Daily Standup Top Stories
Trump shot in ear at campaign rally, world leaders react
Donald Trump was shot in the ear during a Saturday (13 July) campaign rally, streaking the Republican presidential candidate’s blood across his face and prompting his security agents to swarm him, before he emerged […]
The Green No Deal: Oil And Gas Still Reign Despite Renewables’ Enormous Handouts
Despite more than $4 trillion in global spending on renewables (wind and solar) from 2004 to 2022, fossil fuel consumption grew 3.4 times faster. Given how much renewable energy has been promoted, dressed up, coddled, […]
Media Scapegoat Fossil Fuels For Heat Waves, But Experts Say Asphalt, Cityscapes Real Culprit
New research by a climate scientist finds that nearly 13% of global warming is a result of the Urban Heat Island effect. Las Vegas broke its all-time high-temperature record over the Fourth of July weekend […]
Western Companies Are Now Paying for Russia Sanctions
U.S. and European companies still have billions of dollars in assets in Russia—and Moscow is starting to retaliate. By Giovanni Legorano, a journalist based in Italy. After months of discussions over whether to confiscate […]
Global push for renewable energy falls short of targets
Current decarbonisation efforts are insufficient to achieve the ambitious goals set during COP28. That’s according to the International Renewable Energy Agency (IRENA) which has released its latest Renewable Energy Statistics 2024 report, highlighting global challenges […]
Highlights of the Podcast
00:00 – Intro
01:29 – Trump shot in ear at campaign rally, world leaders react
06:03 – The Green No Deal: Oil And Gas Still Reign Despite Renewables’ Enormous Handouts
09:13 – Media Scapegoat Fossil Fuels For Heat Waves, But Experts Say Asphalt, Cityscapes Real Culprit
12:08 – Western Companies Are Now Paying for Russia Sanctions
15:56 – Global push for renewable energy falls short of targets
19:09 – Markets Update
23:53 – Outro
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Video Transcription edited for grammar. We disavow any errors unless they make us look better or smarter.
Michael Tanner: [00:00:14] What’s going on, everybody? Welcome into the Monday, July 15th, 2024 edition of the Daily Energy News Beat stand up. Here are today’s top headlines. First up Trump shot in the ear at campaign rally. World leaders react. Absolutely unbelievable. We have to start off the show talking about the assassination attempt. So we will cover it from all angles and attempt to weave in what this does mean for the energy markets. But really, it’s just a sad day in the United States. Next up, the green. No deal. Oil and gas still reign despite renewables. Enormous handouts. We’ve got to love that. Next up, the media scapegoats fossil fuels for heat waves. But experts say asphalt cityscapes are the real culprit. Interesting. Love a good zig when everybody zagging. Next up, Western companies are now paying for Russian sanctions. That’s right. You’re paying for Putin, guys. All right. Finally, global push for renewable energy falls short of targets. Stu. Then toss it over to me. I will quickly cover what happened in the oil and gas markets on Friday. And touch on another surprising rig count drop. We will cover all that and a bag of chips. Guys, as always, I am Michael Tanner, joined by Stuart Turley. I think we know where we want to begin the show though. [00:01:29][74.6]
Stuart Turley: [00:01:29] Holy smokes dude. Trump shot in the year at campaign rally. World leaders react. Michael I just want to say I am. Our hearts go out for everyone that was there. The family of the deceased. That’s the first thing. President Trump, what a fighter. This really got me worked up. [00:01:47][17.6]
Michael Tanner: [00:01:48] I wouldn’t have thought that. [00:01:49][1.6]
Stuart Turley: [00:01:50] Oh, I am so grumpy out now. Here we are for our podcast listeners. I’m pulling out. Do I wear my army hat or to wear my Trump hat? I don’t really care anymore. I am going to wear this hat with pride everywhere I go. And anybody in this in my family. Screw you. I’m wearing a. [00:02:09][19.4]
Michael Tanner: [00:02:09] Hat. We are here. Second vote. First off, this is an official endorsement for Stuart. I can tell you I’m shocked. Oh, yeah. [00:02:15][5.8]
Stuart Turley: [00:02:16] Hey, by the way, hats off to the Secret Service. That did step up. But I also want to say there are rumors out there saying who to blame. I’m going to say this, Michael, the who to blame on this. There are the what? The eight Democrats that filed for legislation to remove secret Service. They need to be thrown out of Congress. The other one is President Biden. President Biden called on this and said there was going to be some changes happen this weekend. He telegraphed some things. I’m not going to get into that. But there are things that the shooter, that the sniper that actually was the police sniper, there are rumors and I don’t have this verified, but I have sent it to Dan Bongino for verification. He said he was told to stand down. Michael, I’m not going to say that that is the truth, but I am saying I’m asking for Dan Bongino to check that one out, because if the Secret Service did ask him to stand down, that is a failure. And the d I of the David Blackman put out a video of it look like Keystone Cops, the females trying to protect Donald Trump. President Trump is pathetic. I am sorry I am all worked up on. [00:03:35][79.8]
Michael Tanner: [00:03:36] I saw one tweet that said this look like an episode of Reno 911. And if you’ve ever if you’ve ever seen that show, it was really true. You know, first off, obviously super scary. It is kind of incredible to think about the as this article goes on, to talk about how strong the world leaders have come out and condemned this and how little our, our own government has come out to release this. I mean, I’m an avid New York Times reader, and I just thought he fell off the stage until I actually saw the video. [00:04:03][27.1]
Stuart Turley: [00:04:03] And then said he fell off. [00:04:05][1.8]
Michael Tanner: [00:04:05] The stage. It was insane. I mean, he within five seconds of watching the video, you knew what happened. Yet you had you had all these people trying to tip toe it around because let’s make it very clear it Trump’s going to win in November. I mean, if there was any doubt of him winning this blew it out of the water. [00:04:23][17.4]
Stuart Turley: [00:04:23] This changed it for not only for me. I’m done pussyfooting around with anybody telling me that, oh, we got to be nice. I’m sorry the gloves are off, dude. And this is now a battle for the survival. And do not kid yourself. The deep state. Here’s where I’ve been very vocal about this. General Flynn, you are now needed as our vice president more than ever. We need you to clear out the Deep state for four years as VP and then eight years as president. General Flynn, you have an open invitation on this podcast. And by the way, we need you to clear out the deep State. [00:05:08][44.6]
Michael Tanner: [00:05:09] Well, and there really is no. A way to tie this into energy. So I think we’ll just we’ll just stop it here. I think it’s a sad day for America. We decry any type of violence, so hopefully there’s no retaliation. This should be a consolidation and a coming together. And obviously I think in November it’s going to be pretty clear what’s going to happen. And we’ll cover on down the line in the eventual victor about what this means for the oil and gas business. But for now, we just decry violence and we hope everybody can at least now Trump’s okay. Take a deep breath and hopefully move on to dope to try to figure out and help fix what’s going wrong in this country. [00:05:41][32.7]
Stuart Turley: [00:05:42] But I agree. [00:05:42][0.3]
Michael Tanner: [00:05:42] What’s up? What’s up next? [00:05:43][0.8]
Stuart Turley: [00:05:44] Let’s let’s just say this I have always defended those around me. I have never made a first violent. I will defend people around me and if anything happens around me, I will throw my life on the line. For folks, that is something I have done. Period. So all right, let’s go to the green. No deal. Oil and gas still rain despite renewed the bulls enormous handouts. I’ll tell you what, Michael. Despite more than 4 trillion in global spending on renewables, wind and solar from 2004 to 2022, fossil fuel consumption grew 3.4 times faster. Now, here’s what you wish for. Oh yeah. Not. But think about how much money and cost of capital that is. Not a year ago. The New York Times headline trend Clean Energy Future is arriving Faster than You think. A decade earlier, Guardian said how wonderful low carbon future was just ahead. If Britain would stop subsidizing coal and oil and gas industries by 4.2 billion a year, they get it confused. Michael. In every one of those stories, they were talking about it. There’s a difference between tax incentives and subsidy. They were calling tax incentives. I mean, there is a huge difference. [00:07:04][80.0]
Michael Tanner: [00:07:04] Shocker that journalists can’t aren’t, you know, don’t do enough research to understand the difference in subsidies and tax and, and tax incentives. You have right me shock. [00:07:14][9.1]
Stuart Turley: [00:07:14] And listen to this. And oil and gas and coal receive less than 15% of federal support or not even a third of what was gifted do renewables there is and that is it different, because that number is actually kind of wrong, because it’s a tax incentive. In order to get a tax incentive means you gotta have profits. I mean, it is really unbelievable. This next line overall global spending on green energy, which includes nuclear. And I’m okay with that. In all, we should will exceed $2 trillion twice 1 trillion in expenditures on fossil fuels. And I’ve heard that we need to spend 4 trillion just to meet decline curves for a stagnant demand curve. Michael. [00:07:58][43.8]
Michael Tanner: [00:07:59] Yeah, I mean, we’ve been the first one. [00:08:00][1.4]
Stuart Turley: [00:08:00] Did I say prices for oil coming? [00:08:02][1.8]
Michael Tanner: [00:08:03] I’m with you. I’ve been the first one to call out the tremendous amount of negligent spending that’s happened to the oil and gas business. Trust me, I’ve seen money spent on projects that have no need to be spent on. But that doesn’t mean that we shouldn’t be. That you are absolutely right because of the declining nature. I mean, they’re called decline curves for a reason because they exponentially decline. You have to put up money into it. The fact that we’re going to we’re spending over 100% more on renewables than we are fossil fuels is just absolutely incredible and really tells you where the subsidies are. [00:08:39][36.0]
Stuart Turley: [00:08:40] Right? [00:08:40][0.0]
Michael Tanner: [00:08:40] This that stat right there really tells you where the subsidies are. Because if they’re more subsidies and fossil fuels, trust me, these green energy people would be dumping it all into fossil fuels. Trust me. [00:08:51][11.0]
Stuart Turley: [00:08:52] Well, the I has now squirreled this out and really kind of ruined it for everything is now. The big tech is needing a lot of energy. And in the article by Robert Bryce, he says gas fired power generation grew 9.5 times faster than wind and solar combined. Yeah. [00:09:11][19.0]
Michael Tanner: [00:09:11] Wow. Crazy. All right, what’s next? [00:09:13][2.0]
Stuart Turley: [00:09:13] Let’s go to Media Escape. Go fossil fuel for a heat waves. But experts say asphalt cityscapes are the real culprit. Go figure this one out. Heatwaves bring a barrage of dramatic reports. Commercial pizza ovens are closer to a thousand degrees, and home bake pizza ovens are cooked, boiling for 25 and 500. But they’re saying that it’s comparable to a pizza oven. I’m going to call. We’re living in a dangerous new era, more frequent, destructive, and deadlier disaster fueled by humanity’s continuing spewing of greenhouse gas pollution, The Times reported. I’m going to disagree. Heat flux is a fancy scientific word for heat. It includes the heat narrative off pavement, as well as heat from air conditioning, air conditioners, and cool space by moving heat, which is then rejected out. I mean, think about it, pavement. You ever try to walk across the pavement? [00:10:09][55.4]
Michael Tanner: [00:10:09] Well, it’s. And this is interesting. So Chris Morris, he’s an atmospheric science senior at MIT. Yes. I mean now we’ve got we’ve got people in college now who are making more sense than the experts. You’ve got people in college making more sense than the experts. He compiled data from the Global Historical Climatology or No, he told the global Global Historical Climatology Network Daily that he compiled data from five stations around the DC metro area, which have spring average temperatures going back to 1893. The data according to a college. So when Eden College found that there was no warming trend since at least 1921, in the rural and suburban areas surrounding DC. But in the there’s a 12% rise in urban areas, right? [00:10:59][49.1]
Stuart Turley: [00:10:59] You know why? Because where the sensors are located, they build up around sensors, and then they don’t bother to go change them out and do that. There’s a whole nother set of articles and everything else about urban heat and how they’re measuring it like, oh, unbelievable. Well, there’s. [00:11:15][16.1]
Michael Tanner: [00:11:15] This other quote here. I’m trying to find the guy’s name, Doctor Alec Fineberg. He’s a climate scientist. Listen to this. This is one of his quotes. If the roads were concrete, we would have about 5.5% less global warming. So in other words, we can make them more reflective because concrete is about 4 to 5 times brighter. [00:11:34][18.8]
Stuart Turley: [00:11:35] But how much more concrete there’s asphalt than asphalt? Because CO2 has to burn coal. And it’s not just any coal, it has to be the coking coal at higher temperatures in order to create it. [00:11:49][14.4]
Michael Tanner: [00:11:49] I’m with you, but but if assuming his analysis took that in, you’re still better off having concrete than what we have right now is asphalt. So again, it’s clear the elites, they don’t care about global warming. They care about sucking more money out of your pocket. And however they can do that, that’ll be their new scheme. [00:12:07][17.2]
Stuart Turley: [00:12:07] And I would agree. Hey, let’s roll over to our buddies over there in Western companies are now paying for Russian sanctions rate. European and U.S. kind of companies still have billions of dollars in assets in Russia, and Moscow is starting to retaliate. I’ll tell you what. This is unbelievable, Michael. One little fact before we get into this article. Before the war, Ukraine, Russia spent, I believe it was 75% of the transactions in Russia were in U.S. dollars. They’re down to less than 20%. That is a statistic that is going around the world and why the value of the dollar will go down eventually. People don’t need the U.S. dollar anymore, quote unquote. Our country has significant amount of Western funds and property that under Russian jurisdiction, all of this may be subject to Russian retaliatory policies and retaliatory actions, said Maria Zakharova, spokesperson for Russian’s Ministry of Foreign Affairs. Of course, no one will disclose the nature of those retaliatory actions to you, but the arsenal of political and economic countermeasures is one. The man is in charge of BRICs this year. I mean, he’s going to escalate everything he possibly can to go around the world on this. [00:13:25][77.5]
Michael Tanner: [00:13:25] Yeah. So according to some analysis done by the School of Economics and the Brussels based think tank, well, I’ll leave my comments aside for what I think of a Brussels based think tank. But they claim that since 2022, 40% of all, you know, European and U.S. companies have pulled out about 40% of their Russian assets. But there are still foreign assets worth about 194 billion in Russia. Of those assets, 32 billion are owned by U.S. companies, while another 90 still belong to European countries. So it’s proving harder to get out. And as we always say, at the end of the day, the consumer you takes it in the shorts. [00:14:04][39.0]
Stuart Turley: [00:14:05] Exactly. You know, it’s like there’s a Russia in Germany, there is a Russian, Russian refinery that they are now confiscating. And that is that is just, you know, guys, you need to learn how to negotiate with Putin rather than confiscate my opinion. [00:14:23][17.5]
Michael Tanner: [00:14:23] Yeah. It’s I mean, two things can be true. We cannot like food, but we can also think what this entire charade that’s going on is inappropriate in order to handle the situation. I mean, people don’t think we can walk and chew gum at the same time. We can. We do it all the time. [00:14:38][14.8]
Stuart Turley: [00:14:38] You may be I don’t, but, you know, the one thing is don’t ever underestimate Putin and negotiate. He understands negotiation. So, I mean, look what he did to the sanctions. They sanctioned the the EU and the US sanctions, not him. And he’s risen the income per capita in Russian. And now the fourth and the fourth in the world. [00:15:02][23.6]
Michael Tanner: [00:15:03] Okay. Let’s just let’s just be clear. Yes, that is a true fact. But why is that true? Well, they have a commodities base to. Economy. The commodity price specifically for oil, which is their biggest export, has gone up about 20% relative to 2022. And now. Now you could say that was that’s got nothing to do with Putin and has really everything to do with the corn bill. You know, a large amount of of fragmented energy policies coming to case. So yes, he has done that. A lot of it is just because he’s gotten lucky with oil prices. Let’s just put it out on the table. [00:15:37][34.1]
Stuart Turley: [00:15:38] I’m going to throw this at it, though, as he helped develop the Dart fleet and get around the sanctions through mechanisms and purchasing in Indian rupees. [00:15:45][8.0]
Michael Tanner: [00:15:46] No. One, he’s not controlling the oil statutes. [00:15:48][1.9]
Stuart Turley: [00:15:50] He’s not controlling the oil price, but he’s gotten around the sanctions and improving business. So anyway, let’s go to the next major global push for renewable energy falls short of targets. I wonder why current decarbonization efforts are insufficient to achieve the ambitious goals set during Cop 28. Really? Despite renewables becoming the fastest growing power source globally, maintaining and exceeding this growth rate is crucial for surpassing fossil fuels in installed capacity. It’s not going to happen. I hate to tell you that the report identifies regional disparities with Asia leading and renewable power generation closely by North America. Renewable capacity at the end of 2023 accounted for 93.9 terawatts, or 43% of the global capacity, making a significant 14% increase from 2022. In establishing a compound annual growth of 10% from 2017 to 2023. Where these numbers do not take into consideration, Michael, is the fact that you they’re not counting for the standby power that has the dispatchable power, like in new natural gas and coal plants, that they either have to live on or add in to support it. So these numbers are not actual. [00:17:12][82.2]
Michael Tanner: [00:17:12] Yeah, I mean it the targets that people set and that were set during Cop 28, it doesn’t take a genius. We don’t need another study. We might need another college student to tell us, hey, I don’t think we’re going to be able to meet this. [00:17:26][13.0]
Stuart Turley: [00:17:26] I like this one. Cop president. Doctor. Sultan. Algebra. Today’s report is a wake up call for the entire world. Why? We are making progress. We’re off track to meet the global goal of tipping renewable energy capacity to 11.2 terawatts by 2030. I can’t see it happening, dude. [00:17:44][17.9]
Michael Tanner: [00:17:44] Yeah, I mean, you there. There’s a lot we could say, but if you thought this hey, we’re going to be net zero by 2030 was actually going to happen. I mean I’ve here I’ve got I’ve got some investments I’d like to sell you trust me. [00:17:56][11.4]
Stuart Turley: [00:17:56] Yeah I had a joke, but I’ll leave that alone. [00:17:58][2.2]
Michael Tanner: [00:17:59] Look at the restraint being held by stuff. Because who knows what that could have been. We would have cut it if it was bad, but we were able to catch it in real time. Let’s go ahead and jump over and cover oil prices before we do that, guys. As always, we got to pay the bills around here. Thanks for checking us out. Energy news beat the best place for all your energy and oil and gas news, all of the news and quote unquote analysis that you just heard is brought to you by said websites during the team do a tremendous job making sure that website stays up to speed. Everything you need to know to be the tip of the spear when it comes to the energy and the oil and gas business. Hit that description below for all of the links to the articles timestamps, so you can jump around and and then go back and hear what we had to talk about. The Green New Deal, jump up and talk about where rig counts are going to go, anywhere you need to go. You can also hit us up the energynewsbeat.substack.com, where you can check out all of the articles that we’re going to cover. We obviously record this, the day before we release it. So you can if you subscribe to our Substack, which I highly recommend you do, you can get all of those articles before and get tomorrow’s news today. But let’s go ahead and jump in here Stu. You know markets on Friday actually you know didn’t fare too well. I mean they fared okay. We had a little bit of a tumble off on the end. [00:19:09][70.2]
Michael Tanner: [00:19:09] But we did see overall S&P 500 was up about a half a percentage point. Same with the Nasdaq up about a little above a half a percentage point 0.59 percentage points. Two year yields tumbled 1.3 percentage points ten years, only down about a quarter or three quarters of a percentage point dollar index, down about 4/10 of a percentage point. We see Bitcoin now still under $60,000, but barely sitting at 59,984 for crude oil actually did tumble a little bit. It was down about a half a percentage points, 8221 and does look to open here as we record this here on the 14th in the afternoon. Looks to open a little bit below that. But I have a feeling with with the events that took place we are going to see a slight overnight rise. So as usual session on Monday I would wager to bet we’re above that $82 mark. But but that will remain to be seen. Brant oil 8535. It’s only down about three. About 3/10 of a percentage point not gas spikes a little bit after. Again what’s coming a pretty intense heat wave $3.32. So still still down but but up a little bit. All you need gas. What we’re trying over here. You know, really what we’re seeing is, is, you know, investors are really weighing what we saw on Friday, which was a lot of which was some pretty weak consumer sentiment data. And the fact that there may or may not be more rate cuts coming. A monthly survey that was released by University of Michigan showed US consumer sentiment fell to an eight month low in July, although we did see the US Labor Department producer price Index, or the PPI, rising by 0.2 percentage points in July and June, which was slightly more than expected, as though the cost of services did climb. Still, we are hoping that the feds will come out and start cutting rates in December. Phil Flynn, an analyst over there at Price Futures Group, says the market isn’t afraid of the fed at this point. I’m still afraid, though, so I don’t know if the market is, but trust me, I’m still afraid we have EPG wrong. A market strategist over at IG. Cooling U.S. inflation numbers may support the case for the fed to kickstart its policy easing process earlier rather than later. It also adds a series of downside surprises in the US economic data, which points to a clear weakening of the U. S economy we also saw on Thursday and Wednesday, again, we saw EIA crude oil and natural gas storage inventory numbers. We did see that U.S. gasoline demand was up to 9.4 million barrels per day, which is the highest since 2019, for a week that includes Independence Day. Jet fuel demand was also on a four week average basis at the highest it was since January 2020. We also did see crude oil or rig counts dropped by Baker Hughes. If we can go ahead and put that image up here week over week, we saw a drop of still one rig. So we’re down to 584 rigs. That’s still that’s also down 91 rigs from where we were in the week ending July 4th last year. On July 14th last year, Canada saw an increase of 14 rigs. So he drill baby drill. In Canada we saw four rigs increase internationally 557 internationally. And for Canada you’re up to 189. So a mixed bag in terms of that U.S. economic data, we again we saw a slight drop in oil prices. But I think things are muddying the water. You know, outside of that where we have we we had to delay the podcast with, with our friend John Farrell to in terms of covering Devon Energy and scooping up Grayson Mill. So we’re going to record that here on Wednesday, try to get that out that in the next week and a half. But I’ve been diving into all things that deal really interesting for debit. I’ll be honest. My initial reaction is to I’m not sure if I like it from the standpoint of I, I just don’t see this and I don’t mean synergies. It just seems like Devin made a deal to make a deal. You know, you start diving into, you know, their acreage versus where Grayson Mill is. Devin is you know, if you go read their Q1 earnings report they talk zero about the balking. And now they go and buy a company that’s solely based in the Bakken. It just it seems to me that they felt like they were the the last person at the table without food and just had to grab something and ended up with, and I, like Grayson Mill is a business. I think they’ve done an excellent job. They got a great, you know, end cap, you know, obviously does a great job of putting together these deals. You know, they seem to have come out okay. I like everybody at Grayson Mill. But just from a strategic standpoint I’m from Devin’s side. Really interesting. Wouldn’t have thought that they were the buyer. I know that, you know, John and I were talking that, you know, we really thought the new court and plus merger was lining up to buy them. And you might have saw another merger and not necessarily an acquisition, but Devin swoops in and buys him out. Right. So super interesting. [00:23:40][271.0]
Stuart Turley: [00:23:41] Oh yeah. I can’t wait to see it when you guys get actually get down to it. [00:23:45][3.9]
Michael Tanner: [00:23:45] It takes a lot of work. I luckily we can just come on this podcast and riff a little bit. Got to do a little bit more research for those deals. Spotlight podcast. So what else you got to do? What should people be worried about this week? [00:23:56][10.6]
Stuart Turley: [00:23:56] Well, hug your family. We just don’t know how quickly things can change for us. And I know for one, I will be very vigilant as things go very forward. [00:24:06][9.5]
Michael Tanner: [00:24:07] Yeah, keep on keeping up gas in your tank to be able to make it up to the bunker. [00:24:09][2.9]
Stuart Turley: [00:24:10] Absolutely. [00:24:10][0.0]
Michael Tanner: [00:24:11] So all right guys. Well we hope you had a great weekend. Stay safe out there for Stuart Turley I’m Michael Tanner. We’ll let you get out of here. Get back to work. Thanks for checking us out. World’s greatest podcast. Check us out www.energyNewsbeat.com. We’ll see you tomorrow. [00:24:11][0.0][1409.8]
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