[[{“value”:”
Irina Slav
International Author writing about energy, mining, and geopolitical issues. Bulgaria
David Blackmon
Principal at DB Energy Advisors, energy author, and podcast host.Principal at DB Energy Advisors, energy author, and podcast host.
Tammy Nemeth
Energy Consulting Specialist
Stuart Turley
President, and CEO, Sandstone Group, Podcast Host
UN Climate Madness Week
Irina Slav [00:00:10] Hi, everyone. Is the Gang of Four, our Tammy Nemeth the inimitable Tammy Nemeth, who will be joining us shortly when her computer issues get resolved. I have with me the illustrious David Blackmon in Texas. The ingenious Stuart Turley at an undisclosed location somewhere in South. Is me, the often incomprehensible irina Slav in Bulgaria, where it’s all done. The leaves are tuning and it’s lovely. How’s the weather when you are David and Stu?
David Blackmon [00:00:49] Well, it’s perfect here in Texas, We it was about 68 degrees this morning when I took the garbage out. And we’re going to have a high of 84, which is like winter here in north Texas. So I’m very happy, very pleased. Summer is over.
Irina Slav [00:01:03] And Stu
Stuart Turley [00:01:06] and it is 64 degrees. But yesterday I was scalded by breaking my plumbing under my house. So now I can use a little colder weather here.
Irina Slav [00:01:20] we’ll send you some. So this week we’re talking about the UN General Assembly last week or as we like to call it, UN climate madness week because of course, the climate change was front and center. Everybody talked about how we need to do more about climate change, which is absolutely unexpected, complete mass to everyone and politicians asking for more money to be invested in the transition. And what was more interesting to me is, you know, louder calls for centralization of power to national and super, not to national governments and government like organizations. David, what’s your take on this trend?
David Blackmon [00:02:07] Well, you know, it was so interesting to me that our our brilliant secretary general of the UN, Antonio Guterres, really toned down his rhetoric over the past week. I mean, there was no talk of global boiling or the highway to hell or any of that stuff. He did, you know, make some modest claims about well, they weren’t modest. He just toned down the rhetoric a little bit. He still thinks we’re all going to burn up and die by 2050, which he’s required to think, being the secretary general of the UN. And he still wants us all to give up our standard of living in order to fight a two degree increase in global temperature averages, as predicted by computer models who can’t tell us what the weather’s going to be day after tomorrow. Yeah, you know, so it’s just the same old crap from the UN. But the thing I noticed, you know, in addition to the rhetoric about climate alarmism, which is what they’re what they’re using as the trigger to do away with Western democracies and replace them with totalitarian forms of government, is he? He had a bunch of rhetoric about A.I. to A.I. being a threat. So hello, Tammy. Good morning. Tammy Nemeth
Tammy Nemeth [00:03:23] Hi Good Morning.
David Blackmon [00:03:23] While with us she had a little computer crash to deal with this morning. So we’re so happy you’re here. A.I. You know, and so he had a lot of rhetoric about A.I. being a danger now. And that tells me a couple of things. It tells me that they don’t believe their canard about climate change as being the lever they can use to do away with Western democracies is working. They realize that major corporations and even some some Western governments are now backing away pretty rapidly from all these ridiculous, ludicrous, overly ambitious climate targets they’ve been setting over the past few years. And they’re looking for a new boogeyman. And so the new boogeyman, I think, is going to be A.I. because it’s so power hungry and the threat it represents to the human race, if it’s not managed correctly. And of course, there are no better managers of. Threats. On the face of the earth. And Antonio Guterres and all the all the wonderful people at the UN. So that’s that’s my assessment of last week’s U.N. meeting.
Irina Slav [00:04:32] That’s very interesting. Why we should come back to it. Tammy what to say on Climate madness week.
Tammy Nemeth [00:04:41] My take is the the charter that they decided to unanimously put forward whatever. They didn’t vote, but it was adopted. I don’t really know how that works at the U.N., But, you know, countries like Russia, whatever didn’t didn’t support it. I think there was only seven countries that supposed Argentina didn’t. But what does that support mean exactly? Was it people abstain If you didn’t vote, how do you get support? I don’t quite understand, but there is a number of articles or whatever within within that charter, the the future one that are quite disturbing and it’s about read. Reducing the global infrastructure like the global sort of network and stuff. So whether it’s financial institutions that, you know, they’ve been talking about needing a new Bretton Woods for at least ten years now. And every year it gets a little bit stronger on on the rhetoric and what they’re doing. And I really think they are laying the groundwork in order to create a new international order. And like Kerry’s comments to the West by sustainable development stuff, you know, he was going on about how the system is broken. And guitarist said the system’s broken. And the leader of Barbados said, we need a great reset, you know, which I thought was,
David Blackmon [00:06:13] wow. Where we heard that before.
Irina Slav [00:06:15] Use those words
Tammy Nemeth [00:06:16] Yeah. Use those words. And I thought, did they not get the memo? I thought it was something different now. And and in Kerry’s comments that have been talked about a lot because like during the U.N. Climate Week, it wasn’t just the U.N. There was this other non-governmental group that did Climate Week. And then the World Economic Forum also did their sustainable development something or other meetings. And that’s where Kerry had said this thing about the First Amendment’s getting in the way because there’s too much climate misinformation, disinformation and so on. But he also talked about ESG and that the pushback against ESG is just American and that it’s fake. it’s fake.
Tammy Nemeth [00:07:05] So and then it was all about, you know, we all we all need to get on the bandwagon because money needs to shift than it need to needs to shift like yesterday. And so we need to be able to free up the mechanisms for institutional investors and large corporations to ship the money the way they need it to be shifted in order to accelerate the transition. So to me, that’s the embodiment of climate madness, is that their future planning, how they’re going to change the system at the same time that they they want to talk about how they’re going to collude to exclude businesses that actually make a profit.
David Blackmon [00:07:39] Yeah. And what the money shift is, what It’s a wealth transfer, which is what this whole thing is all about. It added space.
Irina Slav [00:07:49] Stu.
Stuart Turley [00:07:54] Not wanting to get thrown off the air. I think I’ll go and should be thrown out of the United States unfunded, disband and thrown away. They are absolutely miserable people and a satanic cult.
David Blackmon [00:08:09] There you go. Very succinctly put.
Stuart Turley [00:08:12] If you do look at the history of the UN, it is got a satanic cult built into the room and the foundations. I’ll just leave it at that and know that you guys did a great job talking about what I can say legally.
Irina Slav [00:08:28] And you can very easily be called a potent agent.
Stuart Turley [00:08:35] dear. I am.
Irina Slav [00:08:38] talking about satanic cult stuff.
Stuart Turley [00:08:41] How in the world can I be a Putin? I don’t even know him. I do a lousy imitation of him. How really ought to do gay? Yeah, I do a very lousy imitation of him. I’m not a Putin.
Irina Slav [00:08:52] No, but I’ve been talking about that. The West is basically conquered by a satanic cult, which is what you said. So I don’t want to scare you or anything.
Stuart Turley [00:09:03] Oh No.
David Blackmon [00:09:06] President Clinton says keep doing this. And if we keep going this way, we won’t be able to keep doing it anymore.
Stuart Turley [00:09:13] I do want to say Irina ,I do want to say that John Kerry is a non-elected official that has absolutely zero business speaking and his daughter has absolutely zero reason for being in anywhere near a political office. And then John Podesta, who took his position after this, has absolutely zero reason and any authority to do anything and is overpaid and is corrupt. Well, they should have absolutely nothing to do with the United States.
David Blackmon [00:09:47] Yeah. Podesta is one of those people who’s never been elected to any office in his entire life, yet he’s always hanging around the levers of power in our in our federal government. It’s really extraordinary.
Stuart Turley [00:09:57] The comments look like they’re going off already.
Irina Slav [00:10:00] I spoke for himself. But what I found interesting was, David, your point about that, to me, it all looked like more talk and no action because you have to spur everyone into action, meet certain parts and countries. And Sami said they can talk and they can implement carbon taxes. But to do it on a global level, they would need more than just certain politicians saying, Yes, okay, let’s do it. I mean, the latest example is Indonesia, which was supposed to shut down a coal power plant, but it said it’s not going to because it’s going to cost too much to replace it with so-called renewables. But about a I was noticing that that today I wrote probably my sixth feature article for Oil price on the insatiable appetite for energy of a dead sentence. So I’m starting to notice that this is being pushed as a story more and more often.
David Blackmon [00:11:08] Yes.
Irina Slav [00:11:09] It’s like every other day there’s a story about artificial intelligence and how much of a strain it would put on the grid and on power generators. So I think that’s something that you’re very, very right in. Think,.
David Blackmon [00:11:23] Yeah. There was a.
Irina Slav [00:11:26] Boogeyman. But AI is supposed to help with things like that. Right. Replied some guy from from somewhere. Some research who had developed with his theme. This a system for adjusting demand to supply. By doing what? By. By scheduling battery recharging. Yeah. You can assumes that every household in a building has a battery. Right? Because at certain points in time, without affecting your overall consumption because that’s the great thing about batteries and about AI.
Tammy Nemeth [00:12:09] Yeah. So I would add to that instead of it, there’s a, there’s a bit of Kabuki theater with presenting AI as a boogeyman, because what I think is really wanting hear from people like John Kerry and others is government control of I. So they don’t want the private corporations unless they’re cooperative to have control over it. But if they can say that, you know, we need these regulations, we need to be able to do this and that in order to make sure that air isn’t being abused by people or abusing people or whatever. To me, that’s that’s the signal that the government wants to have control, whether it’s setting up certain regulatory frameworks or whatever, because as Arena says, they need to be in order to manage the. The great technological achievements of the green transition.
Irina Slav [00:13:02] Right? I think they need AI to manage the narrative.
Tammy Nemeth [00:13:05] And.
David Blackmon [00:13:06] Manage the narrative to censor speech, to shut down X, to shut down. Tiktok. They’re going to.
Stuart Turley [00:13:13] Kamala said that blatantly.
David Blackmon [00:13:14] Have to have control of it and that’s what that’s what they were doing at the U.N. last week was staking out their territory to be the global regulator of I just this Congress has this committee. Of Congress. In the United States as this committee that supposedly is going to develop regulations over A.I. in the United States. Now, who do you think are on that committee or anyone on their staff has the slightest ability to understand how AI works and what its potential is? There’s literally no one. And guess who the Biden administration’s point person on AI regulation is? Kamala Harris.
Tammy Nemeth [00:13:57] Harris
David Blackmon [00:13:59] Okay. So these no nothings, these people who know nothing about anything are going to regulate a AI, the most complex high tech development of of the human race in history. Okay. And the UN is even more ignorant about it. There’s nobody at the U.N. even knows as much as members of Congress do. So they’re staking out their territory to be the global regulator of it. And, you know, they all want to have control over it so they can use it for their own purposes. I mean, this is how they always do things. And it’s no surprise they’re doing the same thing with a well.
Irina Slav [00:14:36] What’s interesting is that even if they can silence dissenters such as ourselves on public networks or whatever. Reality is what it is. He’s in heat pumps and wind and solar is backfiring. It’s absolutely in the real world, not on social media. Heat pumps, sales in Europe are down significantly. And it’s not because of something that someone on on X said. They’re down because people don’t want them.
Speaker 5 [00:15:16] Yeah. Yeah. Just like EV.
Irina Slav [00:15:18] That. They think they’re trying to. They can fight physical reality by controlling the narrative. I think this is idiotic, is very dangerous, but it’s also idiotic.
Tammy Nemeth [00:15:32] And forcing mandates. Right. So with the EVs, like.
Irina Slav [00:15:35] Network,
Tammy Nemeth [00:15:37] Yeah. Like in the UK where they the dealers have to sell a certain percentage of EVs or they get fined. And there’s another law that the Conservatives had put on the back burner. And I’m like, Why didn’t they just get rid of it? But basically the dealers of it and the people who sell and install heat he things for houses, whether it’s natural gas boilers or heating oil, they have to sell a certain percentage of heated exchange heat pumps or they get fined like a ridiculous price. Also they like.
Irina Slav [00:16:15] It works so well with EVs. Let’s do it.
David Blackmon [00:16:19] exactly.
Irina Slav [00:16:20] What
Tammy Nemeth [00:16:22] Well, they figure if they they manage the pain at the outset, so people, whatever. But they’ll comply eventually. It’s. It’s compliance.
David Blackmon [00:16:33] Yeah.
Irina Slav [00:16:34] Yeah, but if you can’t afford a heat pump, you’ll just sit in a cold house and not you get sick.
Tammy Nemeth [00:16:44] Yeah. Get into the. get sick. Go to the public health care system, which can’t handle people. Yeah. It’s a recipe for disaster. And yeah, I hope that reality hits sooner rather than later. But, you know, the way that the progressive movement is going these days, they really don’t care about reality.
David Blackmon [00:17:04] No, they don’t.
Tammy Nemeth [00:17:05] They don’t.
Irina Slav [00:17:05] And that’s what’s most dangerous to them. I’m amazed that they do not seem to realize it. They believe in the narrative and they believe they’re winning the narrative. But the reality is right there.
David Blackmon [00:17:21] Yeah. But if they can control communications, I mean, that’s their whole conceit. And it’s the reason why they’re so anxious to censor everything. Because if they can control the flow of information, then they can win the narrative. I mean, think about our presidential election here in the United States. Kamala Harris had the lowest public approval rating of any vice president in American history before the Democrat Party forced Joe Biden out of the race and replaced him with her. And then the media are 98% of our media establishment is fully in the tank for the Harris campaign. And they ran this three week focused propaganda effort to build her up in the public’s mind. And now we’re in a 5050 race. Well, with with a with a balanced news media reporting on this presidential race. It’d be about 7525 in favor of Trump. So if they know they understand if they can control absolutely control the flow of information, they can continue to win elections without having to rig them, you know, and, you know, and have mass mail in ballots that they’re able to defraud the election. So, you know, I mean, they’re right to an extent about they can win and keep winning if they can control information, because that does enable them to, to some extent win the narrative and over whatever reality is.
Irina Slav [00:18:46] Yeah, but that would be only working up to a certain point because yes, I agree with you and you can no longer ignore reality and take it as it will smack me in the face. Yes, as we know.
David Blackmon [00:18:58] Yes. And hopefully that’ll that’ll happen on November 5th.
Irina Slav [00:19:01] Yeah, hopefully it’ll happen sooner or later. As Tammy said.
Stuart Turley [00:19:06] There is a pattern. There is a pattern developing. And you saw it with, as Tammy pointed out, John Kerry saying that he needs to control the narrative on X, And then Kamala Harris also said the same thing and that she needs to do the same thing is that she feels that Ellen does not have the right to not have the right to own X. And and that is just unbelievable to me that the only reason we know about the assassination attempt, what’s going on is because of X. David Blackmon just got pulled off of LinkedIn. Was it an accident? No, I think it’s because David Blackmon, this great man that I know, happens to speak the truth once in a while.
David Blackmon [00:19:58] I didn’t even say anything on that post that Patrick who I just I just heard the video that it had been posted out on X, you know.
Stuart Turley [00:20:06] They don’t like.
David Blackmon [00:20:06] They wanted to censor. Yeah.
Stuart Turley [00:20:08] I and I am so.
Irina Slav [00:20:10] Proud of.
Stuart Turley [00:20:10] Who I am proud to be censored and I’m proud of that fact.
Tammy Nemeth [00:20:17] Well, so if if Musk isn’t allowed to own X, that’s not right. Then how can Mark Zuckerberg be allowed to own Instagram.
David Blackmon [00:20:26] Not to cooperate with.
Stuart Turley [00:20:31] Zuckerberg?
Irina Slav [00:20:32] Technically, it’s the same thing. These double standards are becoming so obvious. So on the shame and the obvious. Oil and gas companies are making profits, and that’s unacceptable. Musk owns X and can let people, you know, talk freely without censoring anyone. Although I’ve heard that there is some censoring. But anyway, it’s not the Twitter of the past. Definitely.
David Blackmon [00:21:01] Yeah.
Tammy Nemeth [00:21:02] Well, did you see Guterres his speech to the UN, which which I had commented in, in the email.
Irina Slav [00:21:08] Thing, I did it to myself.
Tammy Nemeth [00:21:11] I know it’s painful, isn’t it? But he wasn’t nearly so hyperbolic as he normally is. But one of the interesting things he put in there was that basically it’s bad that oil and gas companies and coal companies are making a profit and that if we want the transition, if we want the transition to continue, we got to take that money that they’re making in profit and redirect it, redistribute it to green ventures, which is basically what the UK windfall tax is offshore, right? Where it’s like you basically get zero profit from your operations, you get to break even, whatever if you’re lucky and they don’t. And I think here it’s meant to discourage shareholders so that the shareholders will divest of their own volition, knowing full well that they’re not going to be making a profit.
Stuart Turley [00:22:04] In my.
David Blackmon [00:22:04] And what’s the next? Go ahead. Sorry.
Stuart Turley [00:22:07] Sorry, David. In my prediction, you’re about to see the climate darling energy leader was Germany. Germany has been industrialized because of bad energy policies following climate change. The UK said, Hold my beer. And they are absolutely destroying their economy, their culture and their entire business ability to survive with the most unbelievable, horrific energy policies. What I’m reading about the energy policies in the UK are just absolutely what not to do. Yeah. And then you’ve got Governor Newsom in California sitting back and going, I want to play in this lousy sandbox. Holy cow, Batman. This man is like Germany was his poster child. UK said, Hold my beer. And he’s like, I’m going to strangle the cat and prove that I am absolutely miserable. Holy smokes. Did I get that right?
David Blackmon [00:23:22] I think you did an absolute right.
Irina Slav [00:23:25] You got double down on what doesn’t work and then you triple down on what doesn’t work. Germany just abandons its forecasts for any economic growth this year.
Stuart Turley [00:23:36] And UK this morning I it’s all over the news about the last coal plant closing in in the UK.
Irina Slav [00:23:44] Now the UK
Stuart Turley [00:23:46] and you know what.
Tammy Nemeth [00:23:47] We can pay more.
Irina Slav [00:23:48] The loads when the sun’s not shining and winds not blowing.
David Blackmon [00:23:52] Although just imported from Norway.
Tammy Nemeth [00:23:55] From the new
Irina Slav [00:23:56] Doesn’t have enough to export.
Stuart Turley [00:23:58] And then the UK gets the highest price energy bills in the world. Yeah. Way to go.
Tammy Nemeth [00:24:07] That was for industrial use, right? So in the UK they separate it between residential and industrial use. When you average the residential and industrial together, they’re number three. But when you do just industrial, they’re number one and like by a long shot compared to the European Union, even more than Germany and and the United States. I mean, it’s it’s like like you said, hold my beer
Irina Slav [00:24:33] And when surviving in the UK Tammny
Tammy Nemeth [00:24:37] They can’t. Which is why they have you know, it was the first time in how many 100 and some years that the UK was not on the top industrial countries because the companies are just folding up there, they’re moving offshore and it’s just incredibly expensive to do anything. Now they’re talking about they want to change. They want to change for small businesses that you pay per mile for your for traveling around. And we had a fellow who came over to fix our repair, our dishwasher, and he said there, they’re going to bring in this tax. I’m going to go out of business because there’s no way I can charge more. I’m not. He said, I’m already charging what little bit I can to make a bit of a profit, and that will just be completely gone. And I’ll be in the in the red with this charge per mile thing. So yeah,
David Blackmon [00:25:31] a very wise political commentator in the UK a few years ago said that the goal, the ultimate goal of the climate alarm movement in the UK is just to turn the country into a big tourist park. Okay, get rid of all of industry, you know, shut down all reliable electricity, get rid of all industry and turn a whole country into a big tourist park. And that’s exactly what they’re doing. That’s they’re well down the road in accomplishing that. And frankly, they’re doing the same thing to Germany. There’s all these companies. It’s there’s zero recognition among these lunatics that corporations are in business only to make a profit. If they’re not making a profit, they no longer exist. And so if they can’t make a profit because utility bills are too high, what are they going to do? They’re going to move to China or the United States or some other country where the utility bills are a lot lower. This is what they’re going to do. It’s the only rational decision they can make. Yeah. So, I mean, that’s that’s what they’re doing and that’s what Great Britain, sadly, is headed to being. And it’s going to be a lot of people living in poverty because tourist parks don’t make nearly as much money as industrial powerhouses there.
Tammy Nemeth [00:26:53] And I don’t think they’ll be tourist parks.
Stuart Turley [00:26:55] I think the United States is well, gaining gear in saying, hold my beer, we could be just as bad.
David Blackmon [00:27:03] Yeah. You know, I mean, and I agree, you know, if these elections keep going the wrong way, but you know, one of the one of the positive things about. About the power needs of API is that it’s leading to all these decisions to restart mothballed nuclear facilities. And just today, the Wall Street Journal has a feature article in its energy section talking about the fact that the Biden-Harris administration just gave a $1.5 billion grant to a power company in Michigan to restart the mothballed Palisade nuclear facility. So even the Biden-Harris administration is admitting now that we need to build at least build more nuclear. And I still predict that within two years we’ll be building more new coal plants.
Stuart Turley [00:27:55] And, David, I don’t know. I did not have.
Irina Slav [00:27:58] time once.
David Blackmon [00:28:00] Yeah.
Stuart Turley [00:28:00] Sorry, I did not have a Three Mile Island opening up because Microsoft needed AI on my bingo card at all. I did not. See that one coming. You know, a Three Mile Island opening again? I did not see that.
David Blackmon [00:28:16] That’s the thing about AI nobody saw any of this coming a year and a half ago. That’s how rapidly this is all shifted.
Stuart Turley [00:28:25] No. Unbelievable. But I think that a, I has absolutely eliminated net zero. There’s absolutely no way that net zero will ever happen with a I because people are going to be demanding electricity and coal will remain king.
Irina Slav [00:28:50] Yeah. Maybe just, you know, accelerate accelerated things and exposed the inherent problem with the energy transition.
Stuart Turley [00:28:59] I like the way he said that exposed the inherent transition problems. Well said.
Irina Slav [00:29:06] Transition relies on a surge in electrification. What did these people expect to happen? When you electrify as much of everything as you can? More demand. So you would need more supply. It’s not going to come from solar panels and wind turbines.
David Blackmon [00:29:22] ladies and gentlemen, is why we call this The Realities podcast.
Tammy Nemeth [00:29:27] That’s why we change the name to energy realities, because we’ve been saying this forever. Yeah, right. But I would say that that this the air issue and net zero it’s a bait and switch because if the if the whole point of net zero was to get control over how people live and to change the standard of living and to make that transformation and they need the air to do it, they keep talking to people that you have to do this and that and everything else. But now they can switch it out and say, well, it’s not really going to be successful unless we have the AI. And then by the time people realized that the net zero was never the point in the first place, it’s too late.
Stuart Turley [00:30:11] Whoops.
David Blackmon [00:30:12] Whoops. What a world. What a time to be alive.
Tammy Nemeth [00:30:17] That’s my negative.
Stuart Turley [00:30:21] First time David Blackmon never, ever quoted me. Oops. I like that, David.
Irina Slav [00:30:27] Well, okay. Shall we do the headlines?
Stuart Turley [00:30:30] There we go. Let’s see who the first victim is.
Irina Slav [00:30:35] Victim.
Tammy Nemeth [00:30:36] Are you mad at me? Okay. I’m the first one on there, so it’s like, okay. Yeah. So the second story there, which is the headline that the UK says goodbye to coal. That’s what Irina mentioned where and David that the story’s today posted September 30th. And this is the last day for the coal plants and I’m sure they’re going to blow them up or something like they do the other ones. You can’t turn it back on, heaven forbid. So when the UK says goodbye to coal, that’s it’s also what I read. And David said, What are you going to replace the stable energy with? And there there are, I think maybe some new natural gas plants coming online. I don’t know if they were sensible enough to have them online before they close this one, given how they operate, I wouldn’t be so sure. So they also invested in lots of interconnectors and there’s plans for even more. And Catherine Porter had a really great report about how the interconnectors aren’t good for national security, because the whole thing they’re saying is that by getting rid of all this stuff, we’re not only saving the climate, we’re becoming more energy secure, which is like the biggest gaslighting in the world. So we’ll see what happens, if they’ll blow it up or if they’ll keep it on standby just in case. It’s it’s unclear. But given this government, I think they’ll blow it up. And then the the other article here is from Canada and the headline, it says, Federal panel calls for cutting Canada’s emissions in Half by 2035. And this is the net zero advisory body that the Government of Canada appoints. And everybody on that advisory board is an activist or part of this, the whole sustainability transition industry, think tank, whatever. And so they all have a certain viewpoint and and they’re talking about in order to achieve cutting those emissions, Canada needs a legislated firm carbon emission budget. So they’ll they’ll arrive at some number based on whatever they determine the global number is and what’s Canada’s fair share. And then tell the the economy, the businesses in the economy, you must meet these targets by this date or else. Which is another mandate. Right. Where they’ll what are they going to do? Fine. Shut companies, tax them, whatever. And the thing is, if the the companies could very well just close and move elsewhere or whatever. So I’m not surprised that this body made this recommendation. It’s par for the course for Canada that you know it. Are they trying to do this race to the bottom with the UK in Germany? In California? Yeah, probably.
Irina Slav [00:33:41] Yeah. This race is, well, so exciting. And everybody’s talking about you.
Tammy Nemeth [00:33:47] Yeah, I know. It’s pretty bad.
David Blackmon [00:33:48] So the unbridled hubris.
Irina Slav [00:33:52] Yeah, yeah, yeah.
David Blackmon [00:33:54] The second story, the arrogance is just overwhelming on the coal thing. Blowing up the coal plants. It’s like how the British army going through Europe in World War Two blew up the bridges after they’d gone over, and so the German army couldn’t follow them. Right. And so now you didn’t have any bridges to get over the canyons and rivers. And what happens if things go wrong in the UK? You’re blowing up your own energy bridges And that’s a that’s a dangerous thing to be doing.
Irina Slav [00:34:25] And he’s going after you. There’s nobody threatening you with anything.
Stuart Turley [00:34:32] And relying. On.
Irina Slav [00:34:33] Your source of baseload generation.
Tammy Nemeth [00:34:36] Right? Yeah.
Stuart Turley [00:34:37] And relying on interconnects is extremely bad.
David Blackmon [00:34:42] Yeah. Because what happened when Norway didn’t have the energy to sell.
Irina Slav [00:34:45] Exactly.
Tammy Nemeth [00:34:46] And this is the same policy that the Canadian government is promoting. They’re telling the different provinces, if you don’t have enough hydro or you don’t have enough wind and solar, just invest in interconnects. And unfortunately, the province of Saskatchewan, for example, has spent a whole crap load, forgive my language, paying for interconnects from North Dakota. It makes no sense. We have, you know, in Saskatchewan, they have so much coal, so much natural gas, so much uranium. They could be doing their own energy and exporting it. But instead, they’re wasting tens of millions, probably hundreds of millions in an interconnect with North Dakota.
Irina Slav [00:35:26] Because to be able to do this or because they choose to do this, both.
Tammy Nemeth [00:35:32] It’s like they’re being told that they have to do it and then they feel like they have no other choice but to to do it. It’s one of those false choices they really have. No, no difference.
Irina Slav [00:35:49] Really sad.
Tammy Nemeth [00:35:50] It’s very sad.
Stuart Turley [00:35:54] Okay.
Tammy Nemeth [00:35:54] Okay I’m done.
Stuart Turley [00:35:58] Irina.
Irina Slav [00:36:03] These are two of my favorite stories this last week. So, first of all, a high profile clean energy startup is running short on cash. And guess what? Now, you would never guess what. It’s not the only one. I amazing. This startup wants to do something ammonia or something via a very low carbon emission process or something. Or the point. However, the process is unimportant. This company has a deal for 1 billion in financing from federal U.S. government. But to do that, it has to, you know. Make some progress. Sorry, I’m trying to stay serious, but this is so utterly serious.
David Blackmon [00:36:53] Nobody could have seen this coming Irina
Irina Slav [00:36:56] No, no, no. Yes, They have had additional financing from some major donors because this is what they are. They are not investors. These companies are donors, asset managers, big names that are injecting these people into this company, probably hoping to get a return on this investment when the federal government loan comes through, which it may never do, because the company is, you know, experiencing scaling challenges, scaling problems which are generally frequent. And basically it always happens that they just need a little more time. Yeah. Congratulations, Fred. I love the delicate situation that it’s not the only company experiencing these problems, but these it really amazing that green startups are now up and going like that and scaling and getting their money.
Tammy Nemeth [00:37:59] They just don’t have enough money. If only we could shift. More of it.
Irina Slav [00:38:04] Is raising round and they’ll be. They’ll be fine.
Tammy Nemeth [00:38:08] Yeah.
David Blackmon [00:38:09] If it was orsted, they’d already be demanding more money from the government. Right. Their CEO. That’s his knee jerk reaction.
Irina Slav [00:38:17] And to learn that, they have to show something for it. We did this. We need more money. They have. Apparently, they have nothing to show for. I think there’s my second favorite story of this 47% drop in heat pump sales. New industry boss says European demand is key and it’s not there.
Tammy Nemeth [00:38:41] Who figure.
Irina Slav [00:38:43] You are truly amazing. I saw you there. So what vision did you did you guys see actually did the U.S.. Climate change Ministry or something tried to rewrite the laws of physics and then said it didn’t when it said on the text, that’s considered a hate book, which is three times more efficient than the gas boiler. Excuse me. Give me a second.
David Blackmon [00:39:10] But that had to be a job.
Irina Slav [00:39:12] How. How is it three times more efficient than the gas boiler? Well, it generates three times the energy that it consumes. And when people called them out and they mugged them and they told me to just roll the lawn. We must have confused some people that we we rolled the laws of physics. No, we didn’t. We’re just saying that he was a.
Stuart Turley [00:39:40] Wow
Irina Slav [00:39:41] I missed nothing. They got muddled up in explanations. And it was it was ridiculous. And it was also sad and tragic because if you think about all the people who did believe the hype and they believe that hate bombs are more efficient than gas boilers, even if not three times as vision, these people are now saddled with a bill to pay because only the wealthiest can actually afford to pay for the whole thing upfront and have it installed and have the retrofitting necessary. And now they’re baffled by this 47% drop in heat pump sales. And some UK official, rather, was saying, I think it was an empty story that we now have to make heat pumps look good.
David Blackmon [00:40:36] Well, of course, the.
Stuart Turley [00:40:39] Irina in Texas, we call that putting lipstick on a pig.
David Blackmon [00:40:42] Yeah.
Irina Slav [00:40:43] I don’t think you’re alone in Texas in calling this.
Tammy Nemeth [00:40:49] My gosh. Yeah. We got to make it look better to suck people in. Isn’t that, like, the epitome of fraud? Yeah. Misleading or misinformation?
Irina Slav [00:40:59] Good.
David Blackmon [00:41:00] Yeah. In a just Society.
Irina Slav [00:41:01] we buy them and then stay cold and pay huge electricity bills and wonder what went wrong.
Tammy Nemeth [00:41:13] Yeah. Yeah.You know, we had. We had a heat pump when we lived in the south of France. And it there was one winter where well, actually every winter that they were there, we were there. It would freeze up if it got below like five degrees Celsius or something. We could see literally the ice forming on the outside. And when it got below zero, my gosh, it was a nightmare. And we had to buy portable electric heaters to keep the rooms warm. Had the fireplace going, you know, I mean, it was it was insane. And that’s the south of France. How is I know they say, well, they’re much better now. Are they really? No, really. What what chemical are they using? They say, well, we have to have CO2 in it in order to make it more efficient, which is the most hilarious thing. So they have to put gases in there. But anyway.
Irina Slav [00:42:01] Yeah.
Tammy Nemeth [00:42:01] There’s a reason why nobody likes them.
David Blackmon [00:42:04] Yes.
Stuart Turley [00:42:05] Speaking of nobody liking him.
David Blackmon [00:42:09] This is me. So the EU is trying to extend its regulatory reach on ESG to the United States. The EU is about to finalize and make effective a new ESG related reporting regulation that is incredibly complex and costs millions of dollars to comply with. And it further says that and it doesn’t just apply to companies in the EU. Okay. There’s a provision in there that says if you’re doing more than $450 million worth of total business within the EU, you have to comply with this regulation too. Of course, the Obama of the Biden-Harris administration is doing nothing to prevent that reach extending into the United States. About 31% of the companies that would have to comply with this that are not in the EU are American companies. But the Biden-Harris administration doesn’t think this is a problem. This is for those wondering this this EU regulation is vastly more complex than the regulation the SEC here in the United States has is trying to put into effect. But of course, it’s the subject of massive litigation in the US courts and will be over overruled by the Supreme Court eventually so it won’t go into effect. Well, this is just a backdoor way for a, you know, a foreign regulatory agency to require even worse regulations on American businesses. And Biden-Harris administration not only won’t do anything to prevent that, they actually are thrilled to death by this because this is their goal. So that’s that’s why that’s happening. Then the second one is do do we have the video clip? You’ve got to watch this video clip. This is a.
Video Speaker 1 [00:44:02] I’m. At the North Grid Living Festival and this is the off grid,.
Stuart Turley [00:44:05] Off grid living factory.
David Blackmon [00:44:06] This is in Australia folks.
Video Speaker 1 [00:44:09] But you might be able to hear something in the background. And in fact. You might be able to see something. Coming out of. There. Because And they’re trying to supply power to the various tents and things. And the result is that you are literally ending up with smoked cheese, bacon, smoked diesel, smoked cheese. Doesn’t seem to be the best advertisement for. The power of solar.
David Blackmon [00:44:39] Yeah. So, you know, I’m sure that.
Video Speaker 1 [00:44:42] Out of it.
David Blackmon [00:44:42] This Commodore company.
Video Speaker 1 [00:44:44] I get it. These things happen, but I’m just kind of enjoying that at least.
David Blackmon [00:44:48] But look, Commodore, if you if you notice that the first of the clap. Don’t don’t worry, player. But if you noticed, this Commodore company was so certain its solar array would not be able to power this festival that it was putting on. This isn’t Australia. It literally put its logo on the diesel generators that are actually supplying the power to the solar festival. Okay. That’s how hypocritical all of this actually is. And so but, you know, good for them. They’re a smart company. I’m sure they’re making a lot of money on their diesel generators. I’m not sure they’re making a lot of money on their solar arrays.
Stuart Turley [00:45:25] That’s a feature. Smoke nest. These weasel.
David Blackmon [00:45:28] Smoke cheese. I love it.
Speaker 5 [00:45:32] Hey, that’s all I got.
David Blackmon [00:45:33] I’m using this week.
Stuart Turley [00:45:34] Hey, David, real quick. You know, if we’re going to if we’re going to electrify, I want to I want to know if there’d be a way to get electric bikes in. Do you think that they would be going great in Bulgaria and in London, Tammy? Because here’s one that is great. In urban Chicago, I found this one.
Video Speaker 2 [00:45:57] Least likely to be.
Stuart Turley [00:45:58] Look at this Ebike?
Video Speaker 2 [00:46:01] You can leave it sitting in front of thousands of people.
Stuart Turley [00:46:03] And I mean, I got to get me one of these.
Video Speaker 2 [00:46:06] You can’t tell. This is designed to mimic an electrical box when you park it.
Stuart Turley [00:46:11] Looks like James Bond. And I guess.
Irina Slav [00:46:13] You got it anyway.
Stuart Turley [00:46:16] Yeah.
Irina Slav [00:46:16] I got this.
Video Speaker 2 [00:46:17] From the Internet, but this one has been transformed.
Stuart Turley [00:46:20] Okay, so we got to do that. All right.
Video Speaker 2 [00:46:22] James Bond.
[00:46:23] I love it.
Stuart Turley [00:46:24] Okay. Now
Irina Slav [00:46:26] It’s wonderful.
Stuart Turley [00:46:27] That is absolutely wonderful. First one, let’s go to Biden-Harris Won’t hold offshore oil and gas. Lease Sales since the first time. This is absolutely miserable. So when she.
David Blackmon [00:46:42] Saw a violation of federal law. Anyway,
Stuart Turley [00:46:45] thank. You. Yeah. And and absolutely. It’s dead on, right? If she says, I won’t ban fracking, right. She is going to ban fracking and has done so with hair as Biden administration this entire time through this entire thing. Offshore oil production in the Gulf of Mexico accounts for 14% of the total production in the U.S. and production of the Gulf has remained unchanged for the past five consecutive months. What this has done is that the climate curbs are now going to kick in, and this is really going to be a big deal because there’s not been much in the exploration side of things to replace the decline curves. And in the other story, Ted Cruz. I love this story. A Ted Cruz is in the fight for his life trying to fight millions and millions of dollars. David and I had the pleasure of talking to Senator Cruz, and he is a energy knowledgeable man. And it really makes me airsick that the Biden. Harris Biden administration is conducting a war on the export for LNG. You want to talk about ESG? It’s sad that it makes more sense to export LNG, ship it across the world, import it in as natural gas in order to burn it and get less output on the environment than burning coal. That’s really pretty sad. But we’re not good people to support our folks in the EU with this kind of a ban. It’s a chilling precedent. The permits are not. Riots arised, over 7000 high paying jobs will disappear and 24 billion investment in the real world. There’s no precedent for this decision, Cruz continues. Charles McConnell, the former assistant secretary of energy, the Department of Energy, and the President Obama’s administration, says if allowed to stand, the precedent from this ruling would absolutely draconian to investment process. This is what we’re facing. So.
David Blackmon [00:49:18] Yeah.
Stuart Turley [00:49:20] Hey, just as a side note, I had some cat videos of cats that were absolutely wonderful. I got to get me a cat after y’all turn me on. Some cats got some great support.
David Blackmon [00:49:33] I’ve been telling you, man.
Stuart Turley [00:49:35] Cats are cats, Rock. But let me show you. Can. I can’t do this in the liquor store. Okay. Now, this is cool. I want me to Hermes that dog. Just know. He’s cool. Well, I. Cat do that, Tammy
Tammy Nemeth [00:50:02] What is need to
Irina Slav [00:50:04] Like I said if I could be bothered. But they can’t be bothered.
Stuart Turley [00:50:09] Yeah. Okay. Now. So we’ve seen much more. Everybody needs a . I love that. Yeah.
Tammy Nemeth [00:50:17] It’s pretty amazing.
Stuart Turley [00:50:19] But here’s where it gets really good. Dogs are now being recruited into the military. We’re short 2000 pilots. And this is the new administration’s way to solve it. I think we’re good to go here, guys.
Irina Slav [00:50:37] Now we hear the song is really.
Stuart Turley [00:50:56] And. The video. In this video just killed the UK is powerful. I’m sorry, just go Now, are you guys going to get a dog or a cat? I don’t know that. I thought.
Tammy Nemeth [00:51:15] Well, you didn’t show the captain’s paratrooper ninja.
Stuart Turley [00:51:19] I do have that one. I’ll do that next week. So.
Tammy Nemeth [00:51:27] We’ve got a there’s a there’s a comment here. Did you see that one?
David Blackmon [00:51:32] This one
Stuart Turley [00:51:35] for our podcast listener Stu. But I heard last week the Permian Basin associated gas production has totally displaced the Appalachian Basin on supplying the go to go to market next to doing LNG terminals, currently exporting 15 Bcf per day. That’s pretty cool.
David Blackmon [00:51:54] Yeah, I don’t know that they have completely displace the Appalachian Basin or still have those two pipelines coming down to the Gulf Coast with with natural gas for these LNG terminals. But the probably could you know, the Permian Basin is the second biggest gas producing basin in the United States. So, I mean, there’s plenty of production there to do that with.
Stuart Turley [00:52:18] The bottom line is they’re going to do it. And this was actually pretty funny. Turley You have too much fun. Yes. I’m mentally 12. So
David Blackmon [00:52:29] for Mexico.
Tammy Nemeth [00:52:30] For Mexico.
Stuart Turley [00:52:35] Okay. Okay. And then we also had Lord Bailey Love Lord Bailey for our podcast listeners. The EU tax only legislation mandates large companies disclose to the extent that their revenues align with the EU’s criteria for green or sustainable economy activities. So it’s unnecessary or unnecessary reach for more control.
Irina Slav [00:52:58] EU is unnecessary.
David Blackmon [00:53:01] Can we go back to this Permian Basin LNG thing? Sure, because I just want to point one thing out. That’s our current export capacity is 15 Bcf a day. We’ve got 12 Bcf a day of terminals currently under construction, although the one to the Rio Grande LNG has been completely irrationally held up by the Biden-Harris administration. A couple of weeks ago, pulling their permit to move ahead with their construction that has been underway for a full year, by the way. And so this is another reason why this election is crucial. But we’ve got 12 Bcf more under construction, folks. And and that’s what the Harris Biden administration holding up all the permits for newly proposed terminal. So it’s a lot more underway.
Tammy Nemeth [00:53:49] So technically not banning fracking just can’t let you actually get it anywhere.
David Blackmon [00:53:54] Exactly right. Yeah, exactly. And not holding any new lease sales on federal waters.
Stuart Turley [00:54:00] And as a.
David Blackmon [00:54:01] Violation of lock.
Irina Slav [00:54:02] And a war on domestic use of gas.
Stuart Turley [00:54:06] And as a U.S..
Tammy Nemeth [00:54:08] But not ban.
Stuart Turley [00:54:09] Why in the world would you want to do business with the United States as a foreign country? There is a.
David Blackmon [00:54:18] Whole point of the moratorium on permitting.
Stuart Turley [00:54:20] That’s there is zero reason. In fact, I’ve been talking to a lot of folks. There are pipelines coming up and Japan is going to go to Russia as an ally. Bookmark this discussion.
Irina Slav [00:54:33] Because those Stu. That’s geographical. It’s closer.
Stuart Turley [00:54:37] Yeah, well, they’re adding pipelines to it. And that has been banned by the U.S. and they’re going to do it without the U.S. permission because of this administration. Unbelievable.
Irina Slav [00:54:50] Yeah.
Tammy Nemeth [00:54:51] I’m surprised.
Irina Slav [00:54:52] I’m actually a little bit baffled. Well, I’m not, but I’m pretending it wasn’t Japan a sovereign country. I mean, it should be able to do whatever it wants without anybody’s approval.
Stuart Turley [00:55:04] It should be.
Tammy Nemeth [00:55:05] I agree. But as part of the G-7 and the fact that the G7 is pushing all of this stuff, I’m very surprised that Japan would take that. That is it. But, you know, ultimately, they have to pay attention to their own survival. What they believe?
Stuart Turley [00:55:19] Do you want to buy gas from Russia or enter World War three? Would you like. Exactly. I know you like to remain a sovereign nation or do business United States. I would pick peace.
Tammy Nemeth [00:55:36] Yes. And honestly, I think part of the that the whole changing of the, you know, shutting off LNG and everything, it’s really sad that the EU could have the United States with high energy prices to be at the same level as the EU because the EU is like crazy expensive versus the United States. And the IEA stats, as distorted as they are, actually show that.
Irina Slav [00:56:01] Why would they want to do that?
Tammy Nemeth [00:56:04] Because everybody dies together. It’s like, look, I talked to Paul twice and he’s like, It’s a prisoner’s dilemma. And if everybody’s not doing it, it will fall apart. And the EU needs everybody to be doing all of this net-zero stuff, have high prices and everything else. Otherwise people can just go to a jurisdiction like the United States, which has lower prices and therefore industry shifts there. And the thing is, so if they don’t go to the U.S., where are they going to go? Are they going to stay and and do that, or are they going to go to China, which, you know, can we use the possibility?
David Blackmon [00:56:40] Can I take just before we go, I want to answer this one question. Just curious, David, do the blocks in shale on deepwater Gulf of Mexico qualify as oil and gas reserves in the Permian Basin? No, they do not. Permian Basin is a discreet basin in West Texas, Southeast and Mexico. It’s about the size of South Carolina. But, you know, it’s hundreds of miles away from the Gulf of Mexico. So those are just discrete sets of assets. They’re underground assets. That’s all I got.
Stuart Turley [00:57:10] This was a fun show to play in your inbox.
Tammy Nemeth [00:57:14] Yeah. Thank you.
Irina Slav [00:57:15] Muscles are aching from all that laughing.
Tammy Nemeth [00:57:20] You have to laugh.
David Blackmon [00:57:22] You have to laugh.
Tammy Nemeth [00:57:23] Funny.
David Blackmon [00:57:24] You either laugh or cry.
Stuart Turley [00:57:25] We’ll have some great cat videos next week.
David Blackmon [00:57:30] Yes. I’m in favor of cats.
Tammy Nemeth [00:57:31] And actual cats. Okay.
Irina Slav [00:57:33] Make sure you have an actual cat to shows.
Tammy Nemeth [00:57:36] A little kitten.
David Blackmon [00:57:37] I’ll bring Max up here with me.
Stuart Turley [00:57:39] Okay.
Irina Slav [00:57:41] Yeah, we can put them on. Okay. That’s crazy. Cat lady talk now.
Tammy Nemeth [00:57:47] Bye, everybody.
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