Week Recap : EV Sales Decline, China’s Oil Moves, and U.S. Port Strike Impact

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Electric Vehicle Sales Are Stumbling. Here’s Why

U.S. Port Strike Could Trigger New Wave of Inflation

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Stuart Turley: [00:00:11] Hello, everybody. Welcome to the Energy News Beat daily stand up. This is the weekly recap. The staff picks the best stories of the week. And I mean, we have had a heck of a week on the news desk. I mean, we’ve had everything from bombs flying around the Middle East to lots. I just can’t even think about all the stories we’ve had this week. But buckle up and make sure that if I can make any recommendations. Order you a sterling mini or at least every family group that you live around. Get water, get get a generator supply. Get a plan together. Reach out to us. If you have no idea what kind of plan you need, I want to help anybody I can. But make sure that you plan like a Boy Scout. Make sure that you’re ready. Because unfortunately, we’re finding out that the government will not be there in a natural disaster. Be prepared both for a manmade or natural disaster happens. So with that, like subscribe share and I hope you have a van tastic weekend. Talk to you all soon. [00:01:20][69.1]

Stuart Turley: [00:01:21] The electric vehicle search sales are stumbling, but here’s why. This was an outstanding article. I hate to say this, but it was on Bloomberg. And it’s like, hey, what happened to EV demand? Do you remember in Animal House when Bluto John he was John Belushi was Dan Ernie jumping from one side to the other going up. That’s exactly what this is. Nobody knows what’s going on. He’s trying to sneak a 300 pound guy through the thing. Although China continues to boast a healthy growth demand in Europe, it has been softening. According to Bloomberg, e f sales of all electric vehicles, plus hybrids that can also power by gasoline grew 62% in 2022, but growth slowed to 31% last year. Here’s a kicker If we miss producer, you can pull up this chart. Europe’s pull back in EV sales drags on market. Look at August. Holy smokes brand new car registrations fell 16.5%. But let’s go down to the real reason why I did not know this, Michael. China’s much cheaper batteries in general electric cars are a big chunk of it is the batteries 2023 global average 2024 Global average cost is 53%. Look at that. [00:02:43][81.6]

Michael Tanner: [00:02:43] Yeah. [00:02:43][0.0]

Stuart Turley: [00:02:44] China, 53% of the cost. That’s that’s the key point. So either you’re going to want extra technology like is in Tesla. Tesla will win the battle for you are going to go cheap and you’re going to have cheap crap from China. It’s either going to be one or the other. [00:03:03][19.1]

Michael Tanner: [00:03:03] Absolutely. There’s usually no middle class car. And that’s really how the entire car market has found itself. It’s either extremely expensive or extremely cheap. So of course, the EV is going to end up in the same area. I do think Tesla, as you said, will win mostly because of their full self-driving, which I think will become the key key point for their company. But no, I mean, it is pretty crazy. You’d think you’re being so progressive with all the EVs, you’d think they’d be all for a man that just fell off a cliff in August. [00:03:31][27.4]

Stuart Turley: [00:03:32] I mean, that was like, holy smokes, Batman. Anyway, shot at Bloomberg. But you also see why China has been picking up all of the critical minerals. It’s for this right here. Critical minerals are going to be in the headline in the news this next week because of the lithium stuff going on. All right. [00:03:48][16.4]

Stuart Turley: [00:03:49] Let’s go to my favorite greasy salesman, Newsom. Newsom’s war on big oil continues. Call them the polluted heart. He calls them the polluted heart of the climate crisis. Holy smokes, what a knucklehead Gov Newsom. If you ever listen to this podcast, God bless you and you’re welcome anytime. Because I got a few question for you. Governor Newsom signed laws that further restricted oil and gas facilities in California aiming to close wells, penalize idle sites and push California toward greener energy. Meanwhile, they are still importing in more oil from Iran, Iraq, China, Russia. They’re all coming in from the bad folks that don’t know how to do oil and gas environmentally, correct Quote, They’re ripping you off. Newsom says they’ve been gouging. They’ve been taking advantage of you. They’re lying to you. They’re the polluted heart of this climate crisis. This time, we are not falling prey to those lies. He is totally out to line and should go get a nother table at the street vendor next to the pool machine, I guess. I don’t know. That was awful. [00:05:04][75.1]

Michael Tanner: [00:05:04] Yeah, it’s. I mean, again, we talked about in the last segment. All about political posturing. This is all about political posturing. It is all about making sure that, we don’t like oil and gas, so we’re going to blame them for everything. A nickel falls in the street by Chevron’s fault. You know, your car won’t blame it. Chevron’s fault. Gas prices are high. It’s Exxon’s fault. And that’s the funny part there. He called for this special session with the state legislator to meet to discuss high gas prices. And I love how his article says he’s never used such sessions to reconsider the extremely high gas tax they have on legislation or regulations or the atrocious cap and trade system they have. So it’s you know, it’s almost like, you know, when you’re looking for something lost all and it’s nighttime, all you look at is what’s in the light. It’s like maybe you should like expand the light a little bit and see what else is going on. But he’s clearly spent enough time greasing his hair back. It’s getting greasier by the minute. Boy, let’s talk. [00:06:00][55.1]

Stuart Turley: [00:06:00] Yeah. Yeah. But you and I laughed. If he ever drove into the bay, I guarantee you there be an oil slick. I mean, it would be a disaster. Okay,. [00:06:09][8.3]

Stuart Turley: [00:06:10] Salt water is making electric cars blow up after Hurricane Helene. At first, our prayers are going out to all the families affected, all through the the South, the United States, through This is is a sad, sad story. And it’s even more sad. The response by the Harris Biden administration is abysmal. And missing in action. Florida, Georgia, North Carolina, South Carolina, Alabama and Virginia have all declared emergencies. Nearly 100 people are believed to have died and millions affected. I think that number may be going up from there. North Carolina was the state most affected by the storm were 25 people were killed. Highest death toll in the state since Hurricane Hugo in 1989. But when you take a look at water and those batteries in heavy use, those are a fire hazard waiting to happen. So be be very careful. Our prayers go out and a hat tip to President Trump for going out, bringing supplies and his boots on the ground, checking things out. I believe his comment today when he was with Franklin Graham was pretty funny. And he said, I believe, sir, if he talked to Biden about his response and Trump’s response was, I believe he’s asleep. So be careful who you vote for. [00:07:33][83.5]

Stuart Turley: [00:07:34] China. Oil demand is concern. Concerns are not going away. China’s economic woes and prosperity crisis have been weighing on global oil demand, consumption and growth expectations this year, despite some renewed optimism in the wake of the Fed’s jumbo cut, concerns about China aren’t going away. OPEC trimmed up its oil demand growth for 2024, citing concerns in China. Here’s where I’m seeing this. And from the numbers that I’m following. China is still buying everything that they possibly can. China’s fuel consumption has disappointed so far, but they’re buying and putting into storage all the LNG that they can possibly can. And all of the oil that they can. Countries that are going to war fill their tank. I think that people are reading into this too much if they think that it’s because of a slow economy, China is going to be filling everything that they possibly can. I’ll go on record on that. I here’s a quote out of the article. Chinese oil demand is currently firmly in contradiction, falling by 1.7 or 280,000 barrels per year on year on a marked contrast with a 9.6 average growth in 2023. Accordingly, we expect annual growth of 1.1. Gasoline is expected to peak this year or next year, not only because nobody’s moving, but simply because the fleet is slowly changing toward electric vehicles. And part of this is because China has got half the cost associated with a battery that the West does. It’s because they own the supply chain on that. So they might have a lower demand because of EVs, but they’re still going to be buying everything that they can for the near term. [00:09:24][110.1]

Stuart Turley: [00:09:24] U.S. port strike could trigger a new wave of inflation. Ms.. Producer, if you could bring this graphic, this is really, really a great article and a great post. And when you take a look at this, I poured straight a little. I mean, there’s all a number of workers all the way from Houston up past Boston and the amount of tons that is being impacted. Unbelievable. More than 45,000 International Longshoreman Association members from over three dozen facilities across 14 Gulf and East Coast states went on strike early Tuesday, marking the largest labor action boards in nearly 50 years. Labor action driven by disputes over automation wages. In new multi-year labor contracts. It threatens to disrupt supply chains nationwide if the strike persists. Here’s where I also want to find out is what’s going on is there’s also a video that came out on X and hats off to Ellen. I love X in the fact that it was. There’s also reports of all of the people being shipped in containers in horrific things. Let’s get that into the contract Is the labor union International longshoreman association leader aware of that? If he is and he’s being complicit in it, he’s part of that human trafficking problem. So I don’t know that. But if he is, I sure would hope that that would get solved. The inflation that this can do. This goes back to my earlier comment. Go out and get your supplies now. With this strike, you may have a week and things are going to get tough. The other part of this puzzle on this story is that you have all of these illegals that are in the country now of the illegals that I believe the number is anywhere. We’ve heard from 20,020 million. And I think the number is more like 30 million because we don’t know how many it is. They’re going to be running out of food. They’re going to be going after. So we may be within 2 to 3 weeks of civil distress from all these illegals being grumpy and not having food. This could be a very horrific event. [00:11:45][141.0]

Stuart Turley: [00:11:46] The top foreign policy takeaways from the vice president debate. Miss producer, if you could bring this picture up. This picture actually just summarizes the whole thing. You have vice president candidate J.D. Vance looking sideways, knowing really. And then you have a deer in the headlights. I think he’s trying to decide how he’s going to finish this lie out walls. So you got to love this look on this. But here there are four main points in this article and I thought really enjoyed it. First one coming up around the corner. Iran and the Middle East crisis. Vance answered directly, saying it was up to Israel what they think they need to do to keep their country safe and that the United States should support its allies whenever they are fighting the bad guys. And then you have also Walsh did not answer the question directly. Instead, he reiterated Washington’s vital role in defending Israel. So kind of a mixed bag of events there. China, when China comes along here. Walsh also supported the administration’s approach to climate change, the Inflation Reduction Act, which gives tax credits and subsidies for clean energy manufacturing and supporting of China. So China like this because it gives more money to China. Walt’s took the opportunity to defend his travel to China as an eye opening and an informative experience. I learned a lot about China. The debate on immigration and border security intruded Trump Van’s pledge to carry out the largest mass deportation in US history. Vance to double down on that promise, vowing to begin it by deporting undocumented immigrants who have committed criminal backgrounds. Pants off the vice president nominee Our candidate Excuse me, J.D. Vance. Senator Vance, I applaud you in the way that you held yourself in this debate. And absolutely, I saw so many people that were saying, I’m not sure about JD. I think there are a lot of people that are very pleased with your performance. So, Senator Vance, congratulations and well done, Mr. Governor. Waltz, I got nothing for you. [00:11:46][0.0][686.8]

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