this year and next as the industry struggles with rising costs. “Offshore Wind remains difficult this year with losses of […]

Europe’s wind power goal hits new snag: security

North Sea countries to aim to quadruple offshore wind, security plans vague Most governments say offshore developers should pay for security Developers say states should pay to protect territorial waters As Europe turns to renewable […]

Middle Eastern conflicts often lead to high oil prices and recessions

Since the appalling attack on Israel by Hamas terrorists on 7 October, oil prices have been volatile. Historically, conflicts in the Middle East have had a major impact on oil prices, from the price shocks […]

Is Natural Gas About to Become a Buyer’s Market?

For the second straight winter, Europe’s energy strategy is based largely on hopes for mild weather and reduced industrial demand, with gas prices still hovering at about 50 euros ($53) per megawatt-hour, more than double […]

Exclusive: ConocoPhillips weighs CrownRock bid to challenge rivals

NEW YORK, Oct 26 (Reuters) – ConocoPhillips (COP.N) is considering an offer for CrownRock LP, an energy producer in the west Texas area of the Permian basin, people familiar with the matter said, as consolidation in the […]

Highlights of the Podcast

00:00 – Intro
04:30 – GE Offshore when the post 1 billion loss in 2023 and again in 2024.
07:10 – Europe’s wind power goal hits new snag: security
14:53 – Middle Eastern conflicts often lead to high oil prices and recessions
16:30 – Is Natural Gas About to Become a Buyer’s Market?
19:33 – Markets Upodate
22:53- Exclusive: ConocoPhillips weighs CrownRock bid to challenge rivals
26:34 – Outro


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


Michael Tanner: [00:00:15] What is going on, everybody? Welcome to another edition of the Daily Energy News Beat Standup here on this gorgeous Monday, October 30th, 2023. As always, I am your humble correspondent, Michael Tanner, coming to you from an undisclosed location here in Dallas, Texas, joined by the executive producer of the show that the there the show and the director and publisher of the world’s greatest website, energynewsbeat.com, Stuart Turley, my man, how are we doing today? [00:00:38][23.9]

Stuart Turley: [00:00:39] It’s a beautiful day in the neighborhood at Penumbra Country. [00:00:41][1.9]

Michael Tanner: [00:00:41] It’s cold out is actually really cold here. Dallas woke up as like, oh, it’s shorts weather. But nonetheless, we bring you an excellent show. Stu has an awesome menu lined up first of the GE onshore wind to post $1 billion loss in 2023. And you know, joke’s on everybody else. They’re set to do it again in 2024. So we’ll dive into an impressive earnings lost there. Next up, Europe’s wind power goal, its new snag, security. You know, you know, the Ukrainian SEALs have now entered mainland Europe and are taking out renewables, but now have to. What’s going on? One of the big things in the oil and gas business is pipeline security. It’s interesting and it is a very interesting article to cover on on that in in Europe. Next up, natural gas is about to become a buyer’s market. Question mark. Interesting. It probably will considering we actually just some interesting moves on natural gas later. Next up or on Friday. Next up, Middle Eastern conflicts often lead to high oil prices and recessions. We like high oil prices. We don’t like recessions, and so do. Well, we’ve had really the latest on what’s going on in the Middle East and how that’s going to continually affect oil prices. Next up and finally in the news segment, hostile political attitude towards North Sea. Oil and gas threatens energy security, as do likes to say. There’s a picture throughout today. So he will he will weave all of this in energy security, guys, is absolutely critical. He’ll toss it over to me. I’ll quickly cover what happened in the oil and gas markets on Friday. We did see natural gas pop and oil prices pop a little bit towards the end of that trading session, mainly due to the fact that Middle East supplies coming out of coming out of the Middle East region seemed to actually be taking a little bit of a head. How quickly they cover rig counts. And we had an article that actually dropped on Thursday, but I was on a long assignment weekend. We’ve got Crown BLOCK, Conoco Phillips weighing bid for Crown Rock who is the parent company of of of Crown Quest operating which is a large mid and an operator so very interestingly or Conoco Phillips has got to make a move now so quickly opine on that deal and then we’ll let you guys get on out of here and get back to work. But as always, guys, before we start with all of the news and analysis you are about to hear is brought to you by the world’s greatest website, Energy News Beat the best place for all of your energy news. Doing the team Stu a great job of curating that website to make sure it stays up to speed with everything you need to know to be the tip of the spear. When it comes to energy news and the energy business, You can check out the links below in the dashboard if you are in the description, if you are interested in following along. We’ve got timestamps, we’ve got all the links. The articles appreciated our team who does an incredible job keeping up with all that’s not easy. Write this stuff out. They do a great job so you can see the timestamps. Jump ahead, see what’s going on with ProQuest already. What if you want to jump and figure out about GE billion dollar loss, boom, you could do that right now. You can also check us out. You can check out Stuart Long for an interview, same podcast feed that you find this one in. You can also check us out on YouTube, which is actually one of the best places to support the show right now. Go hit that subscribe button. If I was 17 years old in a YouTuber, I’d scream, Smash that like button. But I won’t. I will refrain from doing that in order to spare you guys. Just go check us out there against Stu and the team do a great job of curating that. Check us out dashboard@energynewsbeat.com A minimum viable product for what we’re trying to roll out is kind of a data news combo. Email us questions@EnergyNewBeat.com hit us up on LinkedIn. That’s all I’ve got to do. Where do we want to begin? [00:04:20][218.5]

Stuart Turley: [00:04:20] Hey, let’s roll to GE. I’ll tell you where. He’s a big, big company. And if a big company can lose a billion, the first story coming around the corner, Michael GE Offshore when the post 1 billion loss in 2023 and again in 2024. Holy smokes. What’s going on called? Let’s see. Here he is. The chief executive officer Larry Cole says wind offshore wind remains difficult this year with losses roughly 1 billion. Michael Talent is a billionaire. I don’t know about you, but I know that a little more than my visa will handle. So what you going to. [00:05:04][43.1]

Michael Tanner: [00:05:04] Say is this His next quote is Next year, we expect to have similar losses but subsequently improved cash for. What does that mean? [00:05:12][8.0]

Stuart Turley: [00:05:12] I’ll tell you, if you’ll notice, there’s a publisher note down on the bottom. It says Substantially improved cash performance. I’m verifying it better. It’s time to proposed a bailout. [00:05:23][11.1]

Michael Tanner: [00:05:24] That, of course, of course. That’s like, you know, not to change subject, but. But when you say we are expect that right there I are Guy of the week CEO recall that’s. [00:05:35][10.8]

Stuart Turley: [00:05:36] Exact. [00:05:36][0.0]

Michael Tanner: [00:05:37] Oh we’ve got to skim oil that’s engineer talk for we’ve just drilled a dry hole it’s that oh we got to skim oil the farm. [00:05:45][7.7]

Stuart Turley: [00:05:45] Window on news being ran about four stories on the bailouts that are happening because if they want to do Biden’s offshore wind, they need bailouts. And this was one of the first second order of magnitudes to his investors. [00:06:01][15.3]

Michael Tanner: [00:06:02] So, you know, Kolbe’s comments really, you know, this article goes on to say that these come as offshore wind developers are facing increasing challenges, including supply chain disruptions, rising costs for components and, of course, higher interest rates. That’s going to go ahead and delay a bunch of those projects and push out long term demand for turbines where she continues to thrive, continuing their turbine business. They do have a few wins, according to their news report, but this is what I took out of their eye their earnings calls to $1,000,000,000 loss on wind farms. [00:06:32][30.0]

Stuart Turley: [00:06:33] If you remember last year it wasn’t Siemens, but there was another one that lost. I think it was Siemens lost $1.2 billion on their wind farm manufacturing. [00:06:44][11.7]

Michael Tanner: [00:06:47] What’s a couple of billion of losses between Friends day? [00:06:50][3.2]

Stuart Turley: [00:06:51] Let’s sign up for them to sponsor the podcast. We could really turn their corner. Let’s go to the next one. [00:06:56][4.8]

Michael Tanner: [00:06:56] Let’s keep it wind power, but let’s go to Europe. [00:06:58][1.4]

Stuart Turley: [00:06:58] Okay. This one is got a twist. This one is from our buddies over at Reuters, or as we used to say, readers, this is pretty interesting. Europe’s wind power goal hits a new snag. Security. Michael, do you remember when some random guy on Substack brought out the Nord Stream one and Nord Stream two and we found out that he was saying that there’s even one theory that the Ukraine on a yacht parked it right over the Nord Stream one and two, and we’re going, Holy smokes, we’re not buncha morons. So let me just tee this up. Russia has had some subs going around the whole North Sea and there is a lot in here. Turbines have no barriers or surveillance. The guy I interviewed in this article says we don’t we check out at 5:00. Okay. What a great job, Michael. These guys are on on the field. They go out and they work in the field. It’s an hour out there by boat. If you you know, you do. We turn to cruise, it’s lunchtime. Then you go back and then you get an hour trip back. If you out by five. This is great work. Now, there’s two quotes in here. [00:08:12][74.0]

Michael Tanner: [00:08:13] You have these offshore wind farms which are in international water or governmental water. But the government was saying that the operators should be in charge of security. But as you said, head of Nice, that wind co owned by and operated by Denmark based Orsted, the world’s biggest offshore wind developer. Our technicians go home at 5 p.m. as they should necessary, working 24 seven shifts. But tons got to give you because they bring up you know you’re right if there’s this quote he told Reuters, if the Russians wanted to cause damage, they very easily could go. We don’t do any modern. It’s kind of wild to say in a public setting like crazy. [00:08:53][40.1]

Stuart Turley: [00:08:54] Now, let me throw this squirrel at you. This is an ugly squirrel. It’s about to hit this one. Senator Lindsey Graham said we need to bomb Iraq’s oil production. He said that So in that would be in order to do, you know, damage to their cash flow. So we sit back and kind of go, we got all these people going after energy security around the world. And if we don’t do it and I don’t want us to believe me, I want this on record. I don’t want us taking out Iran’s oil. There’s ways of enforcing sanctions, but Israel might. So if you take Israel and you take this escalating and then you take I’m serious, a wind farm, even Hamas can get a thing and take out North Sea here. This is all I disagree. [00:09:47][53.5]

Michael Tanner: [00:09:48] I disagree a little with you. I’m going to disagree with you halfway on. Okay. I’m not sure if the if the actual physical Syria I think Russia and Hamas has have better things to do than go blow up a wind farm that’s keeping three houses on line. What I think you’re seeing and what this and what this article points out is if you read, you go about halfway down here, developers like worst I think governments could. Take the lead and help provide billions of dollars needed to protect their infrastructure. This is a money grab, Stu. It’s. It is. And we were scared. It’s security. Well, we actually are losing $1,000,000,000 and need to make up for the fact that we’re losing billions on offshore wind farms by. You have to now pay for security. [00:10:30][42.8]

Stuart Turley: [00:10:31] I think it’s fantastic. That is a very interesting point. And honestly, I’m going to blow. [00:10:37][6.5]

Michael Tanner: [00:10:38] Up a wind farm. Russia’s got better things to do than take their nuclear powered subs and roll them through Norway’s farms. I don’t know. That just seems to me like they’ve got bigger fish to fry. [00:10:49][11.6]

Stuart Turley: [00:10:50] You’ve got a fantastic point. And I want to say well done. You did good. And honestly, if you want to if I was putting myself in Putin, I would say I don’t need to blow up a wind farm. I just let it die because it’s not sustainable. [00:11:07][17.3]

Michael Tanner: [00:11:08] Because they’re not making money. They should build more by what’s more wind farms. [00:11:13][4.8]

Stuart Turley: [00:11:13] Yeah, they’re all about building anymore and they can’t afford to maintain them. All right. The next story follows along with the other one with energy security in the North Sea. And when we talk about this article and says hostile political attitude to the North Sea and gas threatens energy security. So it’s not only the wind farms that are sitting ducks out there. And this is going to be I did not know how much actually is out there in the North Sea News a lot. But let’s talk about how much may leave. Let’s come in here. And I am going all the way down in here. And it says, The North Sea is the only basin where outlook for surplus of high specification of drilling rigs, meaning other regions more competitive for business with longer work durations and higher rates and offer. Once these units leave the UK, increasingly it is unlikely that they will return. That was in the OIE, which is the EU Energy UK 2023 Annual Economic Report. Let me get you some numbers. It is six wells have started drilling so far this year. At least one more is expected. Shell and one well. Pensacola would started drilling in late 2020 to have recoverable resources of almost 1 million B.O.B. Here’s where the problem is. Once these leave the amount of oil rigs that were funded and in project last year are down 32, 32 or even more, they’re coming down later in. [00:12:59][105.9]

Michael Tanner: [00:13:00] You have to layer in the political atmosphere that’s going on. You have to remember, you know, the Conservative Party over in the UK is not what we would consider the Conservative Party is so known. The fact that the Conservative Party right now still has a de facto 75% tax on oil and gas production. Considering the windfall profits and the. That’s right. The Labor Party, who’s expected to win the next general election, only adds to that fear. There’s, you know, the Opposition leader, Colonel Starmer, has already said he’s going to maintain that 75% tax on oil and gas production. So right up there, as you mentioned, these rigs, when they when they get done with their drilling contracts, they’re leave it, they coming back. They mention they go down to Australia, South Africa, everywhere. [00:13:46][46.1]

Stuart Turley: [00:13:46] That’s right. Here’s some numbers. Over the last two decades, the UK oil and gas industry has produced 14.5 billion BRC but only 6.5 billion new field developments have been approved 45% reserves. This means the gap between total recovery and remaining reserves has closed significantly. The offshore rig count. Michael 283 producing fields of which 180 are expected to stop. That’s 45% of UK oil. At least 20 fields will stop producing this year. Those numbers are staggering. Okay. [00:14:33][46.8]

Michael Tanner: [00:14:34] Hey, we were talking about this before the show. Sometimes you got to be careful what you wish for. [00:14:37][3.5]

Stuart Turley: [00:14:39] What’s next? Let’s go to the Middle East. Okay. So the thread between all of this is energy security. And now we’re seeing that you’re going to have oil and gas because nobody’s going to be able to do the wind farm. Middle Eastern conflict often leads to high oil prices and recessions. Michael, you’re too young to remember the oil embargo by the Saudis a long time ago. I wasn’t even I think those were even before that was born. [00:15:07][27.9]

Michael Tanner: [00:15:08] That wasn’t even a thought back then. The price shocks of the seventies. How do you think I am? [00:15:14][5.9]

Stuart Turley: [00:15:15] That’s what I was saying. I didn’t think you were around my young millennial friend. Not. Okay, so the oil price cycle. Remember, we’ve talked about Saudi Arabia says they don’t need to cut production until $110 a barrel. That was last week. So when you take a look, this is an excellent article going through the the whole history of example of geopolitical upheavals in the area. And I think we would spend a little too much time. But that article is fabulous. I mean, it really explains out it’s bulletproof. [00:15:52][37.4]

Michael Tanner: [00:15:53] And as and as oil prices rise, the threat of destabilization from an energy security standpoint only continues to rise. And if, as you mentioned, if Saudi isn’t going to do anything about anything until oil prices get to 110, it very much be could do. Lake I do hate to be doom and gloom. There are some things that the US might do to impose sanctions on Iran, but the problem is that’s that’s only going to shoot oil prices up because we know Iran has been utilizing the dark fleet to get around all this. [00:16:22][28.3]

Stuart Turley: [00:16:22] And there are two ways that the Biden administration did not do the sanctions. So let’s go to the next article here. Is natural gas about to become a buyer’s market? I agree and disagree with this article, Michael. The reason that this one is in the thread is because our great LNG projects around the world, the US is still up there with Qatar guitar. However you want to say it, as the leaders in exporting LNG, the world is going to need LNG and natural gas from now on. I mean, I can’t even think of wind. We’re not going to need it for fertilizer and everything else. Starting in 2025, The unprecedented surge in LNG projects is set to tip the balance of the markets. Takes three years to even get one and takes about four years to permit. So and a wave of new export projects is to set to remodel the gas markets, said face barrel head of the agency. He’s an idiot so you know he’s the same one that said we are already and peak oil and gas demand so Qatar has about 48 million tons of LNG supply coming online. That is a lot. Qatar is going to outstrip the US as the world’s leader. [00:17:46][83.8]

Michael Tanner: [00:17:47] Yeah, Qatar has really set themselves up to be a player in the LNG space, but it’s interesting they see us going from an undersupply of LNG to an oversupply of LNG because when it says it’s a buyer’s market means you can drive the price down, means prices are going down, which is good for the consumer. So we love that as a consumer when we see prices going down. Now the problem is with inflation, the fact that these projects take billions of dollars and years to come on line, who knows? You have to have a very specific set of circumstances that play out over a 5 to 10 year period so that by the time all of this shakes out, it is a buyer’s market. Anything that goes wrong, delayed projects, you know, shift in international markets all of a sudden throws a wrench into that and then it still becomes what it is now, a seller’s market. [00:18:32][45.6]

Stuart Turley: [00:18:33] Here’s my little crystal ball. I’m pretending my microphone for our podcast. Who’s Amazon? Amazon. Remember when I did the Johnny Carson? You make an amazing Yeah. And the question is, is this story right? No. And the reason is because of energy security. All the other wind farms are not sustainable. People are going to blow up off offshore stuff and LNG is here to stay. So. [00:19:00][27.4]

Michael Tanner: [00:19:01] Yeah, I mean, to give our friend Harvey Air blast over at Bloomberg Credit. He did. And your uncle was saying it won’t be cheap. However, the energy will likely change hands still well above pre-crisis. Gas levels in Europe is one or two winters away from it. So don’t ditch your scarves sweaters. I’ll throw this in and shoes yet. [00:19:17][16.5]

Stuart Turley: [00:19:18] And shoes because eating your soles is not necessarily a demon. I mean, it’s you’re actually eating your remember we’re laughing about anything else. I’m done. I know. I’m tired of flying around the world. [00:19:32][14.5]

Michael Tanner: [00:19:33] Well, we’ll park it here in the United States quickly, cover what’s going on in the oil and gas finance markets. On Friday, we did see markets in the S&P 500 drop about a half a percentage point. NASDAQ up about a half a percentage point. We did see oil prices trade down all the way up to $83 before having kind of a late stage afternoon, but settled at 85, six at 85, 54. So that’s about a 2.8 percentage point gap set to open here as we record this on Sunday, somewhere around 8516. So a little bit of a softness drop Reason why prices were up specifically on Friday was was going back around to the geopolitical fallout of what’s going on in the Middle East developments. Air could lead to some impact of oil supplies. Mainly what they’re seeing is that the United States military has begun to strike Iranian targets. Now, this is in Syria, but it could very be it could be interesting as as you know, the Hamas Hezbollah dual stage war on Israel from both the north and the south could lead the United States to continue escalating, especially if we’re taking if we’re taking you know, if we’re getting fired upon, which it sounds like that’s what’s happening. You know, I think Phil Flynn over at Price Futures Group said it best. We’re kind of at the mercy of the next headline. And I think that’s what we’ve been seeing today with the price swings. You remember we saw we were up down, left, right, north, south, ended a little up. But again, all based on that future geopolitical supply. Look, I think this is another good one. You’d like to be trading fundamentals, but you really can’t because you’ve got to be more worried about what’s going to happen in the Middle East. Nobody wants to be short over the weekend, and that is true. So everybody, Friday was closing out their short positions and probably why towards the end of the day, you were we were all the way up to a little about $86. Things settled, much about $0.50 lower. Why people were selling so that they’re not in a position to have over the weekend news. Screw them guys, think about this. If all of a sudden, I mean, if you’re short and Hamas gets their gets their hands on a bomb and blows up an oil pipeline, I mean, and but you have no ability to exit that trade, you’re in trouble. So that’s what he’s talking about specifically what he means, people exiting their trades. Looking quickly at last week’s. Well, I guess let’s let’s look at natural gas. We had a nice pop late in the evening. More of a technical trade. Natural gas was currently trading $3 or $3. The beginning of the trading session all the way up is that futures contract rolls over. You know, we’re up to $3.60 currently, now trading $3.34. Again, that’s a little bit more of a contract rollover over why we saw things go up about $0.20, settle back down now, $3.48. I mean, we’re going to see natural gas prices continue to move positively as we move into the winter season, where we’re continually drawing from our natural gas reserves, which will cover what happens later this week on on some of the natural gas reserves. But, you know, that will always be on a teeter, considering both the weather and what happens geopolitically. So we’ll keep watching natural gas prices for you. Rig count we did see come out on Friday as well. We saw an increase of only about one again, only an increase of one rig in the United States. That’s still a drop of 143 from last year. Canada saw a drop of two rigs and internationally we saw a drop of 12. So rig counts continue to not move in the direction you would think they would considering where prices have been. And so it’s it’s a it’s a kind of a theme. We’ll continue to follow here as sort of a long term major trend. So I think the other story worth covering from a financial perspective is we saw our favorite friends over at Routers. This actually happened on Thursday. Conoco Phillips considering jumping into the M&A fray they way Crown Rock bid to challenge rivals. That’s the name of the article. As you guys know, Crown Rock is a private equity partnership between Lime Rock partners and Crown Rock, who own jointly Crown Quest Operating. That’s Tim Dunn’s firm over there in Midland, one of the original Midland operators. Great acreage position out there in northern Midland County by Conoco Phillips. B, after seeing Exxon and Chevron go ahead and take out their their respective players. You know, ConocoPhillips thinks it needs to jump into the fray. Remember, they’re fresh off a Concho acquisition. So they’re very familiar with that Midland area. They did that about two and a half years ago. To give you an idea, this valuation, because it’s privately held, it’s a little bit different to kind of taught figure out what that values worth. It’s going to be somewhere between 10 to $15 billion. And the hard part is what the value they’re going to get for the putts. Remember, it’s pretty easy to figure out what PDP is going to be, all the wells should a forecast, you know, decline it out. That’s not the difficult. The difficult part is what are they paying? How many premium locations are going to get thrown into this? Is it a thousand? Is it 4000? And then how much are they charging? PEARL okay. It’ll be interesting to see how this all base out, how this all plays out. ConocoPhillips extremely familiar, though, as I mentioned, with the Permian after taking out Concho. You know, if the producers of mine throwing up the tweet that I tweeted a few weeks ago, I too am actually studying taking over Marathon or Crown Quest and will update if I decide to place a bid. That update probably comes right now. Stuart. I don’t think we’ll have the money. I don’t think i don’t think we can come up with 15 billion maybe. So I did find that tweet was really in a response to two weeks ago. Crown Rock has been in the news. People have been considering purchasing. Two weeks ago, Devon was was considering throwing out a bid for them. And it’s going to be a little bit too rich for their blood. So I like to throw that out there. Yeah, I’m too studying, taking them over. We’ll see if it goes anywhere. We’ll see. We’ll see if the study ends up going anywhere. But I know a lot of people that actually work at Crown Quest, a very interesting organization that they run over. They are very lean shop. They run a very young team. And, you know, it really looks like, you know, from Crown Rock’s perspective, they are the ones you know, they are the ones attempting to get people to buy them. They’ve got investment bankers running around out there, you know, trying to. Trying to see what they can do. You know, I do think Conoco is going to come in and take them out, if only because I feel like there’s pressure to make a to make an acquisition. I think Devin in Marathon or the other two names getting floated out there as potential buyers for Crown Quest. The real question is, you know, Conoco Phillips can add two, three, $4,000,000 billion on top of this as sugar and not really affect the bottom line. It’s going to put somebody like marathon in Devon in a pinch and with Conoco stock and these recent deals being all stock deals, the question really then becomes who stock does Lime rock and Tim Dunn. Tim Dunn want and want Conoco stock. Do they want an integrated oil and gas operator stock? Do they want you know, David, do they want a little bit more independence? I think that’s really considering the two deals that came came out were all stock deals. Obviously, this one, Conoco, is going to push for an all stock deal. So the question being, whose stock do these guys prefer? I don’t know. I probably take Conoco at this point. Less volatile, maybe not as much upside, but they’ve given so much into that shale space that they may have more upside relative to their other integrated peers, specifically Exxon, Chevron, you know, BP and Shell. So be interesting to see which one they choose. But, you know, I don’t think there’s any doubts to that that Crown Quest is going to sell itself here, especially $90 oil. Tim Dunn, he’s already a billionaire and he could use a few more. And who knows, maybe we’ll get him on an energy news be maybe maybe in retirement, we’ll get him doing an energy news podcast for us. Talk about a retirement gig. [00:26:29][416.0]

Stuart Turley: [00:26:30] Oh, yeah, we’d love to. [00:26:31][1.1]

Michael Tanner: [00:26:31] Yeah. So what else we got to do? That’s about all I have. What should people be worried about? [00:26:35][4.0]

Stuart Turley: [00:26:36] The Fed is got their meetings coming up this week and you got a lot of a good Fed meeting since they don’t know how to fix anything since they caused it. [00:26:45][8.5]

Michael Tanner: [00:26:45] Well, unfortunately, that, you know, you’re you’re trying to dig out of a hole that’s that’s too far deep. So. [00:26:49][4.7]

Stuart Turley: [00:26:50] All right, guys, for another thing. One other thing. COP 28 They have said in Dubai that they are not going to support or host the cop 29 So COP 28 is coming up here pretty quick and people are already bailing on COP 29. [00:27:07][17.1]

Michael Tanner: [00:27:08] Well, just like the Olympics do mean, you are putting in our bid to host host cop 20. Oh, sure. 31. So bid now wants to work. We’re thinking to trying to host ourselves. COP 31 So sign up online. [00:27:19][11.1]

Stuart Turley: [00:27:20] In bear. [00:27:20][0.2]

Michael Tanner: [00:27:20] Countries you news be dot com slash cop 31 You could sign our sign our agreement. [00:27:24][3.7]

Stuart Turley: [00:27:26] That was good. [00:27:26][0.3]

Michael Tanner: [00:27:27] So. All right, guys. Well, with that, we’ll let you get out of here. Start your day. Hope it’s a monday. Hope you guys don’t have it too long. We know the meetings you’re going to be sitting in are going to suck. You can stay strong. The week is short. I actually won’t be here. I’m actually I’ll be here this whole week. I’ll be out this weekend. But that doesn’t affect the show. So flying around the world, guys just trying to keep the news up to speed for Stuart Turley and Michael Tanner. We’ll see tomorrow, folks. [00:27:27][0.0][1598.2]

 


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