Daily Energy Standup Episode #190 – Weekly Recap: Global Economic Tremors, Inflation’s Impact on Energy Markets, BRICS Strategies, and Environmental Concerns

Due to climate imperatives, energy security challenges and geopolitical threats, the deployment of renewable energy capacity must be accelerated substantially over the coming years. Across the Asia-Pacific region, offshore wind power can play a large […]

Today marks the one-year anniversary of President Biden signing the Inflation Reduction Act (IRA) into law. Despite the misleading name—the law was never about reducing inflation—the IRA is a quintessential example of Democrats’ vision for […]

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

Stuart Turley [00:00:07] Hey, Everybody. Welcome to the Energy News Weekly Recap. Today is Saturday, the 19th. I’ll tell you what, it was a crazy, crazy week in the news and everything else. This was released on Friday. This is [00:00:22]Ronald Stein and Clean Energy Crisis [3.4s] absolutely an outstanding book Energy Exploitation, Clean Energy Exploitation. Unbelievable. Thank you for stopping by. Also, we got numbers coming out next week and I’ve got some other fantastic ones coming along.

Stuart Turley [00:00:45] Michael and I just had a blast this week talking about BRICS had another story drop out on Energy News Beat about BRICS from [00:00:55]Andrew Korybko from Russia says that BRICS is not going to try to de-dollarize the dollar but they’re going to try to focus on each other’s currency. [16.3s] So if you want to read between the lines, it means they’re going to de-dollarize the dollar. So anyway, have a great time we sure appreciate you. Thanks and have a Great Weekend with your family, we’ll see you all next week.

Stuart Turley [00:01:26] A Global Inflationary Depression Is Very Possible, but what does this do to the Energy and Oil markets? You know, do you and I have been talking about this for a long time. In fact, three years ago we could pull the tape and I was always saying Depression! Depression! Depression! As a cheerleader and you’re over there going Nahh!. Well, you’re right. I’m right. But we’re having fun.

Stuart Turley [00:01:51] [00:01:51]Roughly two and a half years ago, it was predicted on the advancing time on this article that we might soon be witness to the first global inflationary depression. Many of us predicted inflation rolling, but underestimated the size of stimulus would put it in the pipeline. [19.3s] Boy, they bloated this up like a dead whale on a beach you know, with all the stimulus they put around the world.

Stuart Turley [00:02:18] [00:02:18]Though, to those finding this notion unacceptable, we would reframe this as stagflation era, a reversion. [7.4s] What this all has meaning is that the global supply chain, Michael, the global printing of money for renewables in the global loss in GDP is going to really have a tough time in 2024. What this is going.

Michael Tanner [00:02:48] Thats what is going to do with elevated energy prices, I mean, that’s the whole thing in this that nobody accounts was affected of energy gets more expensive. It only exacerbate this inflationary period because it makes just the basic necessities more expensive on top of the printing of money.

Stuart Turley [00:03:04] There you go. And in when you’re talking about Europe, [00:03:09]Europe is losing business because it’s coming out because they don’t even have Natural Gas they’re now doing Coal. Germany is firing up Coal Plants they just killed their Nuclear. [11.8s]

Stuart Turley [00:03:21] California’s the same thing businesses are leaving now they’re leaving for two reasons ESG, bad government and Regulations. You’re going to see a theme going along here in just a sec but just just as a side note so let’s roll the next one here.

Stuart Turley [00:03:37] And if anybody has any questions on, I want their opinions on the Global outcome because it’s hard to predict Oil Prices. [00:03:47]Saudi Arabia and OPEC, OPEC+ are going to be cutting back production. [6.9s] I don’t know what the amount of demand is going to do because it’s always supply and demand in different formats. Russia has.

Michael Tanner [00:04:05] Before we move on, I want to say he talks about the idea that we’re in stagflation and you have to flesh that out a bit, because if you use the official government numbers, we’re not in stagflation. What is stagflation? High unemployment. High inflation.

Michael Tanner [00:04:22] You use the Bureau of Labor Statistics numbers, we are not in high unemployment. Unemployment is rising, but we’re still at 4.6 4.7% unemployment, which is historically low. Think about when Barack Obama took over in 2000 we had a 10% unemployment rate.

Stuart Turley [00:04:40] I mean.

Michael Tanner [00:04:40] Yes, I know you’re going to tell me the numbers are skewed. You could tell me. But I have to point out that if we use the official numbers, we’re not in stagflation yet.

Stuart Turley [00:04:51] I’m going to throw out old definitions because the old don’t throw up for our Podcast listeners. [00:04:59]Reverse Peristalsis [0.5s] or the act of throwing up and violently throwing up on his microphone just happened this is an incredible moment.

Stuart Turley [00:05:08] So when you sit back, Michael, and take a look how in the world at this amount of debt that the United States now has. People are not buying it, Gold is becoming the energy standard nothing is as it was or as it seems. So I’m going to now I’m going to throw up and use Reverse Peristalsis and throw up, and that is you can’t use the old standards.

Stuart Turley [00:05:38] The other standard is anybody that has a job has two jobs. Anybody that is wanting to get out of the workforce gave up. There’s a whole bunch of baby boomers that weren’t ready to retire and they’re out. They’re going to go starve and eat the dead [00:05:54]whales [0.0s] on the beach because they can’t afford to eat. So nothing is the same and thank you for letting me rant.

Michael Tanner [00:06:00] I agree. I 1,000% agree with you that we have a big issue with underemployment and double employment. I absolutely agree with you where that’s an issue, in my opinion, with wages, though not necessarily the the availability of jobs, but that’s a story for another time. Let’s move on to Promoting our own Podcast, because there’s nothing more that we like doing to do.

Stuart Turley [00:06:20] Oh, and honestly, Michael, thank you for letting me rant and prove that I’m always right and you’re wrong. I am kidding. You’re 99% more right than I am.

Michael Tanner [00:06:31] I hope you’re wrong on this Globinary, this global depression but.

Stuart Turley [00:06:36] Globaniry! Globaniry! You’re an animal a new word.

Stuart Turley [00:06:41] Okay, this is a Hoot! [00:06:43]30 foot humpback whale found dead on Fire Island at least the 18th doomed humpback discovered in the East Coast this year. [10.2s] Hey, I found a training video at the end of this, Michael. And let’s talk about the bird a little bit and then I’ll talk us through the new training video on how to clean up whales. So let’s go ahead and talk about this for a little bit.

Stuart Turley [00:07:09] I had a wonderful interview with [00:07:12]Craig Rucker [0.5s] this week, and I embedded the Fox interview that he just had with him, and that’s how I got to meet him. He also knows [00:07:24]Patrick Moore, [0.5s] and [00:07:26]Patrick Moore was the Co-founder of Greenpeace [1.8s] that I’ve interviewed and I’ve got more interviews coming up with him.

Stuart Turley [00:07:32] So, you know, we’ve also got a we’re working out details to interview him at COP 28 so this is huge from a story. The whole thing about this is the animals, the whales there’s hundreds and hundreds of them that we know about this year are dying porpoises, whales, the fisheries it’s killing the fishing industry and it’s because of the vibrations. Michael of the wind turbines. Why is the green methodology and the green push silent on one of the biggest important ecological mammals in the world regarding the world’s health?

Michael Tanner [00:08:20] It’s pretty crazy. [00:08:21]30 foot humpback whale was found dead last Friday morning [3.6s] what was that, the 10th?

Stuart Turley [00:08:28] Yeah,.

Michael Tanner [00:08:28] No the 11th they’re. [00:08:30]The 18th humpback discovered in the East Coast so far was found on the eastern side of Smith Point County Park and Shirley Long Island, according to the National Oceanic and Atmospheric Administration. [12.1s] I mean, doing the job I should be doing.

Stuart Turley [00:08:45] Yes. [00:08:45]Killing the whales [0.4s] as a millennial is one of the few things and you can see there’s a New York Post in there showing the Yuan. But, Michael, I went to a research desk and I went and found a short clip from 50 years ago and I discovered that [00:09:01]Granholm [0.0s] has already sent this out as a training video expense, that she doesn’t care about the whales. This is so.

Michael Tanner [00:09:10] Let’s let’s go we’re going to watch this?

Stuart Turley [00:09:13] Yeah, let’s watch.

Michael Tanner [00:09:14] Lets Que it up. Let’s start it now.

Short Video [00:09:15] As the blubber we go.

Stuart Turley [00:09:18] Okay. Yeah. You see the girl? Ten, nine, eight, seven.

Michael Tanner [00:09:25] For those watching at home, it’s a countdown there’s a dead whale on the beach. Are they going to blow this thing up? No, there’s no way.

Stuart Turley [00:09:34] Look at the Germans, and you can hear the screams in the background. And the announcer is so calm. He says, Great. And we were watching it, and we had to go away because the pounds of flesh.

Short Video [00:09:48] “We need to stop rolling immediately”

Michael Tanner [00:09:50] The smell alright we can cut this

Stuart Turley [00:09:51] Okay.

Michael Tanner [00:09:53] Can you imagine the smell that’s going on?

Stuart Turley [00:09:55] Oh, and just a little bit after that, Michael, I’m going to go ahead and stop watching here. But a little bit later on this, he’s he goes up to a Cadillac and he says, and it’s a good thing people do not get like this Cadillac. The Cadillac is destroyed and the guy the guy on the beach in the interview goes, well, we don’t know how much we’re going to have to blow up again and they ended up just having no.

Michael Tanner [00:10:21] I was born in the wrong era. I was born in the wrong era.

Stuart Turley [00:10:25] No, the amount of C-4 they used on this, Whale, increadible, I mean, anyway. Okay.

Michael Tanner [00:10:31] Thats what we need to do, folks.

Stuart Turley [00:10:33] Oh, yeah.

Michael Tanner [00:10:33] Blow the Whales.

Stuart Turley [00:10:34] Hey, What are the BRICS Planning with August 2nd Durban Accords? Okay, this is coming up quick, dude. And you know, it is Brazil, Russia, India, China and South Africa are in the BRICS. Now, let’s go through this here, [00:10:53]This is Global trade runs on U.S. dollars. [3.8s] This is where we were talking about this and that is Nixon got us off the gold standard.

Michael Tanner [00:11:04] Yep.

Stuart Turley [00:11:04] That allowed our Government at that point to just print money whenever they wanted to. And it just drives me nuts. He puts in this article, okay, [00:11:18]He says right here, it’s our currency, but it’s your problem. President Nixon said that. [6.1s] I mean, not only was he like a real loser, had the bailout, but [00:11:31]it’s our currency but it’s your problem, [1.9s] okay?

Stuart Turley [00:11:35] Every President since then has notched that attitude up and weaponize the Dollar. So now [00:11:45]”The result of the shock and awe economic warfare were underwhelming”. The Russian economy failed to collapse. Instead, they used business as usual taking payments in rubies or gold. [13.3s]

Stuart Turley [00:11:59] Michael the number one and number two countries for buying Gold? China and Russia. The two members of BRICS? China and Russia. Who’s going to be the primary backers of this new gold? And then there’s another article that we ran last week that says they’re going to do the same thing. Well, the U.S. denied the U.S. citizens in 1933 to change Dollars for Gold. You can’t buy gold as a U.S. citizen that’s going to be the same thing. They’re not going to have to go through and do the same thing they had limits on it, Michael.

Michael Tanner [00:12:42] Interesting. So you don’t think going to be able to buy gold here soon?

Stuart Turley [00:12:45] Yeah. No. Now, and so what you’re going.

Michael Tanner [00:12:48] Ohhh.. Conspiracy Stu

Stuart Turley [00:12:49] Well, hey, it’s what it is. Hey, you want to talk about conspiracies? There’s a lot of conspiracies floating around here about [00:12:58]Hawaii, [0.0s] and I’m not going to bring us up on that one. Okay.

Michael Tanner [00:13:02] Okay.

Stuart Turley [00:13:05] [00:13:05]August 22nd may mark the beginning of the end as business as usual. [4.6s] This has been coming fast and I’ve been warm and said, hey, everybody says, oh, it may take us years to get off of the U.S. dollar. I think it’s going to happen sooner than that.

Stuart Turley [00:13:20] [00:13:20]Asian Wind Power Development isn’t starting fast enough. [3.4s] Here’s where this article is is great. [00:13:29]Across the Asian Pacific region, offshore wind power can play a large role in meeting rising energy demand while reducing emissions as governments work towards net zero targets. [15.8s]

Stuart Turley [00:13:46] [00:13:46]Wind energy can also be made to use net zero fuels like green hydrogen and green ammonia they can help decarbonize everything else, as they say. [11.2s]

Stuart Turley [00:13:58] So here is where I think it’s a little bit off. [00:14:05]China President Xi yesterday said or on Monday he said they are bailing out of the Paris Climate Accords because he does not see that renewable energy will make any difference on climate change. [19.2s]

Stuart Turley [00:14:26] That is an amazing statement for a guy that is supporting two coal plants a week. They’re increasing their coal and then they turn around and build all of the renewable there, 70 to 80%, depending on the mix of what they’re doing on world’s supply chain for renewable.

Stuart Turley [00:14:49] So in Asia, I think it makes sense to take a look at Wind and Solar on islands. If it does make a difference, let’s take Hawaii, you’ve got to import all your Coal, you’ve got to import everything. That cost difference makes little it makes a big difference on not importing things on an island.

Stuart Turley [00:15:14] That being said, let’s come down into here and it says and [00:15:21]Asia replaced Europe as the largest regional offshore wind market by cumulative installations. [7.0s] But to counter that, they’ve also been increasing their LNG exports because you need to have Natural Gas as a backup in order to stand up Wind and Solar on the grid.

Stuart Turley [00:15:46] So it’s going to be pretty interesting we’re going to take a look. You’ve got a weird dichotomy going on in Asia and personally, I think that some of it’s good going all in is not. We need to use all forms of Energy, but not what they’re planning on doing.

Stuart Turley [00:16:08] Let’s go to the next one. This is with my favorite administration I’ve ever had. [00:16:15]One Year Later, the Inflation Reduction Act implementation Remains a Mess. [6.3s] You see, Biden, I’m just going to sidetrack here for a second. Did you see Biden last week when he said [00:16:30]”Maybe we shouldn’t call it the Inflation Reduction Act because it’s not going to do it?” [3.4s] He actually said it. You got to love that.

Michael Tanner [00:16:35] I mean, see that.

Stuart Turley [00:16:36] But he had a momentary lapse of sanity. [00:16:41]Today marks the one year anniversary of signing the inflation, the I.R.A. into law. The the law was never about reducing inflation. The IRA is a quintessential example of the Democrats vision and it is basically the Green New Deal hidden in wolf’s clothes. [21.8s] Let’s take through some of this stuff.

Michael Tanner [00:17:08] That is by economist [00:17:09]James Bruegel. [0.6s] In his title is [00:17:13]I Am an Economist. Focus on Economics of Regulation. [2.3s] Well, have fun without this one, dude.

Stuart Turley [00:17:19] Oh, yeah. He’s he’s worse than a CPA or an accountant, I mean, this guy’s got to be fun at a party just to avoid. [00:17:26]Based on initial estimates put it in 60 billion in energy tax credits for renewables like wind, solar, hydro, 80 billion for consumer rebates for purchasing electric vehicles. [12.6s] Hold that thought I’m coming back to in a sec.

Stuart Turley [00:17:43] [00:17:43]Installing rooftop solar panels and adding more efficient home features. The IRA amends a tax credit up to 7500 for purchasing electric vehicles and extended another up to 30% off the cost of solar. [16.2s] Let’s talk about this for just a second.

Stuart Turley [00:18:03] Out of all of the $1.3 trillion in the Porkulus bill that I loved in my genome for saying it, it’s the Porkulus bill. Okay. The $7,500 tax credit is very not used by very many American cars. You got to like you’ve got to be a really good rocket scientist to get that payment.

Stuart Turley [00:18:32] Now, here’s the other side of that coin. South Korea yesterday, yesterday or day before they announced they have found a way around the U.S. policies on this so they’re going to be selling under the Inflation Reduction Act, and our own folks can’t. South Korea is going to be muscle in on our money. So this one kind of just gets me.

Michael Tanner [00:18:56] Did you see? They had to bring [00:18:57]John Podesta [0.3s] back for this? They had to recycle that guy from the grave. And who is [00:19:03]John Podesta? John Podesta [1.6s] is the guy that got caught in the WikiLeaks phishing scam who ended up giving up all of the documents to WikiLeaks.

Michael Tanner [00:19:12] Remember, how did WikiLeaks get those documents? Somebody hacked [00:19:16]Hillary Clinton’s [0.4s] emails. Well, what did they actually do? As it turns out, this person got access to the e-mails through [00:19:22]John Podesta’s [0.4s] E-mail, which he subscribed through through a phishing scam. So he actually we love the dude.

Stuart Turley [00:19:30] Oh, yeah.

Michael Tanner [00:19:32] Prevented a crisis in 2016.

Stuart Turley [00:19:35] Already later in the article, it says already parts of the IRA are backfiring, which could further erode support countries like South Korea. I just told you that in there the IRA massive industrial policy cronyism is masquerading as climate and Inflation policy. You know what’s missing? They only had 38 million. I mean, it was some ungodly little number for the grid. Oh, yeah. Oh. Oh, I just got airsick when I was reading that part of it.

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