Fear and Loathing in the Net Zero Camp
You don’t want to miss this episode of the Energy Realities Podcast with the International Team from the UK, EU, and the US. We have Dr. Tammy Nemeth, Irina Slav, Stu Turley, and David Blackmon. We will be covering the latest updates in Net Zero, like the reports that the Net Zero Banking Alliance has voted to cease operations. Is this yet another fallout from the Trump UN Speech?
This episode dives into the unraveling of the Net Zero movement—from Europe’s industrial collapse and green energy failures to the hypocrisy behind corporate “greenwashing.” It explores how political shifts, financial pushback, and the realities of energy demand are reshaping the global sustainability agenda. With insights from across continents, it exposes the widening gap between climate idealism and energy realism.
Germany’s industrial Collapse is legendary, and the number of jobs lost due to deindustrialization is estimated between 300,000 and 400,000. The number of companies that left or shut down due to increased energy costs is staggering.
Examining the financial impact of Net Zero on Germany’s GDP is remarkable, and Dr. Tammy Nemeth raised a point that the EU is considering revising or redefining GDP as a measure of financial stability. If you can have a growing economy, redefine the normal fiscal definitions.
For the full article check out:
Has Net Zero Cost Germany Its Top Spot in Manufacturing?
Highlights of the Podcast
00:13 – Introduction
03:03 – The Net Zero Movement’s Bad Year
07:05 – Economic Decline Across Europe
12:15 – The “Blessing of the Ice Block”
15:02 – Germany’s Industrial Collapse
20:28 – The Meat Industry and “Protein Craze”
25:25 – Greenwashing and Forced Compliance
30:09 – Political Pushback in Europe
32:40 – Mark Carney’s Shift From Climate-Change Warrior to Fossil-Fuel Cheerleader
35:44 – Minister Hodgson announces $22M for Quebec battery innovation
38:32 – UN, Nature Declare War on GDP With Their ‘Doughnut of Prosperity’
39:34 – Net-Zero banking alliance folds after mass exodus by members
42:05 – Italy’s economic woes have a climate upside, for now
43:51 – California’s solar and battery combo packs a transformational punch
48:07 – Update on the Chevron Refinery in California – A national security disaster just got worse as a possible drone strike
50:56 – AI computing demand: An additional 55 GW of power capacity required globally by 2030
55:15 – Lighthearted Closing
Fear and Loathing in the Net Zero Camp
Video Transcription edited for grammar. We disavow any errors unless they make us look better or smarter.
Irina Slav [00:00:13] Hello and welcome to the Energy Realities Podcast with David Blackmon. How are you today, David?
David Blackmon [00:00:22] Oh, I’m just happy as a clam. It was a wonderful weekend. I’m all tanned, rested, and ready to go.
Irina Slav [00:00:28] Is autumn coming to Texas or is it too early?
David Blackmon [00:00:32] Well, it did for a week or two, but now we’re back in the 90s every afternoon, so I’m getting a little dragged out by this long summer. At least it was a mild summer, but it’s lasting a long time.
Irina Slav [00:00:44] Yeah, that’s climate change for you. And we’ve got Tammy Nemeth in the UK. Tammy. How are you?
Tammy Nemeth [00:00:53] I’m doing well, thank you. Our power’s been going off and on today, so if I suddenly cut out, that’s why. Why is that? Well, you know, probably because so much of the grid here is wind and the big storm on the weekend took some damage up north apparently, so there’s issues on the grid.
Irina Slav [00:01:17] Well, amazing, and you don’t really have much backup.
Tammy Nemeth [00:01:22] No, the backup is interconnections, right?
Irina Slav [00:01:30] So yeah, yeah, totally reliable. And Stu Turley, where are you today?
Stuart Turley [00:01:33] Oh, I’m in Abilene today, but yesterday morning we had a wolf hanging out by the house up by the lake house, so you see Abiline, wolves, wolves. I’m okay either place.
Irina Slav [00:01:47] Close to nature.
Stuart Turley [00:01:50] Yes, just not too close.
Irina Slav [00:01:54] Yeah, a respectable distance, sorry. And I’m Irina Slav, and we have a wonderful autumn, which is cooler than last year and the year before last. It’s amazing. Must be climate change, but I’m not complaining. And today we’re going to talk about fear and loathing in the net zero camp because it has been a really bad year for the net-zero camp. And a lot of people from that camp are blaming President Donald Trump, but I believe it’s reality set again. And Trump is just very, very convenient scapegoat, not without, you know, reason because he has wreaked havoc on net zero policies in the US. David, what do you think about what has been happening in the net zero camp this year and more recently in the past couple of weeks?
David Blackmon [00:03:03] Well, you’re right. It’s been a very bad year for the net zero camp, even though their media continues to try to prop it all up. And, you know, the disciples like Al Gore and Larry Fink over at Black Rock, who, by the way, is the new chairman at the WEF. It’s like it got almost no news, but the new leader at the WEF is Larry Fink, who controls about $18 trillion in capital. What? What, Tammy?
Tammy Nemeth [00:03:32] He’s interim.
David Blackmon [00:03:33] Yeah, well, we’ll see how interim that is, right?
Irina Slav [00:03:36] Yeah.
David Blackmon [00:03:37] I can just see him assuming Klaus Schwab’s demeanor here over the next 20 years or so. Same personality. So, you know, yes, I mean, there’s a lot of blame being put on President Trump. Some of that’s deserved. Some of it probably isn’t. The reality is that the energy transition has been failing for several years now. In the United States, for example, President Trump inherited a landscape in which dozens and dozens, perhaps hundreds of startup companies who got their start with big grants from the federal government have already declared bankruptcy. It makes the Solyndra scandal during the Obama years look like pity cash at the average midsize company. You know, and so it was already failing when President Trump came into office. He’s accelerating that by changing federal policies and with the one big, beautiful bill rescinding all those hundreds of billions of dollars in green subsidies that are now going away. Tesla made big news last week, for example, had a record high sales during the third quarter of this year. But of course, I think everyone knows that that was mainly. The result of potential EV buyers rushing out to take advantage of the $7,500 per unit federal subsidy, the IRA subsidy, that ended as of midnight last Tuesday. And as about this and so Elon Musk network work rocketed up over half a trillion dollars briefly because Tesla stock went so high. At the news of those record sales, but we can expect him to go back down below that level because the stock’s probably going to take a hit as sales collapsed in the fourth quarter. So all these things happening in the United States, you know, it’s a reversal of policy. And what happened in the United States because of the size of the market here in the economy here tends to have significant impacts. Throughout the Western world and in other parts of the world, and that’s probably already happening and will continue to happen over time. But, you know, as as. Arena and Tammy well, no, things aren’t going all that swimmingly for the net zero crowd in the UK and Europe either. And that was also kind of already happening before Trump took office. But again, I think there are impacts and. Certainly, he deserves some of the blame or, in my view, the credit for making that happen. Where we’re seeing kind of a return to reality, which is the topic of our podcast every week in the energy and climate space. And, you know, I think ultimately that’s going to in your to everyone’s benefit globally. So it’s we’re in the middle of this kind of inflection point. See change and two years from now, I think we’ll all look back and realize this was kind of a moment when it all began to turn around.
Irina Slav [00:07:05] Let’s hope so. I know Tammy’s pessimistic about it. She’s suspicious of the many ways in which the net zero crowd can keep pushing the narrative and not just the narrative, but the actions that I think you’re absolutely right. I try to be optimistic, but you keep me in check and I welcome that. Tell me about Europe. How are things going in Europe? Besides the massive layoffs and layoff plans and those Reuters report today, I think that European companies are either freezing hiring or laying off people because the economy is not growing. Do you see any reason for optimism?
Tammy Nemeth [00:07:58] Well, you know, it’s funny because there’s been some accounts on X and on Substack that have been documenting the thousands of jobs being lost in Germany over the past month, couple months. And it’s insane, like tens of thousands, maybe hundreds of thousands of job being lost and industries across the spectrum in Germany. And, of course, you have to ask yourself, well, why is that? I mean. They have all these migrants there now, I mean, who want to do all the jobs that apparently no one else wants to do. But, you know, when you have such high energy prices and if you’re like the German economy was a lot of heavy manufacturing and chemical production that requires a lot of energy inputs and if that’s very expensive, then those companies have to make decisions. Do they stay in Germany and Europe or do they move elsewhere where? It’s more affordable and then export it back into the EU or something. And, of course, the carbon border adjustment mechanism that is coming in in January seeks to prevent that from happening. But it doesn’t seem to be informing too many decisions at this moment. But, you know, you say I’m pessimistic. I think I’m being realistic because on the one hand, I really hope I’m wrong. I hope that the that the net zero will collapse and everything will. Go back to being realistic and whatnot, but to use the word realistic again, to be to be a realist, you have to look at what what’s happening below the surface. And there’s all of these regulations and legislation that Europe is putting in because they want to extend the Brussels effect across the world, where they will be the leaders for regulations that everybody else should have to. Comply with with respect to climate and labor and biodiversity and everything in the spectrum, which, of course, they don’t call anymore. They call corporate sustainability or corporate social responsibility or any of these other euphemisms. And all that stuff is still going forward. So we can say that in the United States, things are changing and that’s brilliant. Like David had pointed out. America does hold a lot of sway because of its large economy, because it’s an innovative and more open market where if you have a cool idea, you can go to America, get financing and investment and make it real. Like there’s such a brain drain of really brilliant people from Canada, the UK, Australia, Europe, not maybe not as many Europeans who go to the United States and turn their ideas into multi-billion dollar. Projects and companies. And you just don’t see that in Europe. I mean, it’s really difficult to innovate in Europe because of all the regulations and holding people back. And I think one I think the way I would word this is that there’s those within the European government and the institutions who have been cheerleading net zero for a long time. And of course, the UK is at the center of all that as well. Where they’re trying to tell the companies, hold the line. Trump is only here until 2028, which is why some of the regulations are have been delayed implementation until 20 28, hoping Trump will be gone. Democrats will have regained Congress that in their hopeful minds in 2026, I guess next year, and then he’ll be gone in 28. And so they’re like, hold the line, don’t give up. You know, we can still move forward with net zero. And I think what encapsulated that this past week, and sorry to go on for so long, was what kind of inspired this topic today. Anyway, was the Pope blessing a chunk of ice that was cut out from a Greenland iceberg, flown to the Vatican, preserved somehow with refrigeration so that the Pope could do some kind of bizarre. Gaia worship thing blessing
David Blackmon [00:12:15] Like the golden calf, right?
Tammy Nemeth [00:12:16] Yeah, I mean, it was bizarre and then all these people behind him doing some weird kind of hippie chant and stuff and.
Stuart Turley [00:12:26] Hillary hung out with the ice iceberg to make sure it stayed cold.
Tammy Nemeth [00:12:31] I’m sure. But I mean, the same old people were there, right? And and it was just bizarre. So here you’ve got that. You’ve got the Oxford net zero group who has their net zero stock take where they identify all of the different companies, countries, whatever, who have made pledges or moving forward and so on. Because they want to keep this idea of momentum going. Because if people start to. Step back and say, hey, hey I think things are slowing down here. We’ve lost the momentum, then things shift, so they have to really get out there with the narrative and say momentum still going. Don’t give up. You know, we can we can still make this happen and make our people poor so.
Stuart Turley [00:13:17] Momentum can be up or down.
Irina Slav [00:13:22] But they seem to me to only have the narrative left because on the ground on the battlefield of net zero, things look differently. But to your real realism point, I had a subset reader from Sweden tell me that heavy industries in Sweden are also struggling because of exorbitant. And then she calls and I said, but you have a government with some common sense right now. You know, they should probably fix things or at least do something about fixing things. And he said, yeah, but they’re still buying the net zero idea. Yeah, they’re better than the ones before, but there’s still, you know, dedicated to this net zero. And in that book. Blessing of the ice block, I see even more desperation. They don’t know what else to do. They only have their narrative. I mean, one of the biggest manufacturers of solar installation inverters as they made in Germany is laying people off because demand is declining. You can’t cover this with a narrative. People are losing their jobs. These people know that net zero is not working. And even I’m sure you’re you’re right. I’m not arguing with you. I’m. This is the whole the line and wait until twenty twenty eight. So, Stu, do you think having some will be new president?
Stuart Turley [00:15:02] I don’t think that greaseball can do anything other than cause an oil slick if he dove into the bay. I honestly do not understand. He is absolutely a waste of humanity and a waste. Of skin. I’m moving over my my search that I just did. I’ve got an article that I. Just pulled up that I was writing. And your comments, Tammy, were absolutely hilarious. In the last ten years, twenty fifteen through twenty twenty five, Germany manufacturing has lost between three hundred thousand and four hundred thousand jobs.
Tammy Nemeth [00:15:45] Yeah.
Stuart Turley [00:15:46] GDP figures in twenty twenty one, they actually had a two point nine GDP growth in twenty, twenty two. They had a one point eight twenty twenty three. Let’s see its energy crisis mounts and now they were down twenty twenty four. They were down point two percent GDP and then now they are thinking they modestly might survive to break even. So, hmm.
Irina Slav [00:16:14] Yeah, I know.
Stuart Turley [00:16:15] Oops.
Tammy Nemeth [00:16:17] That’s why they want to change the metric, right? They want to get rid of GDP and now they’re going to have doughnuts.
David Blackmon [00:16:23] The doughnut thing.
Tammy Nemeth [00:16:24] The doughnut and beyond GDP.
David Blackmon [00:16:27] Doughnut of prosperity. I love it.
Stuart Turley [00:16:30] I think the truck and I know that we were laughing about the Trump effect, but I think the fear is actually real when you when you have and you sit back and say, wait a minute, they have done this to themselves by fear mongering through climate change using USAID as funding. So then they’ve come in and now everybody’s going, wait, a minute is actually. Climate change is fearful because now they’ve lost all their funding and then you had President Trump show up at Shark Week and I mean, UN Week Climate Week in a shark suit and absolutely eviscerate them. But before that happened, you had the three horsemen of the energy apocalypse. Show up. You had Lee Zeldin, Doug Burgum and Chris Wright all absolutely just start laughing about climate change, changing the rules and everything else. And then the big story last week was the banks as they got rid of the Zumba, whatever.
David Blackmon [00:17:38] Zero Climate Alliance or something like banking.
Stuart Turley [00:17:41] The Kumbaya group therapy hug tank funding thing that the banks got rid of and they all ran away. So this is really becoming a wait a minute wake up moment and I think that we are now in a real position to be able to say Stu was actually right for about 1.2 nanoseconds and that is the world is bifurcating into two groups. Those that are going to follow realistic energy policies and those that follow net zero, those that followed net zero are going to be bankrupt and fail and regimes will change. Period. And then if you go this way, I’m going to go this way and I’m gonna say, wait a minute, we’re going to be positive. China does not care. They are going to do whatever they can. They’re going to create their own rules. They’re gonna use all the coal they possibly can. The United States is on the way to be using more coal. I believe that Alberta’s vote is coming out here pretty soon and we may have a new 51st state in about 10 years. It will be 10 years, but they’re meeting with the president to be recognized and I believe President Trump has already said, I will recognize Alberta if they go for their independence. So Albertans are actually more like Texans with a better attitude. I would love to see Alberta as a 51st state. Do I want the rest of Canada? Heck no. Leave them folks off on their own and have a great time. So again, we’re going to be bifurcating into two groups and I think that we’ve had this media here before. We did this probably about a year ago. When you realize the truth about energy and you see a cow here going, wait a minute, what? It really is true. Cheap energy equals industrialization. Expensive energy equals deindustrialization. And I believe that there is a truth to this story that we have all the wind and snow that we can afford to have on our grid. It is a mismatch to keep adding wind and solar to the grid. My opinion.
David Blackmon [00:20:25] With your reliability, obviously.
Irina Slav [00:20:28] It’s interesting you showed the cow. Did you see the story that, you know, it was in financial time, so it probably didn’t, but the chief executive of JSB? Was that the name of the? JBS. JBS, sorry. I hate these abbreviations. Anyway, so he was saying that there’s essentially a shortage of beef in the US because there is a protein craze.
David Blackmon [00:20:58] Protein craze, okay.
Irina Slav [00:20:59] Yeah, suddenly they’re calling healthy eating a protein craze that it’s not just net zero emissions. People are actually rediscovering real food at the same time that the UK is once again warning against eating a lot of meat because it’s bad for the climate or something.
Tammy Nemeth [00:21:23] Yeah, of course.
David Blackmon [00:21:26] John Ferry and yeah.
Tammy Nemeth [00:21:28] The JBS argument though is a bit disingenuous because if you look at the size of the herds in North America, the United States and Canada have been in decline for about the past five or six years and they’re at quite historic lows. Mexico is very high. So yeah, okay, people are wanting to eat more beef now or whatever, for healthy eating as you point out, but part of the reason why it’s so expensive is that there’s not enough cows. They have to rebuild the herds and that takes another three or four years.
David Blackmon [00:22:02] Well, and there’s also the mysterious burning down of about 30% of our meat processing capacity in the United States over the last five years. Just hundreds and hundreds of facilities burn to the ground and we’re supposed to believe it’s all just coincidental, right?
Stuart Turley [00:22:20] Nobody’s brought up the problem with China that we import so much of our beef and most of our manufacturing plants in the United States are owned by China.
Irina Slav [00:22:35] Processing.
Tammy Nemeth [00:22:38] I wanna know about that, Stu. Like, I mean, JBS is Brazil and Cargill is North American.
Stuart Turley [00:22:47] Do the dotted line math. Who owns the ports outside of the Panama Canal? Somebody in Shanghai who is owned by China. Do some trails around. Let’s go take a look at that. I’ll go back that one up.
Irina Slav [00:23:03] It’s interesting because there were so many attempts to make as part of the net zero push to make artificial meat, lab-grown meat, veggie meat substitutes and they seem to be, you know, flopping one after the other.
David Blackmon [00:23:19] Oh, it’s completely collapsed in the United States. I don’t know about Europe, but I mean, we don’t even see it in our stores where I am anymore. We had huge displays. They had the grocery stores here in the town where I live had all set aside about a third of their meat cases for this artificial crap, right? Yeah. This was three years ago and it lasted about six months and now it’s all completely disappeared from the stores. Completely collapsed. At least in Texas. I don’t know about the other parts of the country. Yeah.
Tammy Nemeth [00:23:56] Well, I don’t know all those people you’ve got being imported from California.
David Blackmon [00:24:01] Yeah, there’s a lot of them, but they’re all in Austin. So, you know, it doesn’t really infiltrate the rest of our state. I want to go back to one thing before we get out of this segment. If you don’t mind this Oxford Net Zero Stockade. Yeah. And there, you Tammy forwarded us a post by Steve Smith, who’s, I guess, one of the guys who creates this and in his post on net LinkedIn, here’s two of the bullet points he lists. Says US companies with net zero targets jumped 9% in one year. Now representing $12 trillion in global revenue. 64% of the revenue of assessed US companies. Okay, so all these companies are making these commitments and then he talks about cities are also doing it, you know, yada, yadda, yata. Two bullet points later, he says, oops, the integrity of the targets remains stubbornly low. Only 7% of companies. And 4% of cities meet minimum levels of substantive procedural detail. What does that tell us? It tells us this is about 93% virtue signaling and 7% substance. This guy, even in his own post, admits that they’re failing. They’re failing, this is.
Tammy Nemeth [00:25:25] And his argument is that they’re failing because they’re voluntary. And that if you mandate the transition plan with targets that are real, that if don’t fulfill those targets, you can be litigated. That’s what they’re aiming for. And that’s what’s actually in the corporate sustainability reporting directive of the EU is where you must have a transition plan that is, oh, we got Irina twice.
David Blackmon [00:25:57] Back.
Tammy Nemeth [00:25:58] When you have those transition plans, you must follow what you’ve laid out. Or if you don’t follow it, you can be sued for misleading your investors. So, I mean, on the one hand, this is always the argument, oh, well, they said all this stuff, but it’s just greenwashing. They’re just saying whatever it takes in order to get the end goes off their back or to get investors or whatever. So we need to make it mandatory. Whenever they talk like this, it’s because, oh, voluntary is failing. We need a mandatory means in which to go after companies. And if I could also comment on Stu’s.
David Blackmon [00:26:35] But that just reinforces the point you and everyone else here has made for years now is what net zero is really all about is eliminating democratic processes and implementing a completely authoritarian, totalitarian form of government in the Western world. Anyway, go ahead.
Tammy Nemeth [00:26:55] Yeah, for sure. And with respect to the bifurcation, I think we would have seen this more because the United States was part of the side embracing net zero until Donald Trump was elected. And so we had the EU in the Western countries and that’s why we had the rise of the bricks who were going a different direction and China was trying to kind of play them both and India was trying to play them, both. But now I agree that bifurtation is still there, but it’s so weak now. Without the United States to back up the EU’s, whatever global campaign for net zero, it’s really difficult for them to make it to the end of what they want. So while I’m happy that America is going in this direction, I’m not so sure about if these states are going to wake up. AI has certainly been a real wake up call for these states and corporations because it’s like. Well, now we need reliable energy before we could say, oh, OK, you’ll just have to make do with wind and solar. But now, now they need it. And now with supposedly World War Three on the horizon, how are you going to make weapons with if you can only do it when the wind is blowing or the sun is shining? So nobody don’t even have the steel to make weapons or the steel exactly.
David Blackmon [00:28:15] They get that from China though, it comes from China. Last week Stu and I were doing a podcast with Josh Young and one of our viewers on the live stream said, you know, most of these AI campuses are going to be powered with wind and solar, right? I mean, and that’s what that’s, what a lot of these companies are claiming, right there. You know, they claim their capacity. They’re going to build enough wind and Solar capacity to power their campuses. Well, what they’re doing is they’re going to power the campuses with their facilities. With natural gas, most of them and some of them with coal and some with nuclear where nuclear is currently available, which isn’t much. But they’re going to build that wind and solar and then try to get it tied, you know, wait several years to get tied onto the grid so that they can claim that they’re net zero because they’re building the wind and Solar capacity, which may or may not ever be linked into a power grid, but they’re actually going to get their power from behind the meter, natural gas. Most of them and. That’s that’s just another element of this that shows it’s 93% virtue signaling and 7% substance.
Tammy Nemeth [00:29:28] It’s an offset.
David Blackmon [00:29:29] Yeah, it’s an offset, right? It’s an off.
Tammy Nemeth [00:29:33] You have to have offsets with integrity. This is what Mark Carney talked about before he became prime minister that the voluntary carbon markets need to be high integrity.
David Blackmon [00:29:44] So you have to eliminate democratic processes, right? Because if you don’t eliminate the democratic processes you end up getting eventually getting an election like they just had in Czechoslovakia, right with the Donald Trump of Czechoslovakia winning the election public. Excuse me. I’m sorry. I’m so sorry. I apologize. Yeah, I’m still still living in the 70s.
Irina Slav [00:30:09] No, they actually separated. I mean, United before the Second World War anyway. But yeah, how did the European Union miss the checks? They were too focused on the Moldovan side.
David Blackmon [00:30:20] They didn’t kill the guy before the election. It’s weird.
Irina Slav [00:30:23] I think they were too busy with Moldova.
Tammy Nemeth [00:30:26] Yeah, they did. There was a lot of interference with Moldova there.
David Blackmon [00:30:30] Trying to outlaw the AFD in Germany and, you know, in prison. What’s her name in France?
Irina Slav [00:30:38] Oh yeah, the French government just… Resigned again.
David Blackmon [00:30:42] Yeah, the prime minister.
Tammy Nemeth [00:30:44] Because his cabinet was pretty much the same as before. So it was like, okay, why?
David Blackmon [00:30:50] He lasted a month. I’m trying to remember what was the British PM who only lasted maybe five or six weeks. He didn’t even last…
Tammy Nemeth [00:30:58] List trust.
David Blackmon [00:30:58] Yeah, list. He didn’t even last as long as list trust.
Tammy Nemeth [00:31:03] Well, at least she was elected.
David Blackmon [00:31:04] She was elected, yes.
Tammy Nemeth [00:31:07] Oh, you know, speaking of the UK, the conservative leader last week said, and they’re having their conservative conference this week, said she would repeal the Climate Change Act and would no longer try to do net zero. And then former prime minister Theresa May came out appalled. Oh my gosh! 17 years of consensus will be down the drain. 17 years of a uniparty. Rightly so down the drain.
David Blackmon [00:31:36] This is why the Tories have about a 4% public approval rating these days.
Tammy Nemeth [00:31:41] That’s right. So I don’t know. I mean, the Conservatives can say that, but unless something severe happens with reform, I really don’t see them getting a significant number of seats in the next election, but still four years away. So who knows?
David Blackmon [00:32:00] It’s a shame. I mean, they’ve they’ve literally committed political. I can’t use the word self-dilution. Harry Carey. Thank you.
Irina Slav [00:32:12] Yeah, well, they’re not the only ones. Well, have we exhausted the topic?
David Blackmon [00:32:19] I don’t know. Stu’s got a look on his face. He may have.
Tammy Nemeth [00:32:21] I think he has to add something.
Stuart Turley [00:32:24] No, no, I was just going to make a really bad joke, but I’ll just leave it alone for that. I love bad jokes. It’s the only kind I tell. Did I get the stories right? Oh, OK, good.
Tammy Nemeth [00:32:37] Those are my stories. So I the the first one is with the Wall Street Journal. And this story really annoyed me because I feel like the PMO’s office contacted the journalist who could be or the net editor who’s a friend with Gerald Butz or somebody and said we need a story about Canada to because we have the talks coming up with Trump. And we need something where that chump might read and consider Mark Carney not a danger. So it’s it’s like this title is so wrong. Mark Carney’s shift from climate change warrior to fossil fuel cheerleader. And I’m just like, really? There were so many misleading bits of information, which I put 10 points on on substack that that they were just so wrong about, like saying that Mark Carney has gotten rid of many of Justin Trudeau’s climate initiatives. He didn’t get rid of anything. He turned he put the consumer carbon tax temporarily to zero. So he didn’t get rid
David Blackmon [00:33:49] of that at one point, too.
Tammy Nemeth [00:33:52] No, no, no. So Carney did that like the minute he became leader. And then because the auto industry was really upset about what’s happening, he said that because Canada has a stupid electric vehicle mandate like the UK where they’re saying a certain percentage of vehicles must be a new vehicle sold must be electric and not hybrids. They have to be like full electric. And so he temporarily delayed the mandate because it was start supposed to start in January. And all the manufacturers are like, what are you doing? We can’t do this. And then, you know, he he supported sort of a new LNG facility that would be mostly owned by an indigenous group. But there’s another indigenous group that’s angry about it. They’ve already issued a court challenge against the pipeline that would feed the project. So, you know, and then. The other day, Tim Hodgson said, well, an LNG pipeline through Quebec wouldn’t be of national interest. So don’t even talk about it. And onward and onward. So it’s just like everything in that article was a half truth or just wrong. And I kept thinking the Wall Street Journal should do better. But the only reason I could think of why they would publish that without really looking at, you know, from an editorial perspective is that they wanted. Make a case about Canada to Trump this week, because Carney’s coming to Washington to talk about something. And then if what’s interesting is that a lot of the provinces that support Net Zero in Canada are telling American companies that have lost their subsidies in the United States saying, hey, come to Canada. So our natural resources minister announced 22 million dollars for Quebec. EV battery innovation among and it’ll be spread around again. They’ve already wasted over 52 billion dollars on the EV supply chain. But they’re going to throw another 22 million to Quebec. And supposedly there’s also a company in Nova Scotia who will get a couple million and maybe one in Ontario that will get a couple of million. But hey, Quebec, be happy because you’re getting all this extra money. So, yeah, if you thought that all this EV stuff was done in Canada, no, no it isn’t. They’re still throwing money even though our parliamentary budget office came out and said we’re at catastrophic levels of debt. And what Mark Carney is proposing is his spending so far will be double what Justin Trudeau had been pledging before he got turfed. So, so here we have an economist. Who’s going to put us so much in debt? I don’t know. Are we going to need an IMF bailout?
Irina Slav [00:36:55] Imagine that.
Stuart Turley [00:36:56] I think Trump may go, I got a dollar 50. I’ll buy your way out of it. He may end up buying Canada. I’m not kidding. I mean, if Canada goes broke, it is absolutely going to be hilarious. It is a self-imposed catastrophe that they had going on.
Tammy Nemeth [00:37:19] I think that they’ll sell assets and they’ll sale it to Brookfield or to Blackrock or to State Street or any of the other big institutional investors.
Irina Slav [00:37:30] So they’ll have their own country. That’s nice.
Tammy Nemeth [00:37:37] Why not? Canada has a lot of minerals. That would be great.
Irina Slav [00:37:40] Oh, yeah, it does. And oil.
Stuart Turley [00:37:43] Oh, suddenly it’d be OK to start taking advantage of natural resources as somebody else owned it. Wow.
Tammy Nemeth [00:37:50] Yeah, wow. Imagine that. And they’ll buy it for pennies on the dollar. Great investment.
Stuart Turley [00:37:57] Yeah, I heard the US bought Alaska from Russia for pennies on the dollar.
Tammy Nemeth [00:38:03] Way back in 1867, the same year that Canada became a country.
Stuart Turley [00:38:09] How about that? I didn’t know that. And people can find you on?
Tammy Nemeth [00:38:14] You can find me on TheNemethReport.substack.com and I try to publish an article there at least once a week and sometimes a pocket.
David Blackmon [00:38:25] Always good stuff. Oh, here’s me. Well, the second one there is the doughnut of prosperity thing that we’ve kind of talked about already. The UN and the journal Nature want to replace, want to eliminate GDP as a goal for all nations because their belief is that a focus on growing your country’s economy is the key. Gross domestic product takes away from their goals on net zero, achieving net zero by 2050, which is an impossible goal and basically results in economic suicide or excuse me, self-deletion. Well, too late. I’ve already messed this up with YouTube. Anyway, so it’s just the biggest bag of nonsense I’ve ever seen in my life. And it just, you know, I try to laugh at this stuff, but really it just really kind of pissed me off to read. Because it’s so dishonest, so completely, totally, thoroughly dishonest that it doesn’t really even deserve to be talked about. The other one is the other story is we’ve also addressed the net zero banking alliance folds after a mass exodus from its members, mainly US banks who saw the handwriting on the wall beginning last November and decided, oh, well, we really don’t need to be spending capital on what is clearly an anti-trust alignment. With banks from Europe and other parts of the world and clearly in violation of US anti-trust laws. And so to avoid likely prosecution, but by the US Department of Justice under Pam Bondi, they all decided it was the better part of Valor to get the hell out of that organization. And now the organization’s completely collapsed, which is good news for the entire world.
Tammy Nemeth [00:40:18] Yeah, you know, Mark Carney used to head that up. And then when he left to become prime minister of Canada, Mike Bloomberg took over the reins. And, you, know, maybe he was just getting tired. He’s getting up there in age.
David Blackmon [00:40:31] Yeah, he’s got to be 80 at this point, doesn’t he? I mean, yeah, he probably done. You know, he is probably getting exhausted.
Irina Slav [00:40:39] Yeah, well, George Soros is like 300 and his term.
David Blackmon [00:40:44] And he’s got his evil son doing his bidding. So that’s going to keep going on until our government wakes up and puts them behind bars where they belong.
Stuart Turley [00:40:54] I believe he’s going to get perp walked here, probably three weeks.
David Blackmon [00:41:01] Well, that would be that would be delicious. I’ll look forward to writing about that. Makes three of us. Four of us OK, you can find me at Blackmon.substack.com. It’s called the energy additions. David Blackmon’s energy additions, it’s rebranded. It used to be energy transition absurdities, but there is no energy transition. So I decided I needed to read.
Tammy Nemeth [00:41:34] Sounds good.
David Blackmon [00:41:36] NZBA failed because it was not formed with the correct goals and violates rules and is just plain stupid. Yes, thank you. That’s more succinctly put than I managed to do.
Irina Slav [00:41:50] Alright, two Reuters stories, both from the same author who is soldiering on in the face of all evidence that the transition is going nowhere. So the first one and it’s, as David said, delicious. Italy’s economic woes have a climate upside for now.
David Blackmon [00:42:10] Of course they do.
Irina Slav [00:42:13] Climate upside is that Italy’s emissions are falling basically in tune with its GDP decline, which is no surprise. You know, we had emissions significantly down during the lockdowns of 2020. So there is clearly a causal link between. Bad economic performance by a country and its emissions as evidenced by China’s and India’s emissions, which are growing along with their GDP. But the very fact that he is stating that very openly and very, you know, matter of factly, like it’s normal. If you’re studying economically, at least your emissions are down and that’s a good thing.
David Blackmon [00:43:03] That’s a good.
Irina Slav [00:43:04] Oh. How is this OK?
David Blackmon [00:43:09] Sure, you’re hungry. Sure you can’t pay you. You’re out on the streets because you can pay the rent, but your emissions are down.
Irina Slav [00:43:16] Yeah, everybody rejoiced. Yeah, no one cares about emissions when they’re hungry or cannot pay their electricity bill. So it’s OK.
David Blackmon [00:43:28] It’s just ghoulish.
Tammy Nemeth [00:43:30] Yeah, and that’s why they needed to bless a block of ice.
Irina Slav [00:43:36] Maybe he should have some praise to Italy for, you know, mismanaging its economy because that brought down emissions. And the other story is this guy. California solar and battery combo packs a transformational punch, meaning that California has so much solar and so much battery capacity that it produces these. Immense amounts of energy, which it can store in other news that is not news. California has the most expensive electricity in the United States. So yeah, that’s a transformational punch for sure. And if that is such a transformational bunch, I can’t stop repeating that. Why is Gavin Newsom now quoting Big Will? Because he wants to run for president. We already know that. But why? Why does he need big oil? If he believes in net zero and the transformational power of solar and batteries as evidenced by what’s happening in California. Or does he needs more voters than the zombified Californians? I’m really sorry, but if there are people still believing that what this person says is true, they are zombified. There was a question about it on my latest sub stack, which was about California and its solar story. It’s net zero story. How do you get people to believe outright lies? As in it’s obviously a lie and people who live there would know because, you know, the electricity bills only started to go up when California. Stepped on that net zero path. Who believes that it’s all Big Oil’s fault? And why? How does this happen? Can any one of you explain this to me? Because I’ve struggled to understand it.
David Blackmon [00:45:41] Oh, it’s just a great brainwashing campaign by Democrat politicians working in conjunction with the media and the education system. And, you know, it’s the Goebbels philosophy that a big lie told often enough eventually becomes. Oh, I see.
Tammy Nemeth [00:46:01] Now I see. That comment that was up there was really good. Saying it will be interesting to watch the environmental impact while disposing of all these net zero tools like batteries and solar panels. Any word on this? Only from us.
David Blackmon [00:46:18] Getting full. Yeah, that’s.
Stuart Turley [00:46:20] Well. In the United States, there are 79,000 wind turbines. Of the 79, 000 wind turbines, guess how many have land reclamation already in there?
Irina Slav [00:46:34] Zero.
Stuart Turley [00:46:35] Guess how much that’s going to be a liability in you want to know how much it’s going to cost about 90 billion dollars now. 90 billion dollars that has not been budgeted in order to get rid of that. The solar panels, the United States is doing very, very good. We’re putting them on boats and shipping them to other countries and then dumping them in the ocean. It’s terrible. It is absolutely.
David Blackmon [00:47:09] Going to poison the oceans with them. By the way, just a note. Since I’m in Texas, a note to our governor, Greg Abbott and our members of our PUC and railroad commission. This is on your head, folks. A lot of that craps in Texas and you’ve done nothing to regulatory require the proper renewal, removal, retirement and disposal of all that crap. So it’s on your head. It’s on the Republican Party’s head in the state of Texas. Because you guys have been controlled throughout the entire history of this idiotic pursuit.
Stuart Turley [00:47:50] Yes, and have you seen a hail farm hailstorm in Texas lately?
Tammy Nemeth [00:47:57] That’s pretty bad.
Stuart Turley [00:47:59] We have Irina’s. I love Irina’s Substack is absolutely outstanding. We have the Chevron fire. I actually found a couple of people out there that were talking about the Chevrolet Chevron Fire. David and I were talking about this last week. There was a possible drone strike from Venezuela on the explosion. It was not a normal explosion that it was. I’m trying to find updates. I can’t find those sources again that said it was a possible drone strike. If it was a drone strike, it would not surprise me. It is an unproven story, but I’m trying to find those again. It is a huge refinery in El Segundo, and it’s out. It supplies 40 percent of the jet fuel in Southern California. The military, the jet-fuel gasoline. It is a huge. Then you add on to that the 20 percent of the refining capacity about to close within the next year. Gasoline will be at least $10 a gallon and diesel as well. Then we will be importing more from Iraq. Because they’ve opened up their new pipeline, so all the Californians went, yay, we’re going to save the planet and import more oil from Iraq from a new pipeline that they just reopened again. Pretty exciting stuff.
David Blackmon [00:49:35] The ones that are retiring is not the Chevron refinery, it’s the Valero Phyllis 66 refineries, right? I mean,.
Stuart Turley [00:49:44] That is correct.
David Blackmon [00:49:45] Chevron, at least currently, says it has no plans to close El Segundo, which is 114 years old. So we’ll see how long Chevron maintains that commitment after this major accident.
Stuart Turley [00:49:59] Damage done. I can’t get anybody to respond to phone calls or anything going, how bad is it? Hello, McFly, are you going to reopen? This is a national security issue for the United States because you can’t just import jet fuel from China for the U.S. Military. It does not work that way.
David Blackmon [00:50:23] That’s what will end up having to happen because, you know, they can’t get it from other parts of the country. There aren’t any pipelines coming into California that carry jet fuel, so they’ll have to import it.
Stuart Turley [00:50:34] Why was a tanker hit off of the UK coast that was a United States tanker for jet fuel? It blew up. Yeah, it is a little bit of a security issue. The next article I thought was absolutely fun. AI computing demand and additional 55 gigawatts of power capacity required globally. And the comments all over the world are, guess what? We’re going to add wind and solar. Oh, you got absolutely. It is.
David Blackmon [00:51:16] I’d say something on that. 55 gigawatts is an incredible underestimate. I mean, we’re going to need that much additional capacity. We might need that much additional capacity ultimately in Texas, because I mean we’re going to host a ton of these data. Yeah, I mean. Well, it’s not going to be wind and solar, obviously. I mean they’ll build it, but I mean that it may never generate anything.
Stuart Turley [00:51:43] Yes, and.
David Blackmon [00:51:45] What a waste.
Stuart Turley [00:51:47] And when Christopher Lloyd said 8.3, 10 gigawatts.
Tammy Nemeth [00:51:51] 1.21 gigawatts.
Stuart Turley [00:51:55] I gotta really practice that. I’m I’m feeling a little left out here. Wrong one here, but OK, so 1.5 trillion in the US, David, is what it’s expected in order to bring this in. And what I did not realize when I wrote the article last week and I started looking at the data centers, there’s been about a 210 percent increase in power prices in the Upper East Coast because of AI dentists data centers. And their relevant relative location to the transmission lines. So when you take a look in Tulsa, Oklahoma, there has been 100 percent increase in power because the data centers that are in Oklahoma are about 70 miles away. So you sit back and take a look at where the data centers are going in, how much they went from 230 percent increase in cost to the consumer. So everywhere in Texas, they’re looking at them behind the meter, so they won’t be impacting directly the consumers, but they will be impacting the consumers when natural gas prices go up. So it is going to be a wish wash on who’s where all that’s going. So it’s going to be pretty entertaining on how all this is going to be coming around. And you can find me on the energy newsbeat.substack.com or you can find me on the energy newsbeat dot com. And we have a lot of fun there. We’re now between one hundred and two hundred thousand people a day on the site. And I’d like to give a shout out to all the people trying to hack it. Go away. Morons. I can’t believe how many people are actually trying to hack that site every day. We get between seven and ten thousand denial service attacks a day. Some of them, when they start getting into the SQL injection attacks, I get a little irritated. So I start. I’ve got a couple guys that I send over the IP addresses and I’m getting a list built up of who these knuckleheads are. It’s amazing who these knuckle heads are trying to attack my site. By the way. Have a great day, guys, because you’re going to find somebody on your doorstep with a badge, not me. Just thought I’d share that.
Irina Slav [00:54:35] You sound scary.
David Blackmon [00:54:38] He’s a scary dude. He’s got his own backhoe, man. Come on.
Tammy Nemeth [00:54:41] Yeah.
Stuart Turley [00:54:42] I don’t call it. I do not call 9-1-1. I don’t even call 8-1 1-8-1 1 in the United States is where are the lines buried? So, you know, here to dig. All you know is where to dig
Tammy Nemeth [00:55:02] You got to know where to dig. Otherwise, it can be catastrophic.
Stuart Turley [00:55:05] That’s right.
David Blackmon [00:55:06] Sure could. Well, we still got five minutes, man.
Tammy Nemeth [00:55:12] Hey, that’s amazing.
David Blackmon [00:55:13] This has been very, uh, very.
Irina Slav [00:55:15] Very efficient today.
Tammy Nemeth [00:55:17] Because it was Irina.
Stuart Turley [00:55:22] She’s all dressed up in her business attire today.
Irina Slav [00:55:26] No, I just haven’t, uh, you know, brought out my cardigans.
David Blackmon [00:55:32] It’s not old enough yet. Is it not cold enough for the cardigan?
Irina Slav [00:55:38] Well, it is cold, but I’m holding out on the cardigans for a while longer to not jinx the cold weather. I don’t want it too cold, but I don’t want it to get warm again.
David Blackmon [00:55:51] I’m actually looking forward to getting to wear some winter clothes. It’s this summer has been very mild, but it just keeps lingering.
Irina Slav [00:55:59] Yeah, we had that last year. It was really, really annoying. Yeah, AC in the car on in November, but not for heating, but for cooling.
David Blackmon [00:56:12] What is, what is that cap you’re holding up there?
Stuart Turley [00:56:15] It’s the Marvel Punisher logo with the American flag, but I have on the back of it in God We Trust.
David Blackmon [00:56:26] I’m trusting God’s going to send me some rain pretty soon. My yard’s getting awful dry on here.
Stuart Turley [00:56:34] But if we have wolves, I got to take care of the wolves, feed the wolves.
Irina Slav [00:56:39] Oh yeah, bond with nature.
Stuart Turley [00:56:43] That’s right.
Tammy Nemeth [00:56:44] That’s right.
David Blackmon [00:56:45] So here’s this early question of the day. How do you tell the difference between a wolf and a coyote?
Stuart Turley [00:56:52] About 20 pounds.
David Blackmon [00:56:54] 20 pounds in charter.
Stuart Turley [00:56:57] That’s exactly right. And a coyote looks more like a Democrat, and a wolf actually is a very elegant animal that is really very nice. Coyotes, they all do that kind of noise and everything else. And a wolf, elegant, elegant. A wolf is elegant and a coyote is a Democrat.
Tammy Nemeth [00:57:24] Aww.
Irina Slav [00:57:25] Jackals around, which are kind of like coyotes, but even smaller, a lot smaller. I think they’re like this big. You said like Democrats. Ours make similar noises. They can actually startle you because they sometimes sound like crying children. Wailing children.
Stuart Turley [00:57:50] I usually stand out. I used to at our place. In fact, I used stand out on our front porch and start singing to them. So I’m a coyote whisperer. So does that mean that I can talk to Democrats and actually understand them? No, they’re too stupid. And I’m going to throw rhinos into that since I’m now a America first only and no longer supporting rhinos.
David Blackmon [00:58:27] Then there’s hyenas, which are the Antifa of the dog world.
Irina Slav [00:58:33] So much animal defensiveness.
Tammy Nemeth [00:58:41] Why are we discriminating against these poor animals and anthropomorphizing them?
Stuart Turley [00:58:48] And donkeys are pretty darn smart. And donkies, if you want to sit back and think about a donkey, donkeys, we always, my granddad always had donkeys around to protect their animals. Donkeys were protectors. They were very smart. Smart, aggressive. But what happened to the whole breed of donkeys in the political world of the United States? They got inbred. Holy smoke.
Tammy Nemeth [00:59:17] That’s one way of looking at it.
Stuart Turley [00:59:19] Just look at Ellie and Omar, Mary and her brother.
David Blackmon [00:59:23] We got to close this day. We went to Ellie and Omar. It’s time to stop.
Stuart Turley [00:59:29] Yeah.
Stuart Turley [00:59:32] With that.
Irina Slav [00:59:35] Have a great week, everyone.
Tammy Nemeth [00:59:38] See you next week.
David Blackmon [00:59:41] I’m hoping Tuesday, Tuesday, we’re going to get some.
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