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Daily Standup Top Stories
BP Shares Plummet on $2 Billion Impairment Warning
Shares in BP fell by as much as four percent this morning after it warned it was expected to post an impairment of up to $2bn (1.6bn) and was operating under “significantly” lower refining margins. […]
The Left’s $7 Trillion Lie: Biden Far Outpaces Trump in Racking Up the National Debt
Projection is blaming someone else for your own bad behavior. We saw a classic case of projection in Thursday’s presidential debate, when President Biden—who is overseeing annual budget deficits of $2 trillion—asserted that his predecessor, Donald Trump, […]
Biden’s Net Zero Plans Have Sent Prices Soaring. It’s Going To Get Worse
Biden’s betting big on his ‘net zero’ agenda as part of his misguided ideological climate-control vision, even as Americans get walloped. The Biden administration doggedly has pursued a “net zero” climate-control policy since President Joe […]
The End of Chevron Deference: Tapping the Brakes on the Road to Serfdom
The desire to control so much of other people’s lives is inconsistent not only with liberalism, but with the U.S. Constitution. Government has controlled so much of our lives for so long, it now seems normal, […]
US electricity prices rise again as AI, onshoring may mean decades of power demand growth: BofA
Dive Brief: The year-over-year inflation rate for U.S. electricity prices reached 5.9% in May, up from 3.8% in January, according to Bank of America Institute, a think tank utilizing proprietary data to develop insights into […]
Germany Nears Decision on Fate of Seized Russian Oil Operations
Germany is nearing a decision on what to do with the local units of Russian oil major Rosneft PJSC that the government seized two years ago after Moscow’s invasion of Ukraine. The future of the […
Highlights of the Podcast
00:00 – Intro
01:53 – BP Shares Plummet on $2 Billion Impairment Warning
03:13 – The Left’s $7 Trillion Lie: Biden Far Outpaces Trump in Racking Up the National Debt
05:59 – Biden’s Net Zero Plans Have Sent Prices Soaring. It’s Going To Get Worse
07:47 – The End of Chevron Deference: Tapping the Brakes on the Road to Serfdom
09:42 – US electricity prices rise again as AI, onshoring may mean decades of power demand growth: BofA
11:19 – Germany Nears Decision on Fate of Seized Russian Oil Operations
12:27 – Outro
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Video Transcription edited for grammar. We disavow any errors unless they make us look better or smarter.
Stuart Turley: [00:00:14] Hello, everybody. Welcome to the Energy News Beat daily Stand up. My name Stu Turley, president and CEO of the Sandstone Group. And Michael’s here on assignment. We got him busy. We got us an action packed show today. Let’s start out with the top headlines BP shares plummet on 2 billion impairment warning. I call that an impairment warning. The left $7 trillion line. Biden far outpaces Trump in racking up the national debt. I don’t care if you’re a Republican or a Democrat. We spend too much money. It is a problem. Biden’s net zero plans have sent prices soaring. It’s going to get worse. The end of the chevron difference tapping the brakes on the Road to Serfdom. This is pretty good article. It’s a great summary of what’s been going on. U.S electricity prices rise again. Is I on shoring may mean decades of power demand growth, says the Bank of America. Pretty interesting article there in in Germany nears decision on fate of seized Russian oil operations A great friend of the podcast, Irina Slav, is once said sanctions don’t work as intended. Russia has increased to now one of the most prosperous countries in the world. They are now the fourth largest economy. And I’ll tell you, you have to be careful when you’re messing around, stealing property from folks that have that kind of power. I don’t know that it’s a good move, but hey,. [00:01:53][99.1]
Stuart Turley: [00:01:53] Let’s get started off with BP shares plummet on $2 billion impairment warning. This is crazy. Shares fell and BP as much as 4% this morning as it waned. Expect expected post of an impairment of 2 billion. Unbelievable number under significantly lower refining margins. They were down 3.5 in early market trading. Well let’s take a look here. The energy giant expects these to have an adverse impact up to $0.70 70 $0.55 per pound. He says that the second quarter results also expected in July 30th, will a post tax adverse adjustments from the firm’s ongoing review of its Gelsenkirchen refinery in Germany very important when you sit back and take a look. Michael talked about this yesterday and we are going to see some more fallout from the new UK leadership in their taxing of windfall profits. Do they take this now and in order to move away from some of that? I’m not sure. But this is a pretty big tale. And especially in losing money, you’ve got to just keep making money. [00:03:13][79.6]
Stuart Turley: [00:03:13] Next article coming around the corner. The left’s $7 trillion ally Biden far outpaces Trump in racking up the national debt. As I said, I am not a fan of debt. If you don’t have the money, don’t spend it. We saw a classic case of projection in Thursday’s presidential debate back two weeks ago, who is overseeing annual deficits of $2 trillion, asserted as president and predecessor Donald Trump added more to the federal debt than anyone else. Here’s where it comes in, miss Producer, if you could bring this chart up January 2021 with the Central Budget Office forecast June 24th and take a look at this. The numbers are just staggering. There’s absolutely no way the Congressional Budget Office forecasts include an increase in debt. In other words, the CBO now expects the debt to be $7.2 trillion higher than it had projected when Trump left office, all because of Biden’s reckless, expanding policies. The Treasury Department figures also show debt growing much faster under Biden. We are on a horrible, slippery slope over Trump’s entire term, including the 2020 state of emergency Covid spending. The debt increased by 7.7 trillion. However, 15% of that debt, or was the result of the Treasury’s choice to keep additional cash on hand during the pandemic. Former Treasury Steve Munchkin, unsure how tax revenue would be collected, borrowed over 1 trillion. Biden, however, spent that reserve and then borrowed another 7 trillion on top of it instead of simply allowing one time emergency Covid spending to. Maya Biden and the Democratic Congress continued spending that same Covid era level, thus institutionalizing Multitrillion dollar deficits. So the Democrats and the Republicans are at fault for this horrific spending. Accounting for the cash balances. Who spent more? Biden definitely spent more. And that needs to be clarified on that. What this means for energy. Yeah, it’s just is the cost of capital for oil and gas companies to try to, bring it in is still high. This is one of the primary reasons that they’re not reducing any of the the money. Unbelievable. I’m kind of almost at a loss for words. [00:05:59][165.2]
Stuart Turley: [00:05:59] Biden’s net zero plans have sent prices soaring. It’s going to get worse. Michael accuses me sometimes of. And living in some of the titles. I didn’t even add that title in there. That was, part of the original title. The Biden administration doggedly has pursued a net zero climate policy since President Joe Biden’s first day in the Oval Office, when he recommitted to the country to the Paris climate accord. Biden is unbelievable that they have done that. There’s absolutely no benefit to being in the Paris climate accord or adhering to their policies. Germany’s manufacturing and chemical industries were tagged with escalating cap and trade prices and taxes designed to curb emissions. They responded by spending hundreds of billions of dollars to leave Europe’s grid. Several EU countries have gone so far as to encourage private banks to withhold vital loans from farms deemed to emit too much greenhouse gases. Those kind of controls are on the way to the United States. So if you think that net zero means anything more than control, net zero means control. So buckle up and be careful who you vote for coming around the corner. These prices. The price increases have consumer spending more than 11% of their income on food, a peak not seen since seen since 1991. Now, Professor Saint Onge has said that in his numbers that he’s looking at. He is a great Substack podcaster out there, and 35% increases in energy costs since Biden has taken office. [00:07:47][107.8]
Stuart Turley: [00:07:47] Let’s go to the next story here. The end of the chevron difference tapping the brakes on the Road to serfdom. The chevron difference is Michael and I have talked about is very important to the Supreme Court ruling to help stop the legislation through regulatory action. Could and this is really a huge tool for the next administration to be able to stop the deep state. Congress has passed so many laws regulating laws and every aspect of our lives that it cannot possibly manage them all. Most governments were even worse, mind you. According to the Cato Institute’s Human Freedom Index, only 16 countries have more overall freedom than the United States. Only four have more economic freedom. Yet Congress still has not the time, knowledge, nor other resources to specify the precise rule it demands on people following. So that puts it back on Congress to actually do their job and write rules and laws that regulatory that do not get passed off to non elected officials in the deep state. When we take a look at this look, this article is an excellent update. And Loper Bright does not dismantle the administrate. It does not even mean we are no longer heading down the road. But it does tap the brakes. I like the way that this said this. There’s so many people out there that are saying, hey, this is the end of the deep state. No, this just is a tool for us to be able to fight to get our rights back. So we’ll have to wait and see. This is a long road, but at least we’ve seen that a minimum of four lawsuits come forward because of this rule that are now coming forward. [00:09:41][113.6]
Stuart Turley: [00:09:42] Let’s go to the next story. U.S. electricity prices rise again, as I on shoring may mean decades of power, demand growth being within the Bank of America, this really is a telling story of where to invest your money. If you’re invest, and wanting to take a look at long term investments, take a look at, electrical providers. Year on year inflation rate for U.S. electricity rates reached five point. Nine in May, up from 3.8 in January. Cornyn to be of a institute that think tank utilizing a data to develop insights utility payments, including electricity, gas, waste removal and water, declined 1.4 in the early months of 2024. But growth in electricity demand from artificial intelligence and electrical on shoring means bill. A respite is likely short lived, the analysts said on July 2nd. Note this is a very good article and I highly recommend rolling out and taking a look at it. Data centers could consume 9% of the United States electricity generation by 2030. That is in a now. I mean, that is huge amount of power, double the amount consumed today. It just is flooring. I can help lower the grid cost and reduce emissions from electrical generation, according to the D.o.e., but not at the demand levels that it’s placing on grid for data centers. So I think it’s kind of funny there. [00:11:19][96.8]
Stuart Turley: [00:11:19] Let’s go to the other story here. Germany nears, decision on fate seized of Russian oil operations. Germany is nearing a decision on what to do with the local units of the Russian Major Rosen FET JSC that the government sees two years ago. The future assets will be determined very soon. Let’s take a look here. Rosen. Fed units have shares in three refineries in Germany, including the PSA, PC, K and the GM in sweat near Berlin, which was cut off from Russian crude supplies two years ago. It’s important that we create an ownership structure, so we have refinery on a secure footing in the long term. Messing around with Russia and playing chess with Putin is not a good idea. Do I approve of what Putin has done? I do not, I do not approve of him. On the other hand, you have to hand it to Putin for putting Russia first. Any standing up against the world, one world government. I’m for not the one world government. [00:12:27][67.6]
Stuart Turley: [00:12:27] So with that, please like subscribe if you are looking for crude oil, if you’re looking for jet fuel, if you are looking for any of the condensate, please let us know. Go to Energy NewsBeat.com/trading desk. Reach out to me on LinkedIn and let’s start with that. Have a great day and we’ll talk to you guys soon. [00:12:27][0.0][729.7]
The post Biden’s Net Zero Plans Worsen Prices appeared first on Energy News Beat.
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