Week Recap: Chris Wright, BRICS, EV Slowdown, and Energy Security Highlights

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

Stuart Turley: [00:00:10] Hello, everybody. Welcome to the Energy News Beat Daily Standard. This is the weekly recap. It has been an absolute crazy week on the desk. Just the staff has got all of the best stories that have had the most traction. They’ve got them all put together for you. Sit back, buckle up and just enjoy the ride. It is a lot of fun out there. Hug your pets, hug your family and get ready for Thanksgiving coming around the corner. Have a great day. [00:00:38][27.5]

Stuart Turley: [00:00:38] Trump picks Oilfield Services boss Chris Wright as energy secretary. I’ll tell you what. Quote unquote. Chris? Yeah. Chris has been leading technologist and entrepreneur in energy, Trump said in a statement. He has worked nuclear, solar, geothermal, oil and gas. And most significantly, Chris was one of the pioneers who helped launch the American Shale Revolution that fueled American energy independence and transformed the global markets and geopolitics. I want to just share this for Chris Wright. Chris Wright is a rock star. And Michael, I met Chris years ago at Intercom and I sat through one of his first speech is there and I was like, wait a minute. He talks about ending energy poverty through the use of fiscal responsibility and fossil fuels and nuclear. Let’s use all of the above. Have you heard me talk like that? Chris has been instrumental in how I talk on this podcast. And Chris Wright when he came on the podcast with the number that has gone through the roof. He is a rock star. Now, I’m going to say this, Chris Wright, is critical for Donald Trump’s ability to lower the consumer energy prices. And Chris Wright. Will be a significant factor to all Americans in a lower energy price. Chris can do it. [00:02:09][90.9]

Michael Tanner: [00:02:09] Absolutely. This is an outstanding pick. When I heard his name floated a couple of weeks ago, I said, wait, is this true? Because this is Christmas in November, if true. You said it right there. Nobody better, in my opinion, understands the dynamics of how to actually regulate the energy business that Chris Wright now something that’s a little bit you’d think the secretary of energy has is regulates the oil and gas business. Not really. It’s actually who has more effect on the energy business is ironically the Department of Interior which is led by Doug Burgum. Now what Trump has done in in what I think is a stroke of genius is the counsel of what is he calling it, the Council of National Energy, which is actually chaired by the secretary of interior in which Chris Wright will now sit on. So you’ve got both people, one who has mortgage government. The Department of Interior has much better control over pipelines, which that’s really the big issue right now in the oil business. Yes, there’s some we need to fill up the SPR, which obviously that the Department of Energy does that. But really, from a nuclear standpoint, you should be much more thrilled that Chris Wright is in the Department of Energy than anybody else because he’s a big advocate of nuclear. You should be very thrilled if you’re in the oil and gas business because Doug Burgum is probably going to approve these pipelines like hotcakes, which is really the big key right now. It’s ending the regulation stalemate that we’re in right now. Both those guys are going to be I love what Trump is doing right here. I mean, you couldn’t have picked you could have picked anything better. I mean, you know, outside of maybe, you know, you know, his cabinet outside of a few picks, which we can talk about as though it is shaping out great. [00:03:44][94.8]

Stuart Turley: [00:03:45] Absolutely. And now here’s here is one thing. The EPA is also in this mix because the only way the way that he is really going to lower energy costs is get rid of energy, regulatory oversight and overreach. Where you throw in I believe it’s less that he has that use that was running in as the governor for New York is the head of the EPA now I mean that it now you throw him in the mix. Holy smokes, Batman. You got burger me. You got right. You go. This is a Hall of Fame. This is like going to an Emmy fight and having the winner of the fight do a Trump dance. Holy smoke. [00:04:26][41.2]

Michael Tanner: [00:04:27] Absolutely. [00:04:27][0.0]

Stuart Turley: [00:04:28] Scholz, I see nothing urges Putin into negotiations with Ukraine on first call in two years. Michael, I’m going to brag on myself for half a second. I saw this. I called it. I said, You’re going to see a war end to the war in Ukraine. You’re going to see the cheap Russian natural gas is going to be the only way Germany can re industrialize. You still have Nord Stream one pipeline. Yeah. Of the four pipelines, one is still capable of being turned back on. You have all of this. Let’s look at this. Scholz Urge Putin to end the war so Russia could enter into serious and to go. She ations with a root with the aim of achieving and lasting peace for Ukraine. What a crime scene. German media reported in October Shields was considering a phone call with Putin ahead of the next week G20 summit in Brazil. [00:05:22][53.7]

Michael Tanner: [00:05:23] Well, it’s here’s the thing. [00:05:24][1.5]

Stuart Turley: [00:05:25] They’ve got to refire their nukes. They got it. [00:05:27][2.2]

Michael Tanner: [00:05:27] Yes, I think we should all come to the negotiating table. I think that the interesting part about this is what were you do over the past two years? You really were sitting there like, I see nothing. Nothing. And now all of a sudden, boom, we got to jump on the phone. So again, it begs the question, what if you’ve been doing for the last two years and could the war in Ukraine come to an. Absolutely. We need to figure out a way to get this over with. But what’s already done is done. We can’t go back two years ago and stop this from happening. Maybe we should have tried that two years ago before hundreds of thousands of people died. Hundreds of billions of dollars were flushed down the drain, if only for this stagnate to continue. So we have to negotiate right now from where we’re at. You know, you could you know, reports are coming out that now the reason why everyone’s freaking out is because there’s the involvement of these North Korean troops, which is a disaster, by the way. I mean, you want to talk about a humanitarian crisis. Now, Putin is just throwing North Korean bodies at this is just not good. We need to bring an end to this war. And, you know, yes, we need Russia at the negotiating table. Maybe we should have tried this two years ago. [00:06:33][65.5]

Stuart Turley: [00:06:34] But the underlying current there’s two underlying energy threads to this story. That is the green energy policies and the overreach of trying to do fiscally irresponsible energy policies. The U.K. is said, Hold my beer, Germany. You’re about to see the de-industrialisation under process in the UK. [00:06:56][21.9]

Stuart Turley: [00:06:56] Xi reveals Beijing’s four red lines to Biden. And I heard President Xi tell Biden, don’t, don’t the Chinese warn the U.S. president is again trying to hold back the country’s economic development, as do major countries. Neither China nor the United States should seek to remodel, according to the other ones will suppress the other from so-called positions of strength or deprive the other of legitimate right to development as to maintain its leading status, Xie said a new Cold War should not be fought and cannot be won. Containing China is unwise, unacceptable and bound to fail. So this is the same guy that just put President Biden, which I would have done as well to possibly. I just want to say this in the back row, and President Biden didn’t know where he was. So in all fairness, then they didn’t want the full depends up there in the front row. This is an embarrassment to the United States. [00:07:57][60.3]

Michael Tanner: [00:07:57] Well, you know, I think they’ve got they feel like they’ve got form, you know, 3 or 4 months before or what, three months before Trump takes office. They’re going to probably do all they can in order to assert their power. Now, it’s going to be interesting with this whole tariff talk on China, what happens because that, you know, one of the reasons China makes, you know, one of the reasons China’s able to develop so critically as a country is because the United States relies heavily on their imports Now with a 60% or whatever tariff Trump’s going to put on there. I mean, it’s going to make it’s going to be very interesting. You’re going to see prices at home rise, which means some, you know, we’re gonna have to cut somewhere else to balance out the price increase of everyday goods. You know, Trump’s talking about what if we get rid of the income tax to offset higher tariffs? That can work. If it works out to be net neutral, we’re good. But China’s going to suffer. China doesn’t want tariffs because most of the goods that they sell are sold to United States. They will consume a lot of their own goods. [00:08:52][54.6]

Stuart Turley: [00:08:52] No. Now, this brings up the whole thing. Everybody’s saying, tariffs are bad to the consumers and it’s going to raise consumer prices. No. In 1913, 1912, before 1912, there was no income tax. And consumers the government was funded by basically, I believe it was less than 10% of GDP and tariffs. Tariffs funded the government. So once you got cutting the government slashing the government expenses, you can live off of tariffs and not impact consumer cost. Well, we’re going to have to. [00:09:27][34.4]

Michael Tanner: [00:09:27] Disagree on that. If we want to talk about what was going on 1913, we still had Jim Crow laws in Nigeria. Are we going to bring those back to to balance everything out in the world? Is still in. [00:09:37][9.5]

Stuart Turley: [00:09:37] 1900 is totally. [00:09:39][1.7]

Michael Tanner: [00:09:39] The worst argument. The worst argument in the world is in 1900 we did this. So that means in 2025 we have to do this. [00:09:47][7.4]

Stuart Turley: [00:09:47] And the reason I said that the reason I said that is the Fed. The Fed may get ended. [00:09:52][5.0]

Michael Tanner: [00:09:53] Yeah. All I’m saying is tariffs are they’re going to raise prices. We’re looking at a master’s degree in economics on the board. Right. I’m telling you, tariffs are going to raise prices. Now, if price is raised by 15% and you cut the income tax at 15%, guess what? Your net neutral eggs. Exactly. But don’t. Don’t try to argue with. Don’t. Don’t try to gaslight the American people by saying, well, your prices will rise. They’re going to rise. It’s just a matter of where. Where are we going to pull. [00:10:19][26.5]

Stuart Turley: [00:10:20] The money from? But if you offer the tax discounts for manufactured goods in the United States for the same product, people are going to buy the American brand. [00:10:30][10.1]

Michael Tanner: [00:10:30] Yes, but there’s not enough there’s not enough goods being made in America to where you can flip that like a switch. [00:10:36][6.0]

Stuart Turley: [00:10:37] It’s not a switch. [00:10:37][0.5]

Michael Tanner: [00:10:38] I know. So there’s going to at least be a period of higher prices. So you immediately have to do something on the back. And that’s all I’m saying. I’m not against tariffs in an ideal world. The problem is you have to understand, we talk about second order effects. It sounds it’s it sounds very nice to say that’s trying to lower the income tax. Well, what’s the second order effect of that? You see what I mean? And I know you can’t argue with me about well, back in 1914, we decided, okay, well, that economy, it was a quarter. [00:11:05][27.2]

Stuart Turley: [00:11:06] Hang on, because the financial systems are going to change. And when you take a look at the financial what got us here, Michael, you always have to look at history on how we got here. Well, that. [00:11:18][12.7]

Michael Tanner: [00:11:19] Now we it’s really the gold standard going off. The gold standard is what put us in the situation we are in. Exactly. This had nothing to do with tariffs and whether tariffs raise prices. [00:11:26][7.7]

Stuart Turley: [00:11:27] Or no, I disagree because once you get off of the gold standard, why was JFK killed? Hang on. I don’t. JFK. Ten days before he was killed. Put us on the silver standard. [00:11:38][11.5]

Michael Tanner: [00:11:40] Okay. [00:11:40][0.0]

Stuart Turley: [00:11:40] What’s going on? Germany rejects vessel carrying Russian Arctic LNG, but continues indirect imports. This is really kind of a continuing theme over here that we just talked about. Russian LNG may not be critical to European natural gas supply. Again, I guess it’s one of those things you end up with some Russian gas in your pipeline supply, but it’s another to actually unload a shipment of Russian LNG from a Russian vessel into a German terminal for your quick sale. We don’t want receipts. We don’t mind the molecules. We don’t want receipts. Yeah. [00:12:17][37.1]

Michael Tanner: [00:12:18] Absolutely. I mean, they don’t it’s absolutely crazy in direct Russian gas flows still. [00:12:25][6.7]

Stuart Turley: [00:12:26] Yeah. Come on, man. Michael, I’ve said this. We’re going to see an end to the war. The Ukraine war is a crime scene. We’re going to see an end to it, and they’re going to start buying Russian natural gas. Yeah, well, it’s all. [00:12:37][11.3]

Michael Tanner: [00:12:37] Well, unless unless Ukraine starts lobbing long these long range missiles into Russia. [00:12:43][5.5]

Stuart Turley: [00:12:43] They’re just dry. Let’s go to. Yeah, that one just breaks my heart. I mean. All right. [00:12:49][5.7]

Stuart Turley: [00:12:49] Let’s go to how Trump energy plan could actually benefit the environment. I’m sorry. Trump lives just rent free in a lot of people’s minds. A second Trump administration focused on increasing natural gas production. Exports could lead to a decrease in global CO2 emissions. That is. Let me hold on, Michael. Fact check True US natural gas can displace coal and other dirty resources, and particularly in developing nations. At the 29th Conference of the Parties, Cop 29 and Azerbaijan attendees are full dire prediction that the world climate will worsen under President elect Trump. And ain’t going to happen. More gas is the only way we’re going to actually do better. Yeah. [00:13:35][45.5]

Michael Tanner: [00:13:35] I mean, first off, I do find it funny. They’re holding Cop 28 in Azerbaijan. Hey, oil and gas, You know, it’s like they’re holding it and it’s like holding it. And Ryad, like, I nod. [00:13:44][9.0]

Stuart Turley: [00:13:45] Like the heads popping from the left. We’re so much fun. You can’t buy this kind of entertainment. There goes another. [00:13:51][6.0]

Michael Tanner: [00:13:51] One and another. But, you know, I think, again, the United States produces the cleanest molecule fossil fuels on the planet, and China is not going to reduce their emissions. Okay. So what do we need to do? We need to somehow figure out how to make our production while not giving up our fossil fuel advantage, considering we have some of the world’s largest natural gas reserves. I mean, it’s not the largest, but we’ve got a lot of natural gas here. How we can produce that as cheaply as. [00:14:21][30.2]

Stuart Turley: [00:14:21] Possible, I really would think that there’s going to be and one of the things that I want to put out to President Trump is I’m writing a paper on how to get rid of ethanol and get rid of the Jones Act. Those two things will help lower emissions and energy costs in the United States. [00:14:40][19.3]

Michael Tanner: [00:14:41] Those the Jones Act we have to get rid of. And if you have to get rid of the Jones Act, yes. [00:14:46][4.8]

Stuart Turley: [00:14:46] But it’s going to be tough to get the farmers off the subs. [00:14:48][2.2]

Michael Tanner: [00:14:49] Yeah, it’s it’s it’s tough. But, hey, if you’re into the free market, you’re into the free market. [00:14:53][4.3]

Stuart Turley: [00:14:54] I think I just heard Elon and Vivek Ramaswamy go you know, you’re deleted your your listener knew were deleted. [00:15:03][9.7]

Stuart Turley: [00:15:04] I’ll tell you what, you can’t buy this kind of entertainment around bricks and the brics because. Declaration definitely trumps the cop 29 blather. Cop 29 got together and they did not sign another deal banning fossil fuels. They did basically come out and say, we want another trillion dollars. I’ll go into that here in a second. What comes out of. Because on on Bric’s meeting is very critical. Attendees of the 16th annual BRICs summit represented more than 45% of the global population and 35% of the global gross domestic product and included representatives of Saudi Arabia, China, India, Brazil and the United Arab Emirates. The declaration they signed builds on their already strong and economic deployment ties the departure of Argentina from the global climate talks in Cop 29. In Baku, Azerbaijan adds to concerns about the global climate. Following the reelection of the climate crisis, skeptic Donald Trump. In hindsight, the meeting at Kazan could be seen as a foretelling about such doubts about sending the popular client climate narrative. What they’re saying in this article and what people at BRICs and leaders around the world are coming to realize energy security matters more than the climate change narrative. The data is falling apart around the climate change narrative, but yet energy security is critical for all leaders around the world. Because if you don’t have energy security, you either get voted out of office or there’s a rebellion. And if you’re a dictator and you want to keep your people happy. So let’s see about how all this turns around. [00:16:58][114.6]

Stuart Turley: [00:16:59] Ford plans for thousand job cuts in Europe as we lose momentum. I’ll tell you what, in the EV space, Tesla will survive. If you’re not Tesla, get out. And then we’re seeing that GM and I believe another one are doubling down and saying we are going to stay in it. Reductions amount of 14% of the car carmaker’s local workforce in the EU will look to eliminate another 4000 positions in Europe. Further wrenching within a region will then transition to electric vehicles is losing traction in industry wide. That’s a lot. Ford vowed in early 2021 to drastically overhaul its business in Europe, saying We’re almost completely electric. By the end of the decade, that transformation hasn’t been going to plan, with the company announcing last year that it would slash 3800 jobs per year, including Volkswagen, AG and Stellantis, N.V. have issued profit warnings in their recent months, citing the broad slowdown in electric vehicle sales. While Chief Executive officer Jim Farley is pressuring executives worldwide to lower costs that have put forward at a competitive disadvantage to its rivals, Ford plans to cut an additional 200 2900 positions in Germany, 800 in the UK and 300 in the rest of the region. It’s obviously a difficult day for Ford in Europe, said Peter Godsil, vice president of Human Resources. But we do believe it’s necessary given the situation we are facing. So I hats off for all those that are losing their positions. And, you know, I truly believe that the the way to get to less gasoline use, which is what we’re all about, the less gasoline used. How about a hybrid? If you can build a good truck hybrid at a good low cost, I guarantee you that would sell huge in the United States. The rural areas would love 60 miles to the gallon. They would love 70 miles to the gallon, but they can’t afford the batteries and. And everything else, the technology could change. So that’s a whole nother. [00:16:59][0.0][985.8]

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