Daily Standup Top Stories
Who Is The Main Beneficiary Of The Gas Hub In Turkey?
Energy researcher Irina Mironova writes that a Turkish gas hub where Russian natural gas can be traded is becoming a tangible reality, with the project’s launch planned for 2024. However, the primary purpose will not be to maintaining […]
Exxon to start lithium production for EVs in the US by 2027
HOUSTON, Nov 13 (Reuters) – Exxon Mobil (XOM.N) said on Monday it plans to start producing lithium from subsurface wells by 2027 to provide supplies of the key metal used in electric-car batteries and advanced electronics. Oil […]
Without Crude Oil There Would Be No Need for Electricity
Everything that needs electricity is made from petrochemicals manufactured from crude oil. Most of the products that did not exist before the 1800’s are made from petrochemicals manufactured from crude oil. To date, we have […]
DO WE FACE ELECTRICITY SHORTAGES THIS WINTER? NERC ISSUES 2023-2024 WINTER RELIABILITY ASSESSMENT
The North American Electric Reliability Corporation (NERC) is responsible for reducing risks to the reliability of the electric power grid in the U.S., Canada, and a tiny part of Mexico. NERC is overseen by the Federal […]
Cape Codders say no to offshore wind transmission lines under their beaches
BARNSTABLE — The scene at Barnstable High School on a recent Monday night felt like a homecoming rally — all anxious energy, cheers, and hugs. A crush of bodies flooded the hallway as revelers greeted […]
Highlights of the Podcast
00:00 – Intro
02:05 – Who Is The Main Beneficiary Of The Gas Hub In Turkey?
05:33 – Exxon to start lithium production for EVs in the US by 2027
08:48 – Without Crude Oil There Would Be No Need for Electricity
10:09 – DO WE FACE ELECTRICITY SHORTAGES THIS WINTER? NERC ISSUES 2023-2024 WINTER RELIABILITY ASSESSMENT
12:18 – Cape Codders say no to offshore wind transmission lines under their beaches
14:05 – Outro
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Video Transcription edited for grammar. We disavow any errors unless they make us look better or smarter.
Stuart Turley: [00:00:15] Hello, everybody. Welcome to the Energy News Beat podcast and we have a heck of a show today. Michael’s out on assignment, so he just got me today. And I mean, I’ve got a lineup for you guys. It is a hoot. Let’s start around the corner and we’re going to go over here to Turkey, who is the main beneficiary of the gas hub in Turkey. This is critical for energy security in the EU and in Europe. That’s pretty crazy and how it’s going to pan out. The next story is Exxon to start up lithium production for the EVs in the U.S. by 2027. This is in Arkansas. And Governor Huckabee just announced this as she is just an absolute national treasure. This was pretty cool. So Huckabee Sanders excuse me. And so the next article is, without crude oil, there would be no need for electricity. This is from Ronald Stein. He is an absolute friend of the show and we have covered him several times. Next are do we face electric shortages this winter in e, r c issues winter reliability assessment. This is really critical and I want to give a shout out to see if you can survive without power and can you just take care of your family for 72 hours for a week? It’s a question you need to ask. And then Kate Carter’s NIMBYs, you gotta love the NIMBYs. Cape Codders are saying cadres say no to offshore wind transmission lines under their beaches. They want to have renewable energy and they don’t want the power lines under their beach beaches. So you got to love it anyway. Maybe it’ll save a whale or two. [00:02:05][109.5]
Stuart Turley: [00:02:05] Anyway, let’s go over here to Turkey, who is the main beneficiary of the gas hub in Turkey. I’ll tell you what, this is a great article and this came in. I was amazed that this came in on the News Feed Energy Research Irina Mironova is really put a good article here. I want to give her a shout out Russia in the geopolitical stuff. You guys have heard me talking about this on the energy news beat and this is so involved. If you just take a look at the geopolitical things that have happened in Europe, it’s also spread around the world because of BRICS getting off of the sanctions. It’s the weaponization of the sanctions in Iran as well as in Russia. And the Biden administration has not done a good job with that. This actually is an amazing article because it describes Turkey has replaced Germany as the entry point for Russian gas and the key partner in the European market. This is critical because all of a sudden they can say, oh, wait a minute, it’s not Russian gas, it’s turkey gas. And kind of it’s the old shell game here. And so you can see with this, if I could have the producer, Andy, bring up this map, you’ll see that it will be able to come through Russia and into Turkey and then off over into other countries. And so it would even go to Turkey, Bulgaria border. It would also go through the Trans Balkan pipeline, the Ukraine, Moldova, Romania and the pipeline to Antarctica. This is incredibly important. The two submarine pipelines that connect Russia and Turkey, they’re called the Blue Stream. It was launched in 2003 and Turkstream, which was launched in 2020. So the gas hub that is used to be the Ukraine and then coming into the Baltic, down into Germany, it has changed a bunch. And I am talking to another international geopolitical expert tomorrow. Unbelievable. He’s reached out to the podcast and I cannot wait to share this with you. He’s a guy that’s been living over there and really he’s got it all down to a science here. Let me give you a quote. However, Russia’s direct ability to foster trading on the exchange seems limited. This is the trading hub, the gas hub in Turkey. So when we take a look, this is a very critical point. Countries go to war over energy and then they also go to war over food. And this is exactly what’s happening in. Beer in Turkey has notched the game in becoming so important in this energy mix. Businesses in the EU and Germany have all been shut down and the GDP for the EU has come under attack and may not even come back in some areas. [00:05:32][207.1]
Stuart Turley: [00:05:33] So let’s go ahead and transition over to Exxon. This is an outstanding story. When we take a look at the energy transition and the demand for lithium, for the lithium batteries, this is huge. And they are projecting that they can start producing lithium, Exxon by 2027. The U.S. oil majors are investing in the electric ification sector as governments in the United States and Europe set programs to promote wider use of electric vehicles. Wow. In the long term, lithium is really a global opportunity, said Dan Mann, president of Exxon’s Low carbon business Unit. We are starting here because there’s an urgent need to ramp up domestic production with these critical minerals. Let’s talk about some of this. Its goal would require $2 billion in capital expenditures to provide 50,000 tons at a volume. It could generate $800 million in cash. That doesn’t seem like a very good 2 billion capital expenditures in order to generate 800 million in potential cash. Unless there is subsidies in here and unless there is long term contracts. The other part of this article is very critical. European oil rivals BP Shell have invested in EV charging stations as part of their transition strategy. But BP and Shell and even total energy, as we talked about, total energy has just bought enough natural gas plants or is in the process of buying them in Texas. This is equivalent of two nuclear reactors. And when you take a look at the difference of the European big oil companies, they went 100% going to beyond petroleum, as in BP’s case, instead of maintaining their balance like the U.S., the Exxon’s of the world stayed their course and then Oxy took it to carbon capture. So now Exxon, which invented the rechargeable lithium battery in the seventies, I did not know, then stepped away from the technology, has no and plans to invest in the charging stations. I thought that was pretty critical. Stay in your lane and this is very, very important. There are 280 million vehicles in the U.S. today and fewer than 3 million are EVs. There’s still 99% to go, which is a huge opportunity. So the headwinds for this project, A I applauded the headwinds are going to be is the EV market going to be sustainable without the consumers being excited about it and or are the subsidies going to have to kick in? Stay tuned. We’re going to try to get a crayon on this with Michael and be back with you on this as well. Ronald Stein is a very well-known author and he is he is a cool cat when it comes to this. [00:08:48][194.8]
Stuart Turley: [00:08:48] This articles. Without crude oil, there’d be no need for electricity. He and I recorded a podcast about the security of California is a security liability. I couldn’t agree more. The team is working on that one right now. Most of the products that did not exist before the 1800s are made from petrochemicals. Think about that. Your iPhone, your keyboard, your microphone, your podcast, recording your camera, all your food being delivered in a truck, and none of it would be here. And so when you take a look at you cannot and Ronald does a great job. If you have all renewable wind, solar and nuclear, that does not make things. It does not make any of your plastics, any of your metal. You need to have coal in order to get the heat furnaces hot enough for cement or any of these others. The other forms of energy, just with their current technology, don’t work. Electricity can charge the iPhone, but it can’t make the iPhone. It can make the defibrillator work, but it cannot make the defibrillator. These are all outstanding points in this article is absolutely outstanding. [00:10:09][80.4]
Stuart Turley: [00:10:09] Shout out to Ronald Stein. Do we face electricity? Shortages this winter. NERC issues winter reliability assessment. This is absolutely outstanding. What a great article. The NERC released its winter reliability assessment or the w r a. Everybody’s got to love their inaccurate acronyms designated. Almost half the U.S. is being at an elevated risk of having insufficient operating reserves during extreme weather. Operating reserves are electricity supplies that are not being used but can quickly come online. This is a quote A large portion of the North American BP is is at risk of insufficient electricity supplies during peak winter conditions. There’s another one in here. Let’s see. It is extreme cold weather event that extends into miles o southern areas can cause high generator outages from inadequate weatherization. We saw that in Texas, too. Over 200 people have passed on. That load shedding is unlikely, but may be needed under wide area weather events. So natural gas constitute 46% of AMISOM OES winter resource mix. That’s huge. That’s why Texas is investing so heavily in the I believe it was the extra $3 billion in that natural gas power plants. And that’s why Total Energy is buying the billions of dollars worth of natural gas power plants as well. Anybody that thinks that we can’t get along without coal, natural gas and oil right now, we got to have it because energy, renewable energy is failing. And like Ronald, I always say renewable energy is not sustainable because we are done printing money. The world cannot print money anymore. [00:12:18][128.1]
Stuart Turley: [00:12:18] Cape Codders say no to offshore wind transmission lines under their beaches. I’ll tell you what, I can’t blame them. The NIMBYs, though, they they are demanding renewable energy, but yet they don’t want them on their beach. So when you sit back and say, not on my beach, that would have to be something other than NIMBY. This is in Barnstable. The scene at Barnstable High School in a recent Monday night felt like a homecoming rally. An anxious energy cheers and hugs. A crush of bodies flooded the hallway as revelers greeted friends and handed out fliers to pouring people into the auditorium. Except it was a public meeting. Chuck Tuttle, one of the four locals who prompted the event, more than 500 residents to petition the town council. Do you think we have a shot at stopping it? I do. And then they went on with all the flow of arrivals. I hope they do stop it because the offshore wind industry is failing because they’re not getting the approval for longer increased price increases to consumers. Whales are dying at a unprecedented rate. We have great people leading that charge and it’s just critical on the offshore wind up there. Is energy hypocrisy real? Absolutely. Do I blame them? Absolutely not. But I’m going to be curious and follow up with them. Where do they want their power coming from? Do they want it based on somebody else’s? Sure. Or are they going to demand offshore wind power even though they don’t want to pay for it? That’s going to be a big question. I want to follow up with with that,. [00:14:05][106.9]
Stuart Turley: [00:14:05] I’d like to say thank you to all of our wonderful subscribers and everything else. Thank you for your time. I’ve had some fabulous interviews that are being dropped out. Tucker Perkins, CEO dropped out yesterday. He is the CEO of the Propane Coalition and they are trying to work on that next mile, the last mile, getting the clean energy to the rural homes. And it’s amazing what they they’ve got going on. Also have Grace Stanke that is coming out. She is the Miss America, but she’s more importantly also a nuclear engineer. She’s got a great path, a great story. And also I’m interviewing, as I mentioned, and their world geopolitical leader who’s lived it and has a lot of inside baseball on how all this stuff is coming around the corner in Iran, in Turkey, in all of this energy area, in that area. So with that, like a subscribe and also if you’re an industry thought leader in. You want on the podcast with me, please reach out to the show. Send me a note. I want to talk to you about any kind of energy around the world. Memory. Energy is a humanitarian asset. Let’s get everybody out of poverty through the use of effective energy with the least amount of impact on the environment. With that. Thanks, and have a great day. I’ll talk to everybody. [00:14:05][0.0][826.8]
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