Statistical Overview of World Energy – Physics and Fiscal Responsibility Matter
Stuart Turley [00:00:13] Hello, everybody. Welcome to the Energy Realities podcast. My name is Stu Turley, president and CEO, sandstone Group. And today is a wild show. We have Tammy Nemeth. She is the head of the Nemeth Report in the UK, I believe, today. Welcome, Tammy.
Tammy Nemeth [00:00:33] Hello, everybody. That’s it. That’s all I got. Okay.
Stuart Turley [00:00:40] And then we have Irina Slav. Irina is one of the premiere energy writers out of Bulgaria. And, I’m one of her biggest fans out here. Good morning Irina.
Irina Slav [00:00:51] Good morning Stu.
Stuart Turley [00:00:53] And then we have the energy absurdity of the day. David Blackmon, he’s out of Dallas, Texas. How are you today?
David Blackmon [00:01:06] Oh, I’m just so happy to be here. I can hardly stand it feeling great.
Stuart Turley [00:01:11] Well, we thought about having your on the podcast today, but you took you answered the call. So let’s get started. Yeah I’m good. Let’s get started folks. Statistical overview of world energy. And I’m going to go ahead and and start this off. We’ve got some interesting things coming around the corner here. And, Tammy, you had put this out out there that this was a sign in the UK that you saw. Can you tell us about this?
Tammy Nemeth [00:01:46] Actually, I think it’s in the United States, but it’s this group that is, you know, pushing back against the wind farms and, they, they put up this billboard and I think it’s really indicative of how they put the, the, the wind in swindle. Not clean, not green, not cheap. Absolutely.
Stuart Turley [00:02:09] I thought it was pretty cool.
David Blackmon [00:02:11] Yeah. You can’t spell swindle without wind, can you?
Tammy Nemeth [00:02:15] Exactly.
Stuart Turley [00:02:16] Oh, man. All right. And as always, we want to hear from everyone. So please fill out any questions or comments or heckling and, direct only nice things to me today because I’m a little soft mode today. But as we take a look at, the energy realities of what it is, this is that of Statista. Coal is still 35.51%, natural gas is 22.4%. Hydro is 14. Now I love me some hydro, love hydro. But there is a little bit of a problem with hydro and it’s kind of weather dependent on on. Also geographically dependent wind is 7.8, solar is 5.5. All right. Bioenergy and other fuels. And so why don’t we sit here and go what is the war on oil? When we’re using coal and natural gas, why are they going after oil?
Tammy Nemeth [00:03:25] Transportation.
David Blackmon [00:03:27] Yeah, this is electricity production. We are also transportation, mainly. And.
Tammy Nemeth [00:03:33] And it was.
David Blackmon [00:03:35] Right. And petrochemicals and then fertilizers and all the good stuff that you have to have to feed the world.
Tammy Nemeth [00:03:41] Yeah.
Stuart Turley [00:03:44] Well. Then why don’t we take it? Okay. And then we take a look at the energy mix changes. This chart came from, the visual Capitalist. I like the guys over there. They do. They do good stuff and measured in m t o e, which is.
David Blackmon [00:04:10] Metric tons of oil equivalent. Yeah.
Stuart Turley [00:04:13] Right. And when we sit back, based on the currency of frameworks, the first yellow one is oil will make up 28% of the global energy mix in 2040. The next one down reads for David, since, you know, you and I had the same eye problems here. With age, gas will increase nearly 30%, making it almost important for the energy mix. And coal is still going to be king. Yeah.
David Blackmon [00:04:48] Shocking.
Stuart Turley [00:04:49] Shocking.
Tammy Nemeth [00:04:50] Now that’s based on that’s based on 2018 promises right. And I think if you were to update this, you know, because that’s six years gone by, the European Union has done its ridiculous Green deal. We’ve got the stuff going on in the United States, Canada, the other OECD countries. So I think this this energy mix well would be different if you’re basing it on stated policies. Because they’re making a lot of statements about things. And, I think this is really great from a 2018 perspective, but I would like to compare that with with a more recent. Cool.
Stuart Turley [00:05:33] So but nobody has made any of their commitments.
Irina Slav [00:05:38] No.
Stuart Turley [00:05:40] So, even though they’ve had new updated statements, none of the data would have changed because they’ve nobody has met any of their statements. Is that a fair.
Tammy Nemeth [00:05:52] That’s why it would be so fascinating to compare them. Right. Because they’re making all of these tremendous statements. And we’re going to do this by X date whatever. And then you could see what what progress has there been so far. Right. And then compare it to this is what they’re saying 2040 will be like. And then this is what’s actually transpired. I think that would be interesting.
Stuart Turley [00:06:14] You know, I think they’ve backed themselves into a corner and I and Irina, you and I have laughed about hydrogen on our podcast before. And I’m seeing that their little ace in the hole is natural gas power plants that are, hydrogen ready, you know, and that that’s what they’re going to be rolling out. But yet pipelines are not going to be available. They’re not going to be put in. It’s expensive. So they’re just put it glossing this over, saying, look at us. We’re good. What do you think about then?
Irina Slav [00:06:51] Well, I really don’t know what to say anymore because it’s exhausting. They keep doing stupid things. Germany, I think just got some money for hydrogen from the European Union this week. I forgot how much, but it wasn’t a small sum. They still keep pushing in the same direction. Even if reality keeps pushing back. And all these commitments that companies are making, they’re starting to roll them back because they are realizing, shockingly, that they were unrealistic. I actually wanted to build it on today’s Substack. It’s it’s, it’s a surprise. Companies were overenthusiastic that were overoptimistic. Nobody stopped to think when they set these targets of reducing emissions, whether it was possible to really hit those targets. Same with wind and solar. Same with everything.
Tammy Nemeth [00:08:02] Well, now in Canada it’s pretty much illegal to talk about what your transition plans are.
Irina Slav [00:08:07] That’s that’s actually really smart. If you think about it from a certain perspective, you’re not allowed to talk about it. So you can do whatever you want.
Stuart Turley [00:08:16] Wow.
Tammy Nemeth [00:08:17] It’s like Fight Club. Talk about it.
Irina Slav [00:08:20] Okay.
Stuart Turley [00:08:20] But David, does that fit into the law fair that’s going on? We just had a recent, big California just is getting ready to do what the UK is doing and and going after, windfall profit taxes.
David Blackmon [00:08:36] Yeah, well, you know, California’s going to California. That’s what California does. That’s a problem. The biggest problem with California is 19 other states. You have laws in place that requires their agencies to follow California’s lead. So what happens in California tends to become national policy fairly quickly. But the reality is, and in this statistical, review of world energy, the reality is that the market continues to drive the energy mix. And as we see in this year’s report, even though it’s being done by more, energy transistor boom, transition booster ish people than it used to be at BP when BP did this. You still have, 80. What is it, 80%? 81% of primary energy in 2023 provided by fossil fuels. Why? Because fossil fuels have extremely high energy density. They’re affordable. They’re plentiful all over the world, and developing nations need them to develop their economies. The only places where use of fossil fuels has decreased, are in the developed world, in the Western world, which is, set itself on a path, for whatever reason, to become completely dependent on China for its energy security within the next ten, 15 years. And unless something pretty dramatic changes in the political world. So, you know, I know one of the most amazing statistics. And this year’s report is that India. Now he uses more coal than Europe and the United States combined.
Stuart Turley [00:10:24] Whoa!
David Blackmon [00:10:25] India. Not China. India? Yeah, and China uses about ten times as much as India. Well, you know, everything we’re doing in the West is is a complete waste of money and time and energy. Because of those two countries, and they’re not transitioning to anything. And in fact, even the authors of the report admit that it’s it’s, a good case can be made that no transition is currently happening, which is what we’ve been saying on this podcast for two years now. This is not a transition. It’s a it’s an innovation and an addition. Go ahead. Sorry.
Irina Slav [00:11:02] It’s the whole developing world where oil demand is rising. It has declined by what was it, 0.8% in in the US and a little bit more than that in Europe. Yeah, but this has been more than offset by rising demand in the developing world.
David Blackmon [00:11:22] Right. And and we’ll continue.
Tammy Nemeth [00:11:24] As you mentioned, that. Yeah.
Irina Slav [00:11:26] Of course this will continue because those countries want their citizens, their voters, to live better. So they’ll vote for them again.
Tammy Nemeth [00:11:34] Yeah. For sure.
David Blackmon [00:11:36] All of this supports up. Go ahead. Go ahead.
Tammy Nemeth [00:11:40] No, no. Go ahead. David, finish a thought.
David Blackmon [00:11:42] Bjorn Lomborg, who is, himself an environmentalist who believes in climate change. And, you know, all this. Is a strong advocate for the for a change in tactics here that the human race, instead of tinkering around and trying to change the, the the, atmosphere, the make up of the atmosphere and, and the weather, should do what humanity has always done. Well. And that is mitigate for a warming planet for the process and adapt.
Tammy Nemeth [00:12:12] Yeah. I don’t want.
David Blackmon [00:12:14] That, which is what humans are good at. Right. And, you know, all of this every bit of that new study that was put out last week argues in favor of that. We’re we’re embarked on a path that isn’t going to work. The alternatives don’t work. We all know it. They’re not sufficient. They won’t replace fossil fuels. And, we’re spending trillions of dollars on this, and it’s just a it’s a Don Quixote on, on a global scale, basically. And it’s not going to work. So why don’t we change tack?
Stuart Turley [00:12:53] I like that. Tammy. I just found this. The. This is out of the EPA. And when you take a look at the energy mix that they’re projecting, it’s not plans like we were talking about, you know, what is your stated, plan, but this is what they think is going to happen to the energy mix. And when you take a look at black as being coal, data matters. And this is not going to happen because you see them saying by 2035 coal is going to go away. I don’t see that happening.
David Blackmon [00:13:30] Is this the United States? Yes. Yeah. Well, I mean, that’s what they’re trying to do in the Biden administration to coal. Yeah. But if AI and and these data centers are going to cause demand to double or triple during that time frame, quadruple by 2055, right? You’re not going to be able to retire all these coal plants. No, no, that’s not going to happen. You’re going to have to build more of them.
Stuart Turley [00:13:58] And
Tammy Nemeth [00:13:59] So. One of the things that that was mentioned in this study, and we kind of commented on it in an email exchange before the show, was how they want to change how they, collect information or something. I mean, it was a bizarre statement that over the coming months, will be engaging with users on further developments to ensure the way we measure and analyze energy keeps pace and stays relevant as the transition progresses from high to low. Carbon from molecule to electron, from supply led to demand LED. So what I’m wondering then is what happens if these AI and data centers have power, independent power generating plants. So they go straight off a pipeline. They have a micro generator. Will they then say that that isn’t included in this power generation statistic? And therefore you could keep using coal, you could keep using natural gas, but it wouldn’t show up on those statistics per se, because they’re looking at maybe electricity generation in terms of a grid versus these little micro generators. And, and so that that paragraph, that little sentence there gave me some pause is like, well, what do you mean? You’re going to change how you collect the data or analyze the data. What does that mean? Precisely. And then, another so this this what they took over from BP, they’re collaborating with KPMG and a consultancy named Cairney. And the KPMG person made this statement and it reminded me of, the return of the Jedi and Darth Vader on the Death Star with record CO2 emissions as well in 2023. This recent data should serve as a timely reminder for the world to redouble efforts to reduce carbon emissions and reach net zero. Is this coming from the emperors? Finally, redouble their efforts to complete the Death Star?
Irina Slav [00:16:03] It does sound fantastical indeed, because, okay, the climate is clearly changing. We have this sun, you know, that gives us energy and solar activity fluctuates. It does. And and we can do nothing about it. The reason I know it is changing is because summer has come really early this year. But the belief that if we all stop using our cars and stop using oil and gas, the climate will fix itself magically because it’s all due to the emissions of one single chemical compound. This is bonkers.
Stuart Turley [00:16:45] You know, I was going to try to get the clip, from, there was a senator that was interviewing lurch. I mean, Kerry and and Kerry was, was saying, well, from 1800 to now, the CO2 parts per million were this. And then he said, well, what about the previous million years before that? We were fine without humans interacting as well. That doesn’t matter. I’m like, so a timelines and data matter depending on when you pick your data and that fit right into what you were saying. So yeah. A and I think.
Tammy Nemeth [00:17:28] Comment just no. No. How dare you. We don’t we don’t regret on me. I was thinking that a lot of these people, when they’re talking about what the hell they want, is to live and they’re worried about the weather and all this kind of stuff. I keep thinking these are people stuck in the ice age, because when they, you know, when the ice age and emissions were much, you know, CO2. Was much lower in the atmosphere and there wasn’t as much green, and it was really icy. And I could just imagine these people standing there when the ice, the glacier started melting, saying, no, no, don’t melt, you know, put out your campfire, you’re melting the glaciers. I feel like that’s the situation we’re in where it’s like, stop driving your car because it’s going to change the sun’s output or something.
Irina Slav [00:18:16] Yeah.
Stuart Turley [00:18:19] No, I love that. In fact, we’ve got a LinkedIn user and I’m not sure who you are, Mr. LinkedIn user, but you’ve had some good questions coming in.
David Blackmon [00:18:31] Yeah, I guess so. Go to the third comment because I think, you know, it’s going to be too complex to try to go through that. But our domestic major, all companies used to report all their reserves and supply demand and in barrels of oil equivalent US imperial units. Does anyone know when the standard switch to from volumetric to mash units of measure? Well, that’s a I think that’s been a switch that’s been led by, these globalist, organizations like the IPCC and the International Energy Agency. And, I’ll, I can under, fake is that it’s designed to obscure things because it makes it so much harder, even for those of us who have been in the industry forever, like me, to really understand what you’re talking about when you’re talking about tons of a liquid, okay, rather than volume, which is how we’ve always talked about it. So it’s it’s obviously an attempt to obscure data. And, and I wish it would stop particularly people in the United States should refuse to do it, because it’s it’s just, an obvious effort to obscure the message about the growth, I think, of use of petroleum.
Irina Slav [00:19:48] Yeah, but I mean, the companies, think of the.
David Blackmon [00:19:53] Still.
Irina Slav [00:19:54] Numbers in barrels equivalent.
David Blackmon [00:19:57] Yes. Because that’s what the, the SEC regulations that govern the reporting of reserves require. So, yeah. I mean, at least in the United States, the big oil companies continue to report things. But but apparently, you know, I think these globalist organizations are just trying to obscure the data and ensure ordinary people can’t really understand it.
Stuart Turley [00:20:25] Hey, if you. It’s not who. It’s not who, you know, goes out and votes, but it’s who counts the votes, right? So it’s if you have the you know, who, how you have the data designed it, who manipulates the data. Right. Sorry.
Irina Slav [00:20:43] Yeah.
David Blackmon [00:20:45] You sure it’s megaton? I don’t know how.
Tammy Nemeth [00:20:48] I got it here. I think it’s metric ton of no megaton.
David Blackmon [00:20:53] Oh. It’s megaton. Okay.
Tammy Nemeth [00:20:55] Megaton?
David Blackmon [00:20:57] I didn’t even type that. And I was right. Yeah.
Irina Slav [00:20:59] Bombs. No, we haven’t seen that often in another context. What are these people doing?
David Blackmon [00:21:09] Yeah. It’s, it’s hydrogen bonds, right? Exactly.
Irina Slav [00:21:12] Yeah.
Tammy Nemeth [00:21:12] So megaton. Well, and it’s like in it, in the, in the data report there that we’re talking about. They talk about exit rules. They convert stuff into it.
Irina Slav [00:21:24] Who knows what the.
David Blackmon [00:21:25] Hell a jewel is.
Irina Slav [00:21:27] Understood. Who even knows which.
Tammy Nemeth [00:21:29] Most people like?
Stuart Turley [00:21:31] I can barely speak English, let alone all this other stuff. You know, a poor boy from Oklahoma.
David Blackmon [00:21:37] I don’t want us to go before we get this. LinkedIn uses only agrees with me. And that’s Travis Lynn, who I believe is a petroleum engineer. Thank you. Travis.
Stuart Turley [00:21:48] David, you make me so proud. I’ll tell you what.
David Blackmon [00:21:54] Somebody agrees with me. You know, I have to admit it.
Stuart Turley [00:21:57] I do, you’re a legend in my mind, David. So when you wake up in the morning, you know that Stu Turley thinks that you’re, like, a good dude. So rock on. Hey, let’s get rolling over to our stories here. And, as we get rolling into our stories, though, we have the 4th of July coming up, and, and, we all have talked about the energy transition. Really. You gotta have in order to have a transition, you gotta have a smooth plan. So you just can’t kill fossil fuels, right? You just can’t go, poof. No fossil fuels for you. And I would actually love to see New York. California. In Germany. All those in favor of making them the test bed of no gasoline or diesel sold in those states? I think it’d be fun. I think we should do that. But here’s what I think the energy transition is doing right now. So this is 4th of July coming up. And, I just love this one. This is an moo’s energy transition
Stuart Turley [00:23:09] Can you imagine? Okay. That. Don’t you know?
David Blackmon [00:23:26] Looks like a, a lithium ion battery manufacturing plant.
Irina Slav [00:23:30] Yeah.
Tammy Nemeth [00:23:31] Yeah, that’s that’s what I was thinking.
David Blackmon [00:23:33] Yeah.
Stuart Turley [00:23:35] And we have Irina. Your stories are up first.
Irina Slav [00:23:40] Yeah, the first one I referenced earlier how companies are starting to back away from green targets. Companies are realizing those targets were unrealistic, unacceptable financially and plainly impossible. So now they’re starting to revise them, reassess them, and basically ditch them. The Financial Times is really surprised about the standard it quoted. Former BP executive. I don’t want to see myself. The whole screen still plays, it’s weird. So I don’t get my stuff. So this one the BP CEO was. So suddenly. He’s very, very transitioning. He’s all in favor of the transition, regardless of the fact that he used to had one of the biggest oil companies in the world, and they of them are saying that we shouldn’t do this, that companies should keep pushing for the transition because otherwise it’s it’s climate apocalypse or something. So there are still many people in positions of some kind of power who refuse to acknowledge the actual physical reality that this is not happening because it cannot happen. And there was this lovely quote from the CEO of Unilever who said that basically we didn’t know what we were talking about when we said those targets. We underestimated the scale and the effort that would go into hitting those targets, really. Is there nothing like forward planning? Nothing like, I mean, any planning. They just set those targets and thought they’re done. And now that’s regulators. And, you know, lawmakers are pushing for verification and substantiation of, transition claims. Suddenly they’re realizing that this cannot be done.
Tammy Nemeth [00:25:47] I’m sure they’ll be happy. Yeah, because they’ll be held liable for it.
David Blackmon [00:25:51] Yes.
Irina Slav [00:25:52] Yeah.
Tammy Nemeth [00:25:53] Yeah. Because that’s the new.
Irina Slav [00:25:55] One thing to talk about. Something is a very different thing to actually get down to doing it.
Tammy Nemeth [00:26:01] Yeah, right. Yeah. We love, Joanna said. Planning. What does that mean?
Irina Slav [00:26:07] Yeah, exactly. Yeah. Apparently a lot of people don’t know what that means.
David Blackmon [00:26:10] I’m guessing that former BP CEO was Sir John Brown.
Irina Slav [00:26:15] Yeah, yeah, of.
David Blackmon [00:26:16] Course it was. Okay. Yeah, well, that explains a lot.
Tammy Nemeth [00:26:21] Well, interestingly, about about three years ago at Davos, I think it was the sustainability person for Unilever. I can’t quite remember what his name was. And he was talking about how they were putting together this huge team in order to be able to track all the emissions up and down their supply chain. And that he’s like, we’ve got like a thousand people working on this and we’re struggling. And he said, I don’t know how smaller companies will be able to do this. I thought that was quite telling. And that was three years ago.
Irina Slav [00:26:56] Well, announce with common sense. Amazing. This is my favorite. Solar can provide 20% of world electricity on northern summer solstice. Thinktank says the thinktank is, of course, Ember. Of course. The story said it was delicious. It’s like a joke. It’s it’s worthy of. You know, Monty Python’s had its own thing. So solar can generate 20% of wool. World electricity on northern summer solstice. A during peak demand. No peak production hours.
David Blackmon [00:27:36] Right.
Irina Slav [00:27:37] Wow.
Tammy Nemeth [00:27:38] Okay. Brilliant.
Irina Slav [00:27:41] It’s very meaningful. It’s groundbreaking. Life changing. And this is being reported on as news. Yeah. Which really stunned me. This is. This is.
Tammy Nemeth [00:27:57] What’s that publication Irina that it was in?
Irina Slav [00:28:00] It’s Reuters.
Tammy Nemeth [00:28:02] Reuters.
David Blackmon [00:28:02] Yeah, I know, it’s Reuters. Yeah, well of course it is.
Irina Slav [00:28:05] Factual reporting from Reuters.
David Blackmon [00:28:08] Yeah, well they do better than some like the Financial Times. But, you know, they’re all in the tank. You know, they’re all basically going down. Yeah, yeah.
Stuart Turley [00:28:19] But Tammy.
Tammy Nemeth [00:28:20] Oh, sorry. Reuters is a member of covering Climate now just so.
David Blackmon [00:28:24] Yes, of course they’re.
Stuart Turley [00:28:26] Covering, you.
Irina Slav [00:28:27] Know, doing so, so bluntly. I mean, it’s it’s ridiculous. They’re talking about a few hours one day of the year.
Tammy Nemeth [00:28:35] Yeah. But that’s that’s the goal of covering climate now is that you push out these, these stories that promote the transition and condemn oil and gas, and you do it in sometimes in a subtle way, and other times like this, where they they fit a clearly ridiculous report and then say, oh, think tank says, you know, like. Yeah.
Irina Slav [00:28:58] Yeah, yeah.
David Blackmon [00:28:59] And so what’s the goal now?
Irina Slav [00:29:01] Because this is like a hammer on the head.
David Blackmon [00:29:04] Right. And the goal that headline is, is so that, you know, low information. People will read that headline because they don’t ever read anything else.
Irina Slav [00:29:12] Yeah, yeah, yeah.
David Blackmon [00:29:13] And they’re going to go have dinner with a bunch of people tonight at a restaurant. They’re going to say, did you know that solar is providing 20% of our electricity?
Irina Slav [00:29:21] Yeah.
David Blackmon [00:29:22] And I read it in Reuters. It has to be true.
Stuart Turley [00:29:26] Did you say low in what low.
David Blackmon [00:29:29] What low? Information voters. Democrats.
Stuart Turley [00:29:32] Oh thank you I thought oh I thought you said my in-laws. Okay.
David Blackmon [00:29:37] Same thing.
Stuart Turley [00:29:38] Yeah. Sorry about that. Okay. Here we go. David, I tell you what. Your story just cracked me up today. You know, I loved Irina and the stories, but, David, this picture of Putin, look at Putin. He looks like he just, you know, the cat that think Canary.
David Blackmon [00:29:55] Yep.
Stuart Turley [00:29:55] And then Biden looks like he’s just. Ice cream in his pants again. But I got a secret video. Did we all saw that last week? Kim Johnson and, Putin met, and I want to just say this and go on the record that they met for energy security, and they’re sticking it to the United States is knows and they’re basically going to put a pipeline in from North Korea all the way through to South Korea. Then it’s going to also go into Japan. And then they’re going to make sure that Japan gets connected in up there. So Japan can get on to Russian gas. I want to go on record and say that this was a very, very important meeting. And David, I can’t believe that we found this video. So let’s get back to the story here and take a look at the the video.
Video Speaker [00:30:53] And then he shit his pants and wandered off like he saw ice cream truck. Just like little retarded boy.
David Blackmon [00:31:01] Yeah.
Stuart Turley [00:31:03] Okay. So you have the leaders of Russia and North Korea, and then he’s saying, oh, you know, like little wanders off like little retarded boy. I’m sorry. That was funny. Sorry.
Irina Slav [00:31:16] Yeah, and also sad.
David Blackmon [00:31:17] But also sad. I think my story, is about the fact that Russia. So I mean, this all plays off the stupid, idiotic, unjustified pause in LNG permitting that Biden enacted and his handlers enacted in January, and the fact that US supply of natural gas to Europe has dramatically dropped every month since then, from 22% of Europe’s supply to now less than 19 or 15% of Europe’s supply. And in May, for the first time in more than two year, Russia supplied more natural gas to Europe. Despite all the sanctions, all the wars, all the killing and destruction. Russia is, you know, supplies more gas to Europe than the US. So there was that story. The other one, of course, was about Fisker filing for bankruptcy. The the fourth, pure play EV company in the United States filed for bankruptcy so far this year. Rivian is on the verge of bankruptcy. Lucid is on the verge of bankruptcy. Nikola is on the verge of bankruptcy. By the end of this year, every pure play EV maker in the United States, except for Tesla, will either be in bankruptcy or teetering on the brink. I suspect they’ll all be in bankruptcy by the end of the year. And, you know. And why. It’s because the market isn’t there. The market is not for EVs. The market is for, gas powered cars and diesel powered cars, because those are the things that work and everyone knows they work. Yeah, and they have and they’re cost competitive. And that’s going to continue to be the case for a long time to come. So those are my stories.
Tammy Nemeth [00:33:05] And they’re being competed by or whatever. If you’re going to have any EVs, people will want to pay the cheapest price and time. China’s dominating the market. And it doesn’t matter even if people don’t want them because the Chinese government is underwriting it. They’ll just keep keep making them.
Stuart Turley [00:33:22] So yeah, there’s an article that came out. I can’t remember where it came out from. It was climate Change dispatch.com, and they said that 46% of Americans who own EVs want to go back to a standard vehicle.
Irina Slav [00:33:38] Yeah, yeah.
Tammy Nemeth [00:33:39] That’s right.
Stuart Turley [00:33:41] That’s
Irina Slav [00:33:43] Oh. They were good for the EV revolution.
David Blackmon [00:33:48] That was a trick.
Irina Slav [00:33:49] Once again, it’s completely unexpected.
David Blackmon [00:33:52] Completely. Yes. But not a surprise.
Stuart Turley [00:33:55] Yeah. Tammy, I absolutely love this picture. And for our our podcast folks, I was trying to zoom in on this, guy. If you look at your picture, the fossil fuel opponent scored a victory in the UK Supreme Court ruling. If you look at him, he looks like he’s the only one that made money on that court ruling. He is the attorney for them that lives in a van down by the river. That man’s suit is wrinkled and he hasn’t changed it in all these years. And it was absolutely a hoot. So the only winner out of this fossil fuel lawsuit was that man right there. Sorry.
Tammy Nemeth [00:34:35] Yeah, I yeah, it’s go figure. I’m not surprised that that would be the the look so this story is, the UK Supreme Court. It’s interesting. The UK never had a Supreme Court until recently. And they created this Supreme Court because before it was, you know, based on corruption or whatever. And so now there’s this Supreme Court and unfortunately it ruled that, there’s a just a little bit of oil production in a field like, in an oil field near in Surrey, near the London airport. And, it doesn’t produce very much. And they wanted to have a few more wells, I guess, or something. And, they just talked about the emissions from producing the, the oil. And the activists, of course, took it to court and they got the Supreme Court to rule that, any project must take into account scope three emissions, and that’s the emissions of actually using the oil. So now a company and this is what’s happening with these sustainability standards that everybody thinks is just blah, blah blah, but it’s real. And it’s here and now. We have a court ruling on it. And this is what, activists in Canada have been trying to get courts to rule on, whether it’s the Competition Bureau or the Advertising Standards Council or whatever. It’s all over in the Western world. And that is to make companies, responsible for the emissions of people using their products. And I think this is just an absolute travesty. And, well, you know, I don’t see how oil and gas production in the UK in, in the North Sea or whatever can continue because that the, the activists will just sue now. They’ll sue. The other ones that have already had permission. So I see possibly the UK’s production being phased out rather quickly. Yeah. Just based on this. Wow.
David Blackmon [00:36:37] So me, you. How we know why shell and BP are considering, being listed in the on US stock exchanges instead of the UK.
Tammy Nemeth [00:36:47] Right. Because, I mean, one of the other elements is that the UK is bringing in these sustainability standards, which of course makes you account for your scope three emissions. But now that the court has ruled that you actually have to it’s not just that. Oh, look, we have this number. It’s like, no, you’re responsible for that number. And that affects whether or not you’re going to get investment or financing. So, that’s that’s, an important ruling that is stupid. And, and. Wow. So it sets a bad precedent in the UK. And now other jurisdictions will say, oh, well, look what they did in the UK say we should do that too, which is how they seem to do things these days. Yeah. And then the other story, it was about, a week ago, I guess, I think it was around June 12th or 16th or something that the BBC climate disinformation person, did a hit piece on Jasper. Jasper Mashego, who Irina’s had on her podcast and.
Irina Slav [00:37:51] Yeah. Yeah. Which, this one too. Yeah.
Tammy Nemeth [00:37:55] Yeah. So I think we should, you know, I think that would be really important. But, so the BBC just went after him, calling him a climate denier. You know, he’s raising money to, in order to bring clean water and electricity to his community. And they’re trying to say, oh, he’s getting it from oil companies or something. I mean, it’s just it’s stupid. But this is where we’re at, where you disagree with what the narrative is or whatever. And you get that. We get, try to be deplatformed or whatever by the climate disinformation czar at the BBC. And how they did this to Jasper reminded me of the BBC guy going after the president of Guyana. Do you remember that? But.
David Blackmon [00:38:43] Oh, yeah. Yeah, yeah.
Irina Slav [00:38:45] And then I.
David Blackmon [00:38:46] See there’s a BBC do anything other than propaganda anymore.
Tammy Nemeth [00:38:51] No, I don’t think so. It’s so sad. I mean, it used to be this amazing institution that has just been eroded and corrupted over time. And it reminds me sort of, of the IEA and maybe where, the report that we’re talking about today might head. So, you know, when you have all of these institutions that had such credibility, and it’s slowly been eroded and corrupted over time? I think that’s that that does the world a disservice.
Stuart Turley [00:39:25] Tammy, did you see the one note or the the there’s a guy that was being interviewed and I just went by and I saw it just real quickly. By the time I went back, it was down or taken down or something. But he says, don’t you know Canada is already net zero when you take a look at the amount of, CO2 that the trees remove. Anything that Canada does, we’re already net zero if you leave our trees alone. I thought it was an outstanding because he went by the numbers on on that.
Tammy Nemeth [00:39:57] Oh, you.
Irina Slav [00:39:58] Know, at least he, he actually did the calculations based on what? One tree removes invasive CO2. Yeah, I’ve seen this.
Tammy Nemeth [00:40:08] Except the way that they’ve they’ve decided the global carbon budget. And so because they’ve decided what everybody’s share of emissions are or whatever, it doesn’t matter because they’ve already taken that into account and it’s distributed. And so we have what’s our share. And so we have this, this little itty bitty budget that we, we’re supposed to meet or whatever. And, you know, that’s like, that’s.
Stuart Turley [00:40:35] The president of Guyana. I love him and I would love to have him on our podcast here. Because his.
David Blackmon [00:40:43] Voice to get an interview with I’ve tried for months.
Stuart Turley [00:40:47] He was classy and I loved his response.
David Blackmon [00:40:50] So, I think that, hell, I forgot what I was going to say. Never mind.
Irina Slav [00:40:56] I was, I wanted to say that this well, this BBC climate disinformation, did to just, it actually backfired and expanded, just because, you know, reach now a lot more people know about him and about what he’s doing, which is unashamedly campaigning for hydrocarbons for Africa.
Tammy Nemeth [00:41:18] Yeah, but, you know, he’s an apostate story.
Irina Slav [00:41:21] Yeah.
Tammy Nemeth [00:41:22] He’s an upset because he used to be with Greenpeace. Right. And see how it doesn’t work. Right.
Irina Slav [00:41:29] Yeah.
Tammy Nemeth [00:41:30] So.
David Blackmon [00:41:30] Oh I remember what I was going to say. We can’t talk about trees taking carbon out of the atmosphere because there’s no grift. If you talk about trees, there’s no no possibility of transferring wealth from talking about tree. So they put the.
Tammy Nemeth [00:41:45] Natural natural assets, natural asset companies.
David Blackmon [00:41:49] Yeah. Yeah. Well that’s true. Yeah.
Stuart Turley [00:41:52] Are you saying there’s grift in the world, David?
David Blackmon [00:41:55] That’s what I’m saying. The whole world appears to be based on grift at the moment.
Stuart Turley [00:42:00] Yeah. Oh, I just I and again, we we already saw that one. I’ll tell you this one, on this one really kind of gets my nerve worked up. Democratic dark money group, pumping money into green groups and Biden’s super PAC. This one just kind of drives me nuts. Yeah. We sit back and we take a look at the numbers on this. The Civic Involvement Fund is operated in the shadows of an apartment unit in Brooklyn since 2019, and the amount of money that they’ve given to the Democratic political machine is amazing. The Civic Involvement Fund got its start with a single, anonymous, 10.7 million contribution in its 2019 tax year. The fund is, 21 two contributions over 24.5 million. So green energy and political graft is a wealth transfer. And it drives me nuts.
Tammy Nemeth [00:43:09] Thank you for that’s only one. Thank you. Only one of them.
David Blackmon [00:43:12] It’s just one of dozens. Yeah I mean yeah. And you know that $10.7 million came from one of a handful of suspects, George Soros, Tom Steyer, Mike Bloomberg, Bill gates. You know, it’s a very limited subset of billionaires who fund all of these things.
Stuart Turley [00:43:31] And the 369 billion climate change investment fund, authorized by the Inflation Reduction Act by Podesta, who is a non-elected nor. Certified chocolate. I mean, chowder head. Excuse me. Person. Anyway, I get.
David Blackmon [00:43:51] Very bad human being.
Stuart Turley [00:43:53] Yes. He is. So. And then the other story was 5 million. This is from the Energy Bad Boys Substack. These two young guys, are pretty funny. I like Isaac or. And Mitch rolling. The EPA’s ineptitude in southwest power shows the agency has no idea what it’s doing, and it’s the regulatory actions of the EPA. The article actually is five point, 2 million Americans will be left in the dark by EPA’s carbon rules on power plants. And I mean, this is they’ve done their homework, and they really lay it out and explain, what the EPA is doing, which is pathetic.
Tammy Nemeth [00:44:41] Yeah.
Stuart Turley [00:44:45] Yeah, boy. So if women control, like, we just. Really. Okay. How about that mad dog? Know what, guys, I have to admit, my wife. I’d be dead meat without my wife. Now, if women. Here is a video. And I think this is if women actually could run some things. This is what happens when men run the place without women. And I think this is what’s happening to the energy transition. So let’s go ahead. It’s. You absolutely. Take over there. So, you know, ladies.
David Blackmon [00:45:50] There’s an awful lot of truth in that.
Irina Slav [00:45:52] Yeah, well, you want to lie on this woman, so.
Stuart Turley [00:45:55] Do what?
Irina Slav [00:45:57] I was left on the line. Is a woman so.
Stuart Turley [00:46:01] That we know of.
Irina Slav [00:46:03] Oh, come on.
Stuart Turley [00:46:04] It was a joke. It was a joke. But, you know, I don’t know. I don’t know what, what else we’re going to be doing here?
David Blackmon [00:46:13] I want to ask everybody if you saw the video of the the just stop all protesters who disrupted the golf tournament Sunday. We all seen that one.
Stuart Turley [00:46:22] Oh, no.
David Blackmon [00:46:23] How about and Google, protesters at, the travel.
Stuart Turley [00:46:28] All they did was smoke bombs.
David Blackmon [00:46:30] Yeah. Well they, they, they rushed the 18th green and they all were wearing t shirts that said No Golf on a dead planet. And I saw that and I thought, you idiots, you morons. I mean, the planet has never in our history been as green as it is today. Yeah, the planet is more alive today than it’s ever been.
Stuart Turley [00:46:55] Wow.
David Blackmon [00:46:55] Well, and these idiots.
Irina Slav [00:46:57] And don’t don’t inform people Greenland was called Greenland for reasons.
David Blackmon [00:47:02] Yes, well that’s true. Greenland used to be green.
Irina Slav [00:47:05] It used to be some time ago.
David Blackmon [00:47:09] That is true. But, globally, globally, we’ve had an amazing greening of the planet thanks to the rise in carbon dioxide in the atmosphere over the last 60 years. It’s undeniable everyone is forced to admit it. No one can deny it. And, are you sure?
Stuart Turley [00:47:25] Way too few food for plants.
David Blackmon [00:47:28] Plant food from its plant to this whole exercise is an exercise in.
Irina Slav [00:47:34] It makes it possible.
Stuart Turley [00:47:37] Yes, but, you know, merit maritime, rules. And, I agree, we’ve got to eliminate, pollution and let’s eliminate and really cut down the harmful sulfur emissions and those things. I’m all in. I’m not just. Let’s go produce.
David Blackmon [00:47:55] Yeah. Real pollution.
Irina Slav [00:47:56] Yeah. These are different things. Yeah, yeah, it’s a very evident.
David Blackmon [00:48:00] Oxide is not pollution. It should never be regulated to such.
Stuart Turley [00:48:04] So. Well, with that, Tammy, what do you have coming around the corner for this next week?
Tammy Nemeth [00:48:13] I’m working on an article.
Stuart Turley [00:48:19] Okay.
Tammy Nemeth [00:48:20] I didn’t want to say what it is until it’s finished, so. Okay.
David Blackmon [00:48:23] Well, we’ll look forward to it.
Stuart Turley [00:48:25] How about David? What do you got coming around the corner?
David Blackmon [00:48:28] Oh, man. I’m just, blowing and going. Just having fun.
Stuart Turley [00:48:33] And, Irina, how about you? Boy, you guys are, like, pulling teeth, and, kind of put me on the spot for a podcast host. I’m over here with my puppet animals going, okay, and I. Irina, what do you have going on?
Irina Slav [00:48:46] Nothing specific. Yeah, I, you know, I go where the news flow takes me.
David Blackmon [00:48:51] I think we’re all in that boat, see? Every day.
Stuart Turley [00:48:55] You know, I have never been in such a news cycle, like we’ve been in the last two years. You can’t buy this kind of entertainment, and I. Yes.
Tammy Nemeth [00:49:09] Sorry. I wanted to add here. Maybe this is something y’all should keep an eye out for. Last week, the Bank for International Settlements, which is the central bank for central bankers, released its Basel three platform, which is basically telling central banks they have to take climate risk into account and make sure that there’s no money and whatever, for stranded assets and all those other kinds of things. So it’s interesting that where that shift is going.
Stuart Turley [00:49:45] That that fits right on into what I’m watching and what I’m watching is there is $507 billion in banks in the U.S. that are in danger of closing. And there’s 26 different commercial banks that are doing commercial loans to, corporate, area. And, and that just goes away into this darkness and nobody’s talking about it. And it’s kind of like we got some real problems going on, but the mainstream media and you can’t get any information on this stuff is just nuts.
David Blackmon [00:50:19] Oh, I tell you what we got coming up. We got an election in the UK on July. Oh, yeah. So we have elections in France from somehow the elections in France last from June 30th through July 7th, and I’m not sure how that works.
Stuart Turley [00:50:37] They gotta count more votes when they mail them in.
David Blackmon [00:50:40] And they’re going in and the results are going to go in diametrically opposite directions first because they.
Tammy Nemeth [00:50:46] Always have the runoff. They have a runoff. So they’ll they’ll do the first round. And then when things don’t whatever, then they do a runoff and it’s in the runoff where all the manipulation happens.
David Blackmon [00:51:03] Anyway, it looks like the Labor Party is, you know, the UK is about to elect the communists, so.
Tammy Nemeth [00:51:09] All right, I know.
David Blackmon [00:51:10] I know, I’m going to be spending.
Tammy Nemeth [00:51:12] More time in Canada.
David Blackmon [00:51:13] Yeah.
Stuart Turley [00:51:15] Wow. Well, with that cheery thought, please like, subscribe. Follow Irina Slav on her Substack. Irina slav.substack.com. Follow Tammy and the Nemeth report.com. Follow David Blackmon on blackmon.substack.com and I’m Stu Turley. You can find me on energy Newsbeat dot com or the energy news beat Substack dot com. All right so with that we will see you guys next week with some entertainment.
Tammy Nemeth [00:51:50] Awesome. Thanks everyone.
David Blackmon [00:51:51] Thanks everybody.
Irina Slav [00:51:53] Have a great week. Bye bye.
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