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Highlights of the Podcast
00:00 – Intro
00:56 – Watchdog: Biden-Harris Allegedly Buried LNG Emissions Study, GOP Wants Answers
03:33 – Many roadblocks delay journey to zero carbon world
09:15 – Market Updates
11:18 – BP and Shell Brace for Profit Drop
13:11 – Outro
Video Transcription edited for grammar. We disavow any errors unless they make us look better or smarter.
Michael Tanner: [00:00:10] What’s going on, everybody? Welcome in to the Tuesday, October 29th, 2024, edition of the Daily Energy News. Beat Stand up. Here are today’s top headlines. First up, watchdog Biden-Harris allegedly buried LNG study on emissions and the GOP want answers. Next up, many roadblocks delayed journey to a carbon world. Who would have thought that? Then we’ll quickly jump over and talk a little Oil and gas finance prices who fell over the weekend and then we’ll finish up with a little. BP and Shell brace for profit drop. Stu is out on assignment today, so I am rocking a solo show, so let’s go ahead and kick it off. [00:00:56][46.1]
Michael Tanner: [00:00:56] All right. According to watchdog, Biden, Harris allegedly buried LNG emissions studies and the GOP wants answers. The GOP. And I’m going to read now straight from the article The GOP lawmakers are demanding answers from the Department of Energy over allegations that it is buried. A study on LNG emissions claiming that this burying of the study has hurt U.S. energy interests. There’s 45 GOP lawmakers that want answers from the D.O.D.. They wrote a sternly worded letter to Energy Secretary Jennifer Granholm, friend of the show last Thursday, to address the government accountability and oversight. G.A.. A government watchdog. There are allegations that the agency conducted and drafted then buried a study on the emissions impact of liquefied natural gas in 2023 before pausing approvals for certain LPG export terminals in January. And what’s crazy is they paused it because they needed to do a review. That was what they said. They said, well, guess what? We’re going to have to do a review to see if this is good and see what the emissions are. So we’re going to have to stop permitting until we take the study. But what this governmental accountability organizations think is that the study has already been done. I mean, of course, it’s you know, of course, this is probably true. We love a Republican Texas congressman, Austin or August Pfluger. We had an opportunity a couple of months ago to sit on a panel with him. Very sharp guy. This is his quote. The Biden-Harris administration’s attempt to conceal its finding on liquefied natural gas impacts is troubling. Despite all the evidence that U.S. LNG benefits both the economy and global energy, the Department of Energy has imposed an infinite ban on LNG exports to non-free to non free trade agreement countries without legal justification. So pretty unbelievable. You know, they’ve put in this FOI request, which is basically a Freedom of Information Act which says, hey, we need to know if you did this study or not. The administration has come out and said there’s actually 57 pages that meet this Freedom of information request. So there’s something to hear if they did this study before they did the pause. It’s exactly what this article says in their opinion. We all knew this. We all knew they were pausing the LNG export not because of some sound scientific reason but because of politics. So this is the least surprising news I’ve ever heard. It’s just hilarious to see it actually written down here. Good for the Government Accountability Organization for getting behind it. And we will be following up with this, have no doubt. Okay. [00:03:32][155.9]
Michael Tanner: [00:03:33] Next up, many roadblocks delay Journey to zero carbon world. Who would have thought trillions of dollars need to get spent. And there’s some all of a sudden there’s roadblocks in between. Yeah, absolutely. Here we go. Reading straight from the article here. Our friends over at Bruder’s. The task of decarbonizing the global economy can be split into three parts, electrify as many activities as possible. But remember, doesn’t. Where’s the electrification matters next? Use low carbon processes when it’s not when that’s not possible. And make electricity in ways that do not spew out greenhouse gas. See again, the goalposts are always shifting. There are always used to be electrify everything. Now it’s Wow, we can’t do it. Let’s use low carbon and let’s make sure that we’re not spewing. I mean, the goalposts are constantly moving, you know? They point out that, quote, The good news is this is happening. The bad news, though, is that it’s not happening nearly fast enough. And what’s funny is you’ve got the IEA, who again, is the IEA and Goldman Sachs agree on something. I take that step just like if the IEA and OPEC agree on something. You know, I’m not the biggest Goldman Sachs guy per se, but they’re generally fairly, I guess, straight up and down with this stuff. They don’t really care one way or the other. The IEA does care. They want to go completely green, but they agree here. They’ve got three charts here, the global power mix. Can we go ahead and throw that chart up here, the global power mix? I mean, look, here’s what it is. In 2023, that’s the orange. 2040 is what it needs to be even in 2060. That’s the blue. Okay. So look at how coal’s going to ramp down. If you’re listening, coal ramps down from 2023 to 20 40 to 26. If gas ramps down, nuclear stays the same. That’s it true and renewables but drastically increase. And if you actually think we’re going to achieve that, it’s pretty unbelievable. The funny part is, is that according to Peter Hill, okay, the problem is that the demand, the the issue with all of this is that the fossil fuel demand is is delaying this eventual switch, of course, because, you know, and he said this in Glasgow at the United Nations back in 2021, I mean, this isn’t something new here, folks. You also have to remember the IEA central, you know, net zero scenario that they’re working with, which is based on government stated policies, have demand for all three major fossil fuels reaching a peak at then falling by 2030. Goldman’s main scenario, which is quote unquote more ambitious, foresees consumption continuing to grow up until 2030, while consumers keep burning more gas until the 2040, which again, is what’s going to happen. We’re not going to just eight. We’re not going to get off natural gas. It’s under unbelievable. What’s hilarious is Goldman Centrals a scenario three years ago. So if look back three years ago, what Goldman said, they think that coal would account for only 23% of the electric the electricity production by 2030. It now expects it to be 28. So revising upward. Here’s another thing that’s interesting. Three years ago, Goldman and I said that a sec. U.S. carbon sequestration, an underground storage would capture 140 million tons of carbon dioxide in 2030. As we stand today, it’s barely a 10th of that. So they’re really great at doing projection. So maybe I’m not sure if we should be happy whether or not they think it’s one way or the other. And it’s irrational to think that we’re going to be able to completely rip off as quickly as they want. And again, coming back to all of this, it’s all the politics. It’s not really about the climate because it was about the climate. You would understand that, one, the United States produces the most energy efficient and the most emissions reducing natural gas in the world. So it was all about just emissions and the and and the intersection between emissions and efficiency. Everybody would be all natural gas would that’s not politically correct because that would then mean their friends in the environmental business who are trying to build wind farms and solar farms wouldn’t get money and they wouldn’t have any people to vote for. And again, it all comes down to politics, folks. Okay? There’s also the whole green hydrogen scam which is going on right now, which we don’t really have time to get into. I’m already too worked up about this in the and the other article we talked about. So just it’s just another example, folks. These these projections are just that are projections whether or not they come true, we will find out. [00:07:49][256.6]
Michael Tanner: [00:07:50] But let’s go ahead and jump over into the finance guys. But before we do that, I have to pay the bills. As always, thank you for checking us out on the world’s greatest website www.Energy news beat.com the best place for all your energy and oil and gas news. Stu and 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 the description below all the links to the timestamps, links to the articles and links to our substack. Please check us out there. The Energy News beat@substack And again, guys, I’m beating a dead horse, but if you are paying taxes in 2024, stop what you’re doing right now. Go to invest in oil dot energy news beat.com our phone. We’re going to get you some information to save money on taxes. Not only can you save money on taxes by investing in oil gas, you can achieve monthly dividends or quarterly dividends depending on how you want to structure. And also you could diversify your portfolio into something that’s not just real estate. Most of you probably invest in real estate. I’m invested into real estate, but you need to have portfolio diversification. And if you want to and are interested in the energy business, the best way to do it is go direct to the source and what I call by non-operated working interest. You hit that description below or with a for a link to reduce your taxes. And more importantly, when you show up to your Halloween party, you can officially call yourself an oily who dress up as John Rockefeller because you I guess what? I own working interests. Trust me guys, you will not regret it. Hit that description below and we will get you all the information. [00:09:13][83.4]
Michael Tanner: [00:09:15] I mean, a pretty wild day in the stock market. We had, you know, mainly from an oil and gas standpoint. You had S&P 500 up 2/10 of a percentage point. Nasdaq fairly flat, two and ten year yields dropped by about 2/10 of a percentage point. Ten year yields basically flat, a dollar index basically flat. Bitcoin up 2.7 percentage points, about to crack $70,000. Oil took a absolute crumble from 71 or a little above 7178 to set to somewhere around $67. We had about a $4 drop or about six percentage points, mainly due to the fact that the retaliatory strike that happened between Israel and Iran was a lot less than expected and maybe not less, but didn’t necessarily target oil and nuclear facilities, which didn’t disrupt any energy supplies. Pretty unbelievable. Brant was actually down to about $71 natural gas. Is still there. Natural gas actually spiked pretty heavily, rolled over to about $2, and 80 was actually down in close to $2.22, but has since opened, as we record this Monday afternoon as. Opened up 23 percentage points at $2 and 84 cent that’s mainly due to the contract again rolling over into the next month. So a little bit of a dog and pony show there, but hey, 2000 $0.80, we will take it. You know, again, the big moves on oil goes back to the fact that what was expected within the oil markets didn’t nece are from Israel’s response to Iran in terms of hitting their oil facilities didn’t happen. That’s why we saw the huge drop. Phil Flynn, senior price analysts over price futures groups. Obviously this is a perfect example of a headline driven market, but he’s got to throw in there. We still have a lot of geopolitical risk. Of course you do, because you’re probably long oil. You know, we did see on Saturday Israeli jets completed three different ways of strikes and before that were other that were in western Iran, also insights near Tehran. And they mainly targeted military and missile silos. It looks like Iran came back and said, hey, we’re not going to respond. So who knows what’s going to happen here? Kind of crazy. [00:11:18][123.2]
Michael Tanner: [00:11:18] Finally here, BP and Shell brace for profit drops kind of top headlines here. BP Shell are expected to report lower profits this week due to weak oil prices and falling refining margins. Remember, a lot of these companies make their money on these integrated oil and gas claims, make their money on the refining side, not necessarily on the upstream side. Both companies are facing massive investment pressure. BP has already come out and said they’re scaling back their energy plans. And Shell’s CEO has hinted at a potential New York Stock Exchange listing, which is interesting. We’ve also seen activist investors like BlueBell Capital Partners come out and openly criticize BP’s management, calling for the resignation of their chairman. It’s pretty crazy. We will see. Beep, Beep is due to publish their earnings on Tuesday, while Shell will be on Thursday. You know, they’ve already signaled, hey, we’re going to have a massive slump. But again, going back to the fact that most of these companies make their money on the refining sector side. So, you know, we’ll continue to to monitor that. Again, going back to the fact that a CEO of Shell did come out and say that we’re going to probably end up on the New York Stock, and why would you not? Why you’re an oil and gas company. Why would you end up on the London Stock Exchange, expose yourself to windfall profit taxes, expose yourself to just all of the capital pressure and investor pressure that happens when you’re in you. I get out, I get to New York as fast as you can. BP shares going back to them or down 14 percentage points this year. And, you know, we already know that their new CEO, Murray Accion CLOs, is basically scaling back the renewables business and propping up their oil and gas business. Reuters has also reported that action clause, mistaken plans and I’m reading their history. If you guys taken his plans a step further by abandoning a target cut, which we have covered to cut oil and gas by 40% by 2030, pretty unbelievable. But of course, I would be out of the business, too. Why would you not? [00:13:10][111.9]
Michael Tanner: [00:13:11] But that’s all I have, folks. I appreciate you guys checking us out here on the World’s greatest podcast. I am holding it down for Stu, but we thank you for joining us and we will see you back tomorrow. [00:13:11][0.0][777.2]
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