Biden’s Green Spending

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In 2024, Biden Admin Churned Out $1.2 Trillion In New Regulations

Highlights of the Podcast

00:00 – Intro

01:36 – In 2024, Biden Admin Churned Out $1.2 Trillion In New Regulations

03:25 – DAVID BLACKMON: The Biden-Harris Energy Policy Is A Mess That Kamala Harris Now Fully Owns

05:02 – Biden Is Dumping Billions Of Tax Dollars Into ‘Green’ Projects Before Leaving Office

06:29 – Aramco CEO: LNG is ‘on our radar screen’

07:42 – California Energy Commission Proposes State Takeover Of Oil Refineries

09:09 – Court pulls permit for NextDecade’s US LNG export terminal

12:19 – Markets Update

14:48 – 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 Thursday, August 8th, 2024 edition of the Daily Energy News Beat stand up. Here are today’s top headlines. First up, in 2024, the Biden administration churned out 1.2 trillion in new regulations. Ouch. Next up, an opinion piece from the friend of the show, David Blackman. The Biden-Harris energy policy is a mess that Kamala Harris now fully owns. Next up, Biden is dumping millions of tax dollars or billions of tax dollars. Excuse me, into, quote, green projects. Before leaving office, we expect that, no doubt. Next up, Aramco CEO quote LNG is on our radar screen. Over to our favorite state. Next California Energy Commission proposes state takeover of oil refineries the communist state of California close to China. But who knows. They’re next. And finally, in the new segment caught pulls permit for next decades U.S. LNG export terminal. Oh, yikes. After that Stu, then toss, I will quickly cover what happened in the oil and gas markets today. Mainly cover crude oil inventories. And looking at the rebounding prices, we will cover all that and a bag of chips guys, as always, I am Michael Tanner, joined by Stuart Turley. What do you want to begin? [00:01:35][81.8]

Stuart Turley: [00:01:36] Hey let’s start with our buddies over there in the Biden administration in 2024, Biden administration churned out 1.2 trillion. I get choked up just saying that. And new regulations. Let me tell you how this happened. Biden has added more financial and administrative burden from regulatory activities than any other former presidents, Donald Trump or Barack Obama, totaling 1.69 trillion. From Inauguration Day to August 2nd, 2024, 42 proposed rules have taken effect. They would add 46 billion in compliance costs, according to the AAF. The Biden administration added 982 final rules from federal regulations so far. Unbelievable paperwork and headache. [00:02:27][50.9]

Michael Tanner: [00:02:28] It’s pretty unbelievable. I mean, that’s a stat 308,000,000 hour three is it? That’s 308 million pages. [00:02:35][7.2]

Stuart Turley: [00:02:36] Yet ours pages are ours in paperwork hours and 68.9 million hours in paperwork, with 23 million coming in the final rules. [00:02:47][11.1]

Michael Tanner: [00:02:48] Yeah, pretty pretty crazy. [00:02:49][1.1]

Stuart Turley: [00:02:50] I mean, what do you do? The Trump administration added a thousand new final rules over his four years, but ended up with a positive net burden of 100 billion and then added 199 million paperwork hours. So there is almost tripling what Trump did. Quadrupling. [00:03:06][16.8]

Michael Tanner: [00:03:08] Yeah. No. Hey, it’s definitely yeah, it’s a lot of paperwork. I was trying to calculate in my mind how much how long that pay. You know, how many people you’d need to crank out all that paperwork. You’d need a big staff. [00:03:17][9.3]

Stuart Turley: [00:03:17] Well, the only really this goes into the jobs reports then. And that is the only jobs that are being created are illegal in government. So let’s go to the next story here. Michael David Blackmon The Harris Biden energy policy is a mess that Kamala Harris now fully owns and her entertaining vice president pick. I’ll tell you what. Holy smokes. The debt funded grants totaling 2.2 billion to help fund a power transmission project more than a thousand miles across 18 states. This is the single biggest land grab the United States has ever seen, given the language. It also talks about the hardening of the transmission systems to protect them against extreme weather. It also seems that more of the specified projects would do anything to upgrade systems like Texas, Florida or Louisiana or Alabama. Those states are historically the most vulnerable, and they’re not even on the list. [00:04:23][65.3]

Michael Tanner: [00:04:24] And un unbelievable. Unbelievable. I mean, he’s going to have to own the energy policies. That’s what happens. [00:04:30][6.3]

Stuart Turley: [00:04:31] Let me go to one other key thing in this nugget. And that is we are about to go possibly potentially to war. In fact, there’s warnings tonight. Do not go into Iranian airspace. Michael, who imports the most oil from Iran. [00:04:49][18.5]

Michael Tanner: [00:04:50] India. [00:04:50][0.0]

Stuart Turley: [00:04:50] China, India, South Korea and number four is the United States. The United States doing this is despicable. All right, let’s go to the next one here. Hey, we keep just bringing out the truth here. Biden is dumping billions of tax dollars into green projects before leaving. Office. Holy smokes. With its July 22nd announcement of its dispersing 4.3 billion in taxpayer funded grants for an assortment of climate projects around the country, the EPA secured loot for very grateful recipients. How come we didn’t get any, Michael? We need to talk to accounting on this. [00:05:32][41.3]

Michael Tanner: [00:05:32] Yeah, well, unfortunately, I’m accounting, so we didn’t get any. Trust me. [00:05:36][3.3]

Stuart Turley: [00:05:36] Is there 1.7 to 11 factories to help finance a manufacturer of electric vehicles in their components? Did anybody tell them that the electric vehicle market is failing and like Intel got, I believe it was $18 billion to build out of the Chips act, and they just laid off 80,000 employees. Whatever the number was, I mean, it was unbelievable. Number of employees? 15,000 employees at Intel. Wow. Yeah. This is just money being thrown away. [00:06:07][31.1]

Michael Tanner: [00:06:08] No, it it really is. You know, I mean, this is what happens in a lame duck administration. They start now pushing through everything they really wanted to but couldn’t because they were going for reelection. So as I mentioned in the open, you going to see a lot more of this. [00:06:21][13.4]

Stuart Turley: [00:06:22] This is scary. And when you take a look at Ford losing over $100,000 on each EV sold. [00:06:27][5.9]

Michael Tanner: [00:06:28] Yeah. [00:06:28][0.0]

Stuart Turley: [00:06:29] Oh, my. Hey, let’s go to some really good news here. Saudi Aramco LNG is on our radar screen. LNG is on our radar screen and we’re making big investments globally, Nasser said on Tuesday. This is pretty exciting. We have big ambitions and growing our LNG portfolio. Next, they’re working with next decade to buy 1.2 Mtpa LNG for 20 years in this train. This is really exciting. [00:06:56][27.3]

Michael Tanner: [00:06:57] Yeah. No, I mean Aramco has been gearing up for this. They’ve been signing a bunch of these type of LNG agreements. It’s clearly on their I mean I love I love how they’re saying it’s on their radar screen. They’ve made all of these investments prior to this. So I would love for those type of investments to just yeah, they’re just on my radar screen after we’ve spent billions trying to line stuff up. [00:07:16][19.6]

Stuart Turley: [00:07:17] Boy, when you’ve got there kind of billions laying around, what’s a few billion between friends? And that adds a whole new meaning. No. [00:07:23][6.4]

Michael Tanner: [00:07:23] Absolutely, absolutely. I mean, they’re very active in getting in on all of LNG facilities that are already permitted because, you know, as long as this administration is still there, they’re going to keep cracking down. I mean, we’re about to cover it in a in a segment below. But even though they’ve overturned this, does it mean you can still get a permit? [00:07:40][16.4]

Stuart Turley: [00:07:40] No. And this is disgusting. Let’s go to California real quick. Our buddies there in California Energy Commission proposed a state takeover of oil refineries. Holy smokes, Batman. California’s deserve a strategic transition away from petroleum transportation fuels. They also deserve a decent government. Listen to this one right down here in the bottom of the pair. At the bottom of the article, it was, oh, where’s the number, Michael? Just bear with me. The state of California would purchase and own its own refineries in the state to manage supply and price of gasoline. Holy smokes. I can’t believe that they’re even doing this. [00:08:23][43.0]

Michael Tanner: [00:08:24] Yeah, I mean, it’s it’s pretty incredible. I mean, they they they account for over. You know, this article mentions California accounts for over 40% of us, quote unquote, zero emission vehicles. But it’s definitely not. [00:08:37][13.1]

Stuart Turley: [00:08:38] There still. [00:08:38][0.2]

Michael Tanner: [00:08:38] Didn’t originate with demand, I’ll tell you that much. [00:08:40][1.8]

Stuart Turley: [00:08:41] There’s still 30.8 million cars and light duty trucks. It registered in California 1.2 million of the 30.8 million are electric vehicles. Pure battery electric vehicles? Good grief. They’re idiots. [00:08:57][16.1]

Michael Tanner: [00:08:57] Yeah, it’s it’s. [00:08:58][0.9]

Stuart Turley: [00:08:59] They they graduate from Oklahoma State. I mean, not Oklahoma State, Oklahoma University I mean, this is terrible. [00:09:04][5.7]

Michael Tanner: [00:09:05] They’re OSU grads. All right, let’s go to this LNG facility. [00:09:08][2.4]

Stuart Turley: [00:09:09] Let’s go to the exit. Okay. Court pulls permit for next decades U.S. LNG export terminal. Here’s where this story gets dicey. The Chevron deference Supreme Court ruling ruled that their ban, his ban, Biden’s ban, which Harris has inherited, was actually illegal and it should not be enforced. Well, in this case, the they went back and they said it is now the case in front of the by the Sierra Club, the city of Port Isabel. There’s some other folks listed in the thing, sued the FARC for what they claim was failed to adequately consider the environmental impact and greenhouse emissions of the project is registered by the National Environmental Protection Agency Act. This is absolutely ludicrous. Here you have an investor from Saudi Aramco, biggest oil company in the world. They’re producing. They’re out there supplying things, Michael. We supply 24% of the natural gas and LNG to the EU. We have got to be a trading partner with our folks. If we’re not a trading partner, why do business with the US? [00:10:27][78.2]

Michael Tanner: [00:10:28] Yeah, I’m completely there with you. It’s it’s it’s pretty incredible. Even though the fact that the, you know, permit ban was or LNG ban was overturned. Now they’re just, you know, now they’re just going after it with Ferc. I mean, that I mean, it was an obvious next step. I can’t believe I didn’t see it coming when it originally happened. City manager of port city of Port Isabel, Jared Harckham quote, we are very pleased that the court has agreed with our position, the development of these LNG facilities with adversely affect our community by bringing jobs and money. No, no, he didn’t say that. And the impacts of these adverse effects have not been adequately considered in the fact the courts found that the permits for these sources were issued despite Falk’s recognition of these impacts. [00:11:06][38.4]

Stuart Turley: [00:11:07] Unbelievable. You can’t buy this kind of oh you stupid. [00:11:10][3.1]

Michael Tanner: [00:11:11] No, I mean, they they don’t want jobs and money in my opinion. [00:11:13][2.6]

Stuart Turley: [00:11:14] No, they really don’t. And we’ve got to be a good trading partner to everyone around the world period. [00:11:21][6.7]

Michael Tanner: [00:11:21] No, we absolutely need to. So all right well let’s go ahead and jump into oil and gas finite guys. But before we do that, let’s go ahead and pay the bills here. As always, thanks for checking us out on the world’s greatest website www.energynewsbeat.com. The best place for all your energy and oil and gas news during the team, Stu do 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 for all links to the timestamps. Jump around and all of the links to the articles. You can also hit our Oil and Gas investment page landing page. We’re proud to partner up with Pecos Country operating in our friend Rey Trevino over at the Crude Truth. Great Great oil and Gas investment opportunity. We’d love to go ahead and talk with you about it and see how you can get your money working for yourself and become a true oilman. That’s the best part about it. So we absolutely love it. Check it out. You can hit the landing page in the description below. We look forward to talking with you guys. [00:12:18][57.2]

Michael Tanner: [00:12:19] But let’s go ahead jump in your skew. And the overall market’s not great today. We’re down about three quarters of a percentage point on the S&P 500 Nasdaq down about 1.2 percentage points. A ten year yield was actually up about 1.5 percentage points. Two year yields fairly flat dollar index up about a quarter of a percentage point. We saw Bitcoin down 55,000. It’s down about 1.7 percentage points from overnight crude oil though. Great day basically up three percentage points 7537 after basically almost cracking $76. So a lot of those gains rebounded that we lost over the last few days. Brant oil 7884. Natural gas up above $2 again up four percentage points $2.99. Xlp contract was up about 6/10 of a percentage point. Main reason for higher oil was was was the EIA crude oil inventories. Mr. producer you can go ahead and throw this a chart up here. We did see crude oil inventories fall by about 3.7 million barrels, down to a total of about 429.3 million barrels for the week that ended August 2nd. That’s all according to the EIA. And that was actually higher than the expectation that most analysts had at about 700,000 barrel draw. You know, quote from our friend over there, Phil Phil Flynn over Price Futures Group. This is evening of a six week in a row. Crude has fallen and plays into a mantra that supplies are tightening and demand is exceeding supply. Hey that’s good for prices. We did see on on Tuesday I had a little off day that EIA is forecasting tighter supply and demand bounces for 2024, raising its outlook for oil consumption but lowering its expectation for production. Super interesting refinery crude runs rose by about 250,000 barrels per day. Utilization ticked up about a half, a percentage point to 90.5 total capacity. We did see net crude imports up about 550,000 barrels per day. Exports were down 1.28 million barrels per day to 3.64 million barrels per day. Gasoline stocks up 1.3 million barrels. Distillates rose by about 900,000 barrels, and we did see total gasoline products supplied fell by about 280,000 barrels per day. So pretty spicy stew in terms of what’s going on with the EIA, things seem to be be chugging up a little bit. So we absolutely love to see it. But you know, that’s all I’ve got. We had a bunch of earnings that happened over the last few days. So as always go to energy news, be.com to stay up to speed with all the earnings. But that’s really all I’ve got. We’ve had a long show I’ll let you guys get out of here. Well what else should people be worried about. [00:14:40][141.1]

Stuart Turley: [00:14:40] Don’t fly in Iran. [00:14:41][0.9]

Michael Tanner: [00:14:42] Well good I don’t think anybody I don’t think anybody listening to this show was planning on that. [00:14:45][3.4]

Stuart Turley: [00:14:46] Well, we got oil traders, so we’ll find them. [00:14:48][2.2]

Michael Tanner: [00:14:48] It’s a good point. Last show for the week, stew. What what do they got? What are they going to hear tomorrow? [00:14:52][3.5]

Stuart Turley: [00:14:52] Probably Reynolds time. [00:14:54][1.4]

Michael Tanner: [00:14:54] Good old Ronald Stine. Love that. And then on Saturday you’re here, our weekly recap. We’ll take Sunday off and we’ll be back in the chair on Mondays guys. With that, we’re going to let you get out of here. Finish up your week. We appreciate everybody checking us out here at World’s Greatest website. Energy news beat.com for Stuart Turley I’m michael Tanner. We’ll see you on Monday. [00:14:54][0.0][854.8]

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