April 15

Largest Solar Plant FAILS!

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Daily Standup Top Stories

Wind farms are useless, says Duke of Edinburgh

In a withering assault on the onshore wind turbine industry, the Duke said the farms were “a disgrace”. He also criticised the industry’s reliance on subsidies from electricity customers, claimed wind farms would “never work” […]

Investors Bet On Further Rise In US Gasoline Prices

By John Kemp, senior energy analyst at Reuters Portfolio investors have amassed one of the largest bullish positions in U.S. gasoline futures and options since before the coronavirus pandemic, anticipating that prices will continue climbing over […]

EVs Head for Junkyard as Mechanic Shortage Inflates Repair Costs

Electric car sales already are in a funk in key markets around the globe. Challenges finding enough repair technicians threatens to further stifle demand in the UK, where

The largest renewable energy project in history fails: only desert is left and we have lost $2 billion

A renewable energy project that promised to change history seems to have failed. At the moment, there is only desert and an apparent loss of 2 billion dollars. Human beings are going through a period of energy […]

Water scarcity and clean energy collide in South Texas

Chemical company Avina Clean Hydrogen Inc. has purchased the last available water supply from the Nueces River of South Texas, raising concerns of regional scarcity as reservoirs dwindle and drought persists. Avina’s Nueces Green Ammonia plant plans […]

U.S. Drilling Activity Continues to Drop Off

The total number of active drilling rigs for oil and gas in the United States fell again this week, according to new data that Baker Hughes published on Friday, falling by 3. U.S. drillers saw […]

Oil and gas companies must pay more to drill on federal lands under new Biden administration rule

WASHINGTON (AP) — Oil and gas companies will have to pay more to drill on federal lands and satisfy stronger requirements to clean up old or abandoned wells under a final rule issued Friday by […]

ADNOC considered acquiring bp following major purchases by IOCs like ExxonMobil, Chevron

(WO) – On Thursday, April 11, Reuters reported that Abu Dhabi National Oil Company (ADNOC), the UAE’s state-owned oil and gas company, previously pursued acquiring Britan’s energy giant, bp. According to “people familiar with the […]

Highlights of the Podcast

00:00 – Intro

02:06 – Wind farms are useless, says Duke of Edinburgh

04:21 – Investors Bet On Further Rise In US Gasoline Prices

07:10 – EVs Head for Junkyard as Mechanic Shortage Inflates Repair Costs

11:00 – The largest renewable energy project in history fails: only desert is left and we have lost $2 billion

14:08 – Water scarcity and clean energy collide in South Texas

21:20 – U.S. Drilling Activity Continues to Drop Off

22:51 – Oil and gas companies must pay more to drill on federal lands under new Biden administration rule

28:47 – ADNOC considered acquiring bp following major purchases by IOCs like ExxonMobil, Chevron

32:46 – Outro

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

Michael Tanner: [00:00:14] What’s going on, everybody? Welcome into the Monday, April 15th, 2024 edition of the Daily Energy News Beat stand up. Here are today’s top headlines. First up, wind farms are useless. That’s according to the Duke of Edinburgh. Absolutely hilarious. Next up, investors bet further rise in US gas prices. As always, the consumer takes it in the drive through. Next up EV’s head for junkyard as mechanic shortage inflates. Repair costs. Talk about second order effect. They’re the largest renewable energy project in history. Fails if only. Only desert is left. And we have lost $2 billion. A little stew import in there at the end. But I absolutely love it. A pretty crazy story out of California. And then finally, water scarcity and clean energy collide in South Texas. Stu will then toss over me. I will quickly cover what happened in the oil and gas markets. This and a lot of crazy stuff going on with the, the Iranian drone attack on Israel. That was effective. It wasn’t effective where prices are going to open here in a bit as we record, Sunday afternoon. Not quite sure, but all I know is it’s going to be a crazy, crazy Monday as you listen to this, we also saw rig counts drop on Friday. Interesting ruling from the Biden administration raising the amount of royalties and, leasing costs for, for, wells drilled on federal land. And then finally, a really interesting Reuters note that actually dropped on Thursday, but didn’t get enough coverage as I thought it would. Abu Dhabi National Oil Company considered acquiring BP following major purchases by Exxon and Chevron. We will dive into all that and a bag of chips, guys. As always, I am Michael Tanner, joined by Stuart Turley, who is back off assignment. Excited to have you back meat off. [00:02:05][111.4]

Stuart Turley: [00:02:06] Hey, let’s head up with our buddy the Duke of Edinburgh. Man, wind farms are useless, says the Duke of Edinburgh. I did not see this one coming out of the closet. No, the Duke of Edinburgh has made a fierce attack on wind farms, describing them as absolutely useless. Michael, there are some quotes in here that are nuggets when. As born a Willmore of Inverell infinity which builds and operates gas turbines, introduced himself to the Duke at a reception in London. He found himself on the wrong end of a outspoken attack, quote unquote. Let’s let’s listen to this. He said they were absolutely useless, completely reliant on subsidies and an absolute disgrace. He said I was surprised by his Frank. Oops. Holy smokes. I mean go. [00:03:07][60.8]

Michael Tanner: [00:03:07] What’s what’s funny is you consider the British monarchy as somebody who’s going to kind of tow the political. [00:03:12][5.0]

Stuart Turley: [00:03:14] Oh, yeah. [00:03:14][0.2]

Michael Tanner: [00:03:14] I say they’re not necessarily going to go out on a limb making all of these quote unquote crazy accusations like they did. Now, you’re right. I did not expect this. And he went all in on this and noted not just off hand. He said this with an interview in the Sunday Telegraph. [00:03:29][15.1]

Stuart Turley: [00:03:30] Oh yeah. And and so they’re, they’re prominent. And he also goes in here and goes, Prince Philip, however, said he would never consider allowing his land to be used for turbines, which can be up to 410. He also bemoaned their impact on the countryside. He said, the the journalist said, basically I suggested do him, do put him on his estate and then you can stay away from the estate, young man. Holy smokes, what a jerk. No wonder the Duke went nuts. I think the Duke with then hanging around the picture. John Wayne, the Duke over my shoulder. That sounds like a John Wayne Cannon quote. [00:04:10][39.7]

Michael Tanner: [00:04:10] Yeah, I won’t say anything in fear of getting us banned. Let’s move next. [00:04:13][2.6]

Stuart Turley: [00:04:13] Oh, no, I, I loved it. But anyway, I loved his quotes. Shout out and positive the Duke. All right. Investors bet on further rise in the U.S. gasoline prices. This was a great article, and I gotta go look where it came from. It was an absolute great one. This is, Reuters. Reuters. But I got it off of our feed off of, zero ad. And fund managers are betting heavily that gasoline prices will rise further throughout the remainder of the year. Inflation adjusted prices have risen from a, recent low of $3.22 in January, but are still below the recent highs of 542 in June. But we’re coming in into the high end of the season, and they have some really good, thing on inventory. Inventories are at a four, 5 million barrel. Down 2%. oh. Giving a take half a percent below the prior ten year season average. So and we have refineries coming offline. So when you take a look at downstream and refining these numbers, this article was fabulous. [00:05:30][76.0]

Michael Tanner: [00:05:31] Yeah we love ourselves some good John Kemp. I love this chart here that he that he, he created here. Mr. Producer, if you don’t want to, if you can throw this up. This is gasoline supplied to US domestic markets and exports, 1990 to 2024. This is a million per day. This is a million barrels per day, an annual average. You can see the split between domestic sales and exports. You know, things have been trending upward. Covid hits. We see a big drop. And now that same trend has continued to pick back up. So the point of I think what this chart and what John Kemp is showing in this article is that as we get farther and farther away from Covid, we’re going to continue to see gasoline supplied to the US. Domestic markets continue to rise, which means fuel stocks do, as you mentioned, are going to continue to be hampered if we do not keep them up. We’ve been selling the SPR. We’re now selling fuel stocks. You know, this comes down to almost a national security issue in my opinion. [00:06:25][54.7]

Stuart Turley: [00:06:26] Well, I want to I want to go to a shout out to the EIA, for getting caught again. They really got busted here this past week, for putting out fictitious numbers again. So, and then the Biden administration got caught again on their jobs numbers. You and I kind of talked a little bit about it, but in those job numbers, 70,000 of those numbers were government jobs. And then the lion’s share of the part time job. Almost 70% of the jobs were to illegal aliens. So the Biden administration has really gotten in trouble for numbers. Yep. So let’s go to the next one here, Michael. This is an absolute hoot. EV’s head for junkyard is mechanic shortage inflates repair costs. Holy smokes Batman, there’s some nuggets in this article, Michael. And that is, I’m about to break my arm for the podcast listeners. I can’t even pull my hand up over my shoulder. I’m so sore from working in the garden, but I am patting myself on the back as best I can. Because this article says insurance companies are driving the price of, EVs through the roof. And I think that it’s not going to be the government. It’s not going to be demand. It’s not it’s going to be the insurance companies that are going to take them out. Let’s go through some of these numbers here. Fewer than 10% of the UK’s 236 auto mechanics are qualified to work directly on the EV batteries or their cases. While many technicians can perform less demanding tasks, the most challenging repairs require extra training. And, Michael, the batteries. You get a crack or a little water on one and they become a fire hazard. [00:08:20][114.1]

Michael Tanner: [00:08:21] And I love this. I pay a trainer. This is a quote from Darren Nottingham. He’s an AA trainer, not Alcoholics Anonymous. But there’s another type. He says, quote, it’s instant death on these systems. [00:08:35][13.8]

Stuart Turley: [00:08:36] Oh, yeah. I do want to give a shout out to my father in law. He was in West Texas, this past week. And he did. There are no chargers. He had to park his car, walk a mile and a half back to the, you know, for, from the, to the hotel and then go back a mile and a half. He didn’t have a Uber and didn’t have anybody around. And so, you know, if you’re two, three miles away from a, and he’s 85, you know, and he loves Tesla, but. [00:09:09][33.5]

Michael Tanner: [00:09:11] No, Teslas are cool. I think it’s interesting. Mr. producer, if you don’t mind throwing up this chart here, it looks like it’s from Bloomberg UK. Sales of battery electric cars have gone stagnant. You see? No one’s buying them anymore. [00:09:21][10.1]

Stuart Turley: [00:09:21] No they can’t. [00:09:22][0.9]

Michael Tanner: [00:09:23] And that big spike in December of 2022 is that tax incentives. Yeah. Does that. [00:09:28][5.3]

Stuart Turley: [00:09:28] Mean yeah. [00:09:29][0.6]

Michael Tanner: [00:09:30] Incentives that they’re trying to squeeze out in the UK before the end of the year. Yep. [00:09:34][3.7]

Stuart Turley: [00:09:34] And now tax incentives because of the Biden administration and the way they’ve been defining and a moving target on tax incentives, hey you gotta make X number of dollars, which eliminates most of the middle class now and then. Most of the cars may or may not have gotten much of a tax deduction. I covered a little bit of that earlier and it it’s crazy how stupid they are. They want to sell these things. And then China. Let me just say this about China. China is dumping all of their inventories and they’re building fabs in. In Europe. They’re building a fab in Mexico and they’re going to be. Excuse me. Dog. And like a son of a gun. This is a family show, but a hot dog. And we can say. Right. So, they’re going to be really moving those things out, like, people on the street. [00:10:28][54.1]

Michael Tanner: [00:10:30] Well, I mean, it’s they’re able to produce a low, quality piece of equipment, theoretically at a lower cost on the market. People are going to flock to it if they are. If you do want to get into the EV business, you’re either buying a Tesla or you’re buying a Chinese made product. There’s really no in between. That’s really what it’s come down to at this point. [00:10:48][18.3]

Stuart Turley: [00:10:49] And I believe in Elon and I believe in the Teslas. And I think that they’re great for those people that can afford them. Anyway, let’s get rumbling on down the road here. Largest renewable energy project fails. Only the desert has left and we’ve lost 2 billion. The second order of magnitude of this failed event of these solar panels. Michael is. Holy smokes, Batman, there’s a bunch of trash out there, and I bet nobody cleans it up. Aliens are going to do some archeological digging on this and go, let’s see. Pyramids, solar panels. What happened between that, renewable energy project, that promised to change history failed. Loss of $2 billion. And it was, because in Morocco, 2,000,000,800 megawatt normal power plant was scheduled to start operating. But construction has not even begun. They’ve still got a lot. The solar panels out there right now, not even getting into the main areas. Renewable project due to internal problems. They couldn’t even attach it to the grid. And in the main area there is more of a liability. Listen to this. Nor causing it. Hey, help Morocco on the world map for large scale renewable energy projects, but took a closer look at operating costs and maintenance issues. Show that the plant is more of a liability. [00:12:24][94.9]

Michael Tanner: [00:12:26] I mean, you know, this just sounded like something that was going on in California. So I apologize for shaming them in the intro. But what this in what this shows is that even around the world, the grid isn’t ready for this type of stuff. It’s not just the U.S. covered this in my solo show last week. There’s some things that we can do here at home to increase the grid, but we’re unwilling to do that. They’re they’re not even willing to do that overseas. So if you can’t in in places like, you know, places like Morocco, there’s less red tape. The United States, somebody wants a solar farm build. You know, the right people. Oh, you just you’ll get that approved. So the fact that they can’t get it approved with zero red tape means nobody’s good. [00:13:05][39.3]

Stuart Turley: [00:13:05] Oh, absolutely. But, you know, you sit back and take a look, Michael, with my new experience of putting in, backup generators, the solar wind and everything else, I’ve enjoyed learning. And there is applications for solar. I don’t want a dog 100% solar, but it’s a it’s that’s a different beast. [00:13:26][20.1]

Michael Tanner: [00:13:26] For when the Iranian drones make it over the U.S. That tiny solar comes in this way. [00:13:31][4.9]

Stuart Turley: [00:13:32] Oh, speaking of that, hey, our hearts and prayers go out to everybody. Israel. And, they got attacked this weekend. And I am so thrilled that the Iron Dome was able to hold off that horrible, thing. But, Michael, I got tickled at, the head of the Iranian, the Ayatollah, I guess, or whatever his name is. He goes, okay, we’re done. I’m like, what? [00:13:58][26.5]

Michael Tanner: [00:13:59] Yeah. [00:13:59][0.0]

Stuart Turley: [00:13:59] I say, I’m happy that they’re done. [00:14:02][2.4]

Michael Tanner: [00:14:03] Hey, I just don’t want to get drafted. What’s up? What’s next? [00:14:05][2.5]

Stuart Turley: [00:14:06] I don’t want you drafted either. That would stink. Water scarcity and clean energy collide in South Texas, but I don’t. This is really pretty funny because this is a weird story, man. Increased water drawn slowly solely from the, Newcastle River system could dramatically increase the potential for scarcity, wrote Corpus Christi director of intergovernmental relations Ryan. I’m going to butcher his name and I apologize. Carter. Bert. Jake. I’m not sure what that was. March 1st, memo to the state lawmakers. And it first reported the Corpus Christi Caller-times a new large volume of user mucus river will require extensive and exact monitoring to avoid increased drought. All this is over renewable, hydrogen and hydrogen. As you and I have talked, it is not easily transported, so they’re going to convert it. To ammonia, which requires a lot more energy. So. Hydrogen requires a lot of water and a lot of. Energy. And then you got to have more energy in order to turn it into ammonia so you can transport it. And that’s a whole different set of infrastructure. Unbelievable. In the future, hydrogen will be used to replace diesel, diesel, said Joel Powell, director of the Energy Transition Institute at the University of Houston and a former chief scientist at shell. They probably ran him out. I’ll see that is a good job. Transition. I just don’t see it, Mike. I just think is pretty funny. [00:15:54][108.8]

Michael Tanner: [00:15:55] Yeah, I it comes down to what we talked about last week with ChatGPT. Every time you type in a little phrase, boom, 50ml of water gone. So as we transition, quote unquote, into a clean fossil fuel future, what happens with water? I mean, I think that’s it’s been on the back burner. No one’s talking about water. California’s had a, unusual higher rainfall. So I think there we are really talking about it. But just five years ago, everybody was on water, water, water, water. So what does that mean? Does that mean that the water supply is now fixed? No, it’s, it fluctuates yearly. But moving to this type of technology specifically with this hydrogen is a little weird, Stu. I mean, letting them take the last available water supply from a South Texas, the South Texas. Not good. No. [00:16:44][48.4]

Stuart Turley: [00:16:44] And listen to this quote. This is from Pete. Corpus Christi City Council, City Manager Peter Zayani, warned that the avion A project could increase water prices to all city users. Quote, the loss of millions of gallons of water a day will have an impact packed on our water supplies, the backfill that will potentially result in great impacts to all Corpus Christi water customers. I only wrote that’s terrible. [00:17:14][30.4]

Michael Tanner: [00:17:16] Yeah. And local residents are now under water use restrictions. So again it’s you taking it in the drive through folks. Yeah. [00:17:23][6.8]

Stuart Turley: [00:17:23] You know, as, in, that, wasn’t Die Hard. It was, Lethal Weapon. Yeah. [00:17:30][6.9]

Michael Tanner: [00:17:31] And I never seen him, but, I think we will. All right. [00:17:34][3.5]

Stuart Turley: [00:17:34] Your millennial, I forgot. Sorry. [00:17:36][1.6]

Michael Tanner: [00:17:37] No problem. What else you got? [00:17:38][1.5]

Stuart Turley: [00:17:39] That’s it for me, man. Let’s get off to the finance here. [00:17:42][3.1]

Michael Tanner: [00:17:42] All right, well, we’ll do that in a bit. But first we got to pay the bills. Guys, as always, the news and analysis you just heard is brought to you by the world’s greatest website, energy newsbeat.com. The best place for all your energy in oil and gas news. Doing 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. Check out the description below for all of the links to the articles timestamps. If you’re listening to us on Spotify or YouTube so that you can go ahead and jump ahead and, or back and listen to other segments that you want. You can also check out again all those links to the articles, check out dashboard.EnergyNewsbeat.com. The best place for all your data and energy news combo. Got some cool stuff coming out for that. As always guys. Energynewsbeat.com. Interesting day this week Stu. [00:18:30][48.1]

Michael Tanner: [00:18:31] And you saw on on Friday we saw the S&P 500 in the Nasdaq get hounded mainly due to the fact that CPI, CPI numbers from earlier this week came out and just absolutely sort of obliterated what any good, any good momentum the market had going forward. You know, with that higher inflation data, there’s probably a chance we see fewer U.S. rate cuts of things. The economy will continue to stagnant. Rates will be high. You know, in terms of what happened on Friday for oil prices, we actually saw about, we did see a 1% increase, mainly off the back of what was announced on Friday was what Iran was preparing for, an attack, which ended up happening this weekend. We also saw our favorite organization, the International Energy Administration, cut their 2024 demand growth view, which is absolutely, interesting considering some of the stuff that we’ve been talking about here. But the IEA goes ahead and does that. But again, it doesn’t have much much to do with where prices went as we saw this. You know, we saw president of Lip Oil Associates Andrew Lip out. He said in the Reuters article. The main focus is on whether Iran will retaliate against Israel. The answer is yes. The question is, I think now is markets about to open here and and in an hour or so, Stu, I think the question now becomes where do prices go from here? I think we’re I think we’re going to see a mixed reaction on prices. I don’t expect to see. I don’t expect a I don’t expect oil to be trading at $90 WTI by the time this opens. Currently we have oil prices sitting at 6566. Brant oil at 9045. Do I expect you know a $5 increase in the price of oil now? I think it’s going to depend on what happens. I think in the overnight session, based upon where do traders feel like Israel will do in response and whether or not this could be a sustained? I mean, I don’t think anybody knows it’s an extremely fluid situation. The you know, it’s. [00:20:26][115.6]

Stuart Turley: [00:20:27] The only the only fluid part of this, in my opinion, is going to be the hoodies and the blowfish, so to speak, in Somali pirates in the Red sea because they, the Iranians did, capture another cargo ship. So, how much of it people are already got used to, not or to going around, on all these kinds of things, but there are some additional sanctions going on to Russia in critical minerals. And the Biden administration is pretending to be tough on Russia. So though all of that mixed in behind the scenes is what I’m trying to watch for. Sorry. Yeah. [00:21:11][43.5]

Michael Tanner: [00:21:12] It’s it’s it’s going to be crazy. And luckily, stew will keep us up. You know, next to cover is is rig count. I mean, just again, surprising U.S. drilling activity continues to drop off. That’s the title of the article on Newsbeat You know, total rig count fell by three, week over week to 217. That’s compared to 751 rigs at the same time last year. This is all according to Baker Hughes. The number of oil rigs actually fell by two, natural gas rigs fell by one. Oil rigs sit at 506, which is 80, which was down 84 rigs relative to where we were last year. We also saw crude production stayed at the same level for the fifth straight week, frack count spread, which is something that it measures the, amount of completion crews that are, completing wells that are unfinished fell for the third week in a row, to 257, which is down 30 from the same time last year. So people are continuing to complete some of these real. Specifically, the Permian saw one rig decrease after rising the week before the Eagle Field. Eagle Ford also dropped a rig. As Riggs dropped. Prices will go up because production theoretically will go down. But, you know, as prices continue to rise, we will start to see rig count catch back up with this higher oil price environment. No doubt. So I think that’s the it’s going to be interesting to see in the next three weeks where rig counts come in. I’d expect to see, you know, 5 to 10 rigs throw, you know, get added here over the next four weeks. But it will be interesting to see specifically where those rigs are, whether it’s onshore Permian or specifically maybe some offshore stuff. But very interesting on what’s going on with rig counts. You know, the a two more articles I wanted to cover. Stu. First off, oil and gas companies must pay more to drill on federal lands under new Biden administration rule. This this this is a kind of a whopper that dropped on, Friday, out of the AP mainly, you know, headlines read oil and gas companies will have to pay more to drill on federal lands and satisfy stronger requirements to clean up old or abandoned wells. Under a final rule issued by the Biden administration, the Interior Department went ahead and raised royalty rates for oil drilling by more than 33% to 16.67%, in accordance with some rules that were passed in 2022 by Congress. If you’re familiar with a specifically if you’ve done a lot of work in New Mexico, you know that that federal leasing is about 12.5%, for federal drilling rights, that have been really had been that way for over 100 years. The other thing that they did was increase the minimum leasing bond paid by energy companies to 150,000, as compared with 10,000, which had been established more than 60 years ago. You know this. You know this. This already was this is off the back of some provisions that are already being forced on an interim basis based upon the Inflation Reduction Act or who likes to call the parking bill. And there’s also some excuse me, that’s the infrastructure bill. Well, there also are some provisions there. The Inflation Reduction Act is the inflation Increasing Act, as we’ve talked about this at all. You know, the new royalty rate is set and expected to remain in place until 2023, after which it can be increased. Basically, this could based upon the department interior estimates, this could account for about a $1.8 billion, increase in federal and federal funding. That’s according to the, Interior Department. You know, I here’s my thing. I actually don’t have a problem with either of these. In between me and you, stew, I think it’s I think what I’m more concerned about is that they’re not allowing people to bid on these leases. I actually think $10,000 bond per lease is woefully inadequate to cover. All of you. I mean, to be a bonded operator in the state of Texas, it’s 25, $30,000. Yet the fact that the feds are only charging $10,000 per lease. And where again, where this bonded, this bond comes in is to clean up orphaned or abandoned wells, which then get added to the orphaned and abandoned list and then end up sucking more money out because we have to go pass the Inflation Reduction Act, which gives us a lot of money to clean them up. So I’m totally okay with the increase in the bond, and I’m actually okay with the increase in the royalty rate, because most every other operator is already paying 25% as a base on Nonfederal land. So I think the feds had some room to play within here. Now, the only thing I’d push back on is, you know, clearly they’re not going to spend the money in the right way. It’s not like this money’s going to go to the education system. It’s not. You know, that’s why, I’m in favor of of, I’m not against, you know, the, the amount of taxes that are laid in upon nonfederal land when you talk about ad valorem production, because all that money state money going back into the education system, do I trust the the feds to actually spend this new increase in royalty rates responsibly? No, I don’t, but we got to do something. We’re 3 trillion in the hole somewhere. We gotta we gotta hopefully try to do something here. So I do think this is a this is a, a an increase that maybe should have been talked about a lot more. It really came down quick because they did it on Friday. I think people are expecting this, but I’m going to take the opposite opinions too. I’m not totally against any of this, and it’s just going to again, as as oil prices continue to rise, companies will be able to handle this. It’s when prices get low that need starting to look at this and say, maybe we don’t want federal, and I’m more mad that they won’t lease this acreage to us. That’s the big key. Make it 100% royalty. You’re not even leasing it to us. [00:26:33][321.0]

Stuart Turley: [00:26:34] This there’s a sister article on an energy news beat. Com, the Biden administration plans sweeping effort to block oil and gas exploration in, Alaska on the North Slope. The U.S set aside 23 million acres of the North Slope to serve as emergency oil supply a century ago. Now Joe Biden’s moving to block it. What a I’m keeping it. [00:27:02][27.5]

Michael Tanner: [00:27:02] I know you do it again. We should be able to drill it. I mean, unlocking places if we really want energy independence, if we really want energy freedom and energy security, we should be attacking all forms of. The oil and gas right now. Considering where prices are, you want to really lower prices and help, you know, Saudi and Russia. OPEC putting the short squeeze on Biden. They’re doing that driving prices. We saw OPEC confirmed that they’re not going to that they’re going to continue to cut. We saw Kazakhstan I think it was was it Kazakhstan came out and said they’re they’re sorry we overproduce. We’re cutting a little bit more. They’re putting they’re tightening the gears on the Biden administration trying to drive prices up. So what’s the only way to get more to drive prices down, get more oil? So doing things exactly like what Stewart’s talking about, you know, blocking off, developing in the North Slope, not making federal leases available does way more to hurt our total oil production and overall energy security than raising royalty rates by 4%. [00:28:05][63.0]

Stuart Turley: [00:28:06] Absolutely. You know, the, us being the largest oil producer now, that’s the only thing that is driving, the prices being at least in held in check. And if the Biden administration would understand actually, I mean, excuse me, finance they would understand that they would if they turned us loose, the prices would go down to the consumers and they would say, yay! Look how good we are. No. Absolutely. Yeah. [00:28:39][32.6]

Michael Tanner: [00:28:39] And the thing I’ve got for us, stew, is this is an interesting little nugget that that was dropped by World Oil on Thursday, and I think it really went underreported. Abu Dhabi National Oil Company considered acquiring BP following major purchases by IOCs like Exxon and Chevron. All it says is Reuters reports that the Abu Dhabi National Oil Company, which is the UAE state owned oil and gas company, previously inquired about purchasing British Petroleum. Interesting, because this is a so BP’s a UK company. They have a US subsidiary, BP. I don’t think either the United States or Britain would allow the UAE to purchase one of their companies. [00:29:22][42.3]

Stuart Turley: [00:29:23] I think our current administration would. [00:29:25][2.1]

Michael Tanner: [00:29:26] So you oh, you you think our current administration would allow UAE? Really? They’re blocking all all current mergers. We we we we we’ve seen, Chesapeake and Southwestern, kickback Pioneer and Exxon have been close. If you really think in, in in light of all the tick tock noise that’s going on with the divestiture of TikTok, you would actually think they’d let the UAE come in. And just if anything, I think Trump would do. [00:29:49][23.7]

Stuart Turley: [00:29:50] Nope. I think Trump would not do it. But, I’ll tell you, all you have to do is watch who goes and visits them in the UAE, just like all the politicians that show up, Randy, one gator and all the other folks, anybody that shows up in the Ukraine and comes back with millions of dollars, I have a feeling that you would see the same thing. The lobbyists would be making some very big headway into the politicians, and they would let it go through. [00:30:21][31.5]

Michael Tanner: [00:30:22] Yeah, I think we have to disagree. Agree to disagree on this one. I have a feeling that the current administration would not let this happen, and I would not want this to happen either. [00:30:30][8.3]

Stuart Turley: [00:30:31] I wouldn’t, I wouldn’t either. [00:30:31][0.7]

Michael Tanner: [00:30:32] I wouldn’t want the UAE to actually come in and control BP, which is one of the law, which is one of the larger. [00:30:37][5.3]

Stuart Turley: [00:30:39] I don’t think. [00:30:39][0.3]

Michael Tanner: [00:30:39] Britain would allow it either. [00:30:40][1.3]

Stuart Turley: [00:30:41] So let me let me defend, two things. Japan has bought all the way up the food chain to. [00:30:48][7.2]

Michael Tanner: [00:30:49] But it hasn’t gone through yet. Hey, we’re still Japan. [00:30:51][2.3]

Stuart Turley: [00:30:52] Let me finish. They did buy, we had TotalEnergies buy, all these natural gas plants, power plants and. Yeah, French company. Then you also have Japan buying the natural gas MP companies to supply their LNG export. So they’ve bought the whole food chain all the way from the pan, all the way through to the LNG. That is already happened. So. [00:31:23][30.8]

Michael Tanner: [00:31:24] But, but but that’s wildly different than the UAE. Those are allies, the French. [00:31:28][4.3]

Stuart Turley: [00:31:29] Partners. [00:31:29][0.0]

Michael Tanner: [00:31:29] I think these in an ally of ours there in OPEC. [00:31:32][2.2]

Stuart Turley: [00:31:33] I guarantee is the I vote yes that it may happen according to the current one. Let’s wait and see now. [00:31:41][8.2]

Michael Tanner: [00:31:41] I mean, I don’t think, I don’t think the, the, the Abu Dhabi National could, we could actually go through with, with, with a purchase or a merger of BP, whether it was the, the, the, the British overarching arching company or any acquisition of BP. But I think it’s interesting that they leaked to the Reuters that they actually looked at doing this, which means there was at least some some small quiver of commerce. Somebody approved somebody leaking this to Reuters. That’s what I always find interesting. [00:32:08][26.6]

Stuart Turley: [00:32:08] Well, if the it depends on which side of that UK government, is in charge and. You have several government members in the United States that are very pro Middle East because they’re from there. So it’s the same thing. There is a new chunk of legislators in the UK that are from other countries. So you’re right. So it’s not I would allow. [00:32:35][26.2]

Michael Tanner: [00:32:35] It, but I guarantee we wouldn’t. That would not be included in that perk. That’s my bet. That’s my guess. [00:32:41][6.0]

Stuart Turley: [00:32:42] Okay, well, I know you and I got a $1 bet on this bad dog. [00:32:45][3.2]

Michael Tanner: [00:32:45] Awesome. What else should people be worried about this weekend besides potential World War three? [00:32:49][3.7]

Stuart Turley: [00:32:50] Well, I’ll tell you what, Michael. I do not know how pricing for oil is going to go. Demand is going up. The EIA has been the IEA has been caught again falsifying numbers. They have been come out. There is a whole new catch of the climate, activists that mis, handle the data again. That’s coming out. I’ve got a story coming out on it. They are actually manipulating the data to say that it’s higher, and the IEA is backing it up. And so they’re manipulating the sensor. So what I’m trying to say is I don’t know where the oil prices is going. And hang on, because there’s going to be some more IEA falsification of their data coming around the corner. [00:33:42][52.4]

Michael Tanner: [00:33:43] You heard it here. Second folks. Well, we appreciate everybody checking this out. It’s going to be it’s a gorgeous week down here in Texas. We hope everybody gets outside. We appreciate everybody checking us out. But we’re gonna go ahead and let you get out of here. Get back to work. Start your Monday. We appreciate it. As always guys. Get energynewsbeat.com. We’ll see you tomorrow folks. [00:33:43][0.0][1961.8]

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