Biden’s Climate Goals Are In Trouble

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CNX plans $1.5B hydrogen fuels plant at Pittsburgh airport, but wants federal tax credit to build it

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

Stuart Turley: [00:00:14] Hello, everybody. Welcome to the Energy News Beat Daily. Stand up. My name is Stu Turley President and CEO of sandstone Group. It is a crazy news day out there. Let’s get started with these stories. CNX plans $1.5 billion for hydrogen fuel plant at Pittsburgh Airport. But once federal tax credit to build it. I’ll tell you, this one’s kind of cool. Let’s go to the next story. Biden ratchets up tariffs on Chinese EV solar and batteries. Side note with this one is the following next story how tariffs threaten Biden’s climate goals. You can’t buy this kind of entertainment in this administration. UK businesses struggle with soaring energy costs. Boy, this is just a heartbreaking story for mom. Financial meltdown offshore wind industry collapse accelerates Can-Am to a bunch of nicer folks. And the whales all started cheering me. All right. Hey, I’d like to thank everybody that, who tunes in and listens and subscribes. Thank you so much. I just finished up yesterday the, interview with Congressman Victoria’s Spartz. And, I mean, she was fantastic. It was a short intro, interview. And, we’re going to have her back on the show. She was right on her way to get to a important vote, but hats off to her for being a inspiration and fighting, as a Ukrainian, national who is now a US citizen, my hat’s off to her and voting no for the money going to Ukraine. And she’s fighting for her constituents, so hats off to her. [00:02:06][112.0]

Stuart Turley: [00:02:07] Let’s start off with CNX. NXT plans 1.5 billion hydrogen fuel plant at Pittsburgh airport, but it wants federal tax dollars to fund it. There’s a little bit of a side note in in here, and, K’Nex is a great company. And, the president there says, he said the facility would remove a potent greenhouse gas from the atmosphere, methane vented from coal mines, and it wanted to blend it with natural gas to produce, producing a methane, hydrogen based airline fuel to support almost all the jet fuel consumption at Pittsburgh International Airport. This is pretty darn cool. And this is really. And I’m so sorry, rabbit. I don’t want to butcher your last name. See you next is president of New Technologies. He. He’s over there with Nick Dallas. Nick is a class act and has been on the podcast. I really love everything that CNX and Nick are doing over there. We want to produce our gas here, use it here to solve complex problems. And this is one of those that addresses a really hard problem to solve. Decarbonization of aviation is a challenge. My hat is off to the CNX leadership out there. I’ll tell you what. Nick and the entire team do a fabulous job over there. Hey, it’s about getting our great natural resources to the front lines, and we need more of these kind of folks. Here’s a quote from Nick. The tax credit, however, makes methane capture economically viable as part of the project that is, checking all the boxes in. When it comes to economy jobs, there are no regulatory requirements or incentives to capture it. I’ll tell you, it is important, and Nick is absolutely a class act. Hat’s off to everybody is in great company. We don’t give investment advice on this podcast, but usually good numbers mean good management. And that’s what I look at when I invest. So all right,. [00:04:26][138.5]

Stuart Turley: [00:04:26] Let’s go to the next story here. Biden ratchets, tariffs on Chinese EV sellers and batteries. The Biden administration moved on Tuesday to block China’s access to the American market for clean energy technology, doubling duties on solar cells and effectively quadrupling the price of electric vehicles from China. Now there’s more to this story, and it really is despicable. Duties will triple this year on EV batteries and other battery parts to 25%. The same 25% rate will be imposed on some steel and aluminum products. 25. Percent duty will go into force on critical minerals cobalt, manganese and zinc or the same tariff rate. And graphite will be permanent magnets in 2026. So these new trade rules will tighten the ongoing tensions between nurturing the country’s young, clean energy and playing clean energy. This is absolutely a, an example of the Biden administration not understanding how businesses operate in, China is using the same playbook it has before to power its own growth at the expense of others by continuing to invest despite excess Chinese capacity and flooding the global markets. All it’s going to do is hurt the consumer. [00:06:03][96.3]

Stuart Turley: [00:06:04] So, in a follow along story on this, how tariffs threaten Biden’s climate goals, the climate goals and the climate crisis, I think there’s more to this story than you need to make sure you’re paying attention to this, quote unquote, from David Rapson, an economist at the University of California. Quote, this is probably not good climate policy. But it certainly will slow the adoption of clean energy technologies in the short term, and will likely slow them in the long term as well. You know. Biden is quadrupling the tax on the Chinese electric vehicles to 100%. This is actually very dumb on all aspects of this because he’s also taxing the batteries, the components, the critical minerals and everything else. If they’re trying to do grid expansions and energy security, they’re not considering into this. They need to be more specific and targeted, lower the costs so that Tesla, so that any of the other U.S. manufacturers can get the tax credits, because right now, their regulatory actions going from, you don’t get the tax credit, you get the tax credit, you get the tax credit, you don’t get the tax credit. No wonder the EV manufacturers are failing in the U.S. is because 100% because of the energy policies of the Biden administration. So between these two stories, it’s pretty much an eyeful for you there. [00:07:52][108.4]

Stuart Turley: [00:07:54] Let’s go to the next one. Speaking of bad energy policies, UK businesses are struggling with soaring energy costs. This is heartbreaking because it’s just business. When businesses are hurting, so are the consumers. Christian Stella, managing director at Centric Business Solutions Europe, says onsite generation is the next step. The managing power consumption costs more efficiently. It will play a vital role in steering firms through the market’s volatility, as well as providing businesses with more control over their energy needs. Where this is not addressing is the fact that high energy prices are due to the bad energy policies and implementing, renewable energy in a not efficient manner. There’s more than 37% of firms indicated they would not invest in onsite generation. If it does not offer cost savings that can be reinvested somewhere else. Your people are having to put in backup generators and other on site charging because the grid is not being reliable. So when you have additional expenses, you have high electrical costs, you have deindustrialization. When you have deindustrialization going on, you actually have more poor folks. You have the middle class eroding, and you have more hardship in in society around the world. This is a major issue. So anyway, the research on this article says, energy market volatility is the primary motivation for onsite general generation investment, with 40% of the invest businesses investing in it, meaning they don’t have secure a secure grid. And in order to keep their lights on, they’re going to have to put in more power in order to support that cost more money. [00:10:02][128.9]

Stuart Turley: [00:10:03] So let’s go to our last story for the day. Full blown financial meltdown. Offshore wind industry collapse accelerates. This is an amazing story. It is really a part of it is out of stop these things.com. And they do a great job over there. But, the New Yorkers are going to get stuck. This is the last paragraph in the article paying excessive prices for offshore wind for 25 years and just to meet their political class climate goals. So even if offshore wind costs drop, the state will be locked into exorbitant long term contracts. Meantime, the state’s grid operator has warned that New York City could face power shortages as soon as next summer due to the shutdown of gas and nuclear power plants. Another climate policy fiasco. That’s, quote from the Wall Street Journal. That’s pretty amazing. When the Wall Street Journal is even putting that out there, it’s unbelievable. One of the key players, GE Renewable Division, backed up a solid 2.2.2 $4 billion loss in 2022. That’s just nuts. And in 2023 they did $1.44 billion write out of the cost of trying to generate the occasional electricity from miles offshore. And it’s unbelievable the amount of cost on that. [00:11:38][95.1]

Stuart Turley: [00:11:39] Again, thank you to all of the great people out there. I want to give a shout out to the crowd life out there. Jason, it was fantastic talking to you this week. Look forward to getting some more things over to you. We’re also excited about the digital Wildcatters and us working with their AI and helping their resources. We love the digital wildcatters out there with all that. Subscribe. Like share. If you’re an energy expert, I want to talk to you on, conversations with Stu and Energy. And if you have deals, we want to evaluate your deal. If you have a deal, reach out to Michael. Let’s talk and see if you’ve actually got an M&A deal that is of value. If you think it’s worth something, let’s have another set of eyes on that. Deal with that. Have a great day. We’ll talk to you soon. [00:11:39][0.0][679.2]

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