Week Recap: Rising Energy Costs, Dark Money, and the Push for Electrification

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Electrifying Everything Means Higher Energy Costs For Consumers. These DOE Numbers Prove It (Again)

Iran Readies New Oil Outlet To Bypass the Strait of Hormuz

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

Stuart Turley: [00:00:11] Hello, everybody. What can the energy news be daily. Stand up. I’ll tell you what, this is the weekly recap. It is Saturday, October 26th. I hope you have an absolutely wonderful weekend. Buckle up. It has been crazy year round the news desk, we’ve had everything from talking about brakes. We’ve had bill over on Squawk Box with his 32 reasons why he was not going to vote for Kamala, including banning the LNG and lots of other good reasons. So I’ll tell you what, I hope everybody has been having a very nice calm before the storm. Go out and vote and make sure that you do get your vote counted. Thank you very much. And like scribe. Hug your pets and pass this along. Thank you very much, Talk to you all soon. [00:01:01][50.9]

Stuart Turley: [00:01:02] Electrifying Everything means higher energy costs for consumers. These doughy numbers prove it again. Hey, I’ll tell you what. Robert Bryce is a rock star, and he hit this game off in his substack. I highly recommend. And Michael. Well, let’s tell our listeners that they need to subscribe to our Substack we are going to a paid model on it. We love Substack By the way, last year, Stacey Abrams, a prominent Democrat who served in Georgia House of Representatives for ten years, joined Rewiring America as a senior counsel. Michael, are you ready? She was joining Dark Money, an NGO because she wants to help promote electrify Everything agenda. How much do you think went back to her, her election campaign or back to her? She’s one of many and non-governmental organizations and politicians who contend they’re trying to electrify everything in the White House, claim that electrifying everything would lower energy cost One of the richest climate NGOs in the United States Natural Resources Defense Council, annual revenue, 193 million claims, if it’s done right, electrifying, will bring big benefits to Environmental Justice Communities inquiry, including lowering costs. Except Robert puts it won’t. Here’s the chart. This is really pretty funny. The doughy equivalent of equivalent residual residential energy costs in 2024. Look at that number. Electricity is 47% more than just natural gas. You take a look at that. BTU the Doe says electricity will cost residential users about 47 million BTU this year and cost around 13 million. Unbelievable. That’s a lot of extra money that they’re talking about. [00:02:57][114.8]

Michael Tanner: [00:02:57] Yeah, it really is. I mean, the whole dark money thing is a little bit spooky. It happens on both sides. So we can’t it’s not necessarily a it it’s one of the few things that’s not a partizan issue when it comes to money in politics. I’d argue the Democrats are probably worse at it than than the Republicans. At least Ellen’s coming out and saying, hey, I’m the one donating $200 Million versus kind of going in these roundabout ways. Mickey Absolutely. What’s going on with this Ukraine stuff is, you know, we’ll just leave it at that. I don’t want to I don’t want to venture into your territory. [00:03:29][31.9]

Stuart Turley: [00:03:30] You know, this is for entertainment purposes only. [00:03:32][2.2]

Michael Tanner: [00:03:33] We don’t want to. But, I mean, we all know the deal. We as you know, we covered that article a couple of weeks ago about how the deal is not wanting to release the cost per kilowatt. Yeah. Or a lot of these different sources. [00:03:46][13.0]

Stuart Turley: [00:03:46] So it’s the jobs market with the numbers being wrong. I mean if they all go hand in hand. Yeah. [00:03:52][6.1]

Michael Tanner: [00:03:53] I mean, you know, it only takes somebody with half a brain to realize that natural gas at this point is cheaper than solar. I know people will argue that solar is cheaper, but that’s they’re not. This is what oil and gas used to do. Well, it’s really cheap once we drill the well to produce it, it’s like, Yeah, but how much did it cost to drill the well? It cost you $100 million. [00:04:12][19.0]

Stuart Turley: [00:04:12] To go. [00:04:13][0.1]

Michael Tanner: [00:04:13] Get a million missed yesterday. Okay. So I’m the idiot here. So I think a lot of people are factoring in a lot of the CapEx that goes into this stuff. You know, obviously this electricify, everything, it’s got nothing to do with energy and in my opinion, everything to do with power. They don’t like the fact that people who are for oil and gas vote Republican. So what can get oil and gas out of the picture? Renewables. So we’re going to support renewable has little to do with climate change either. Our friend of the show, John Kerry. It’s not about climate change for him, it’s about power. [00:04:44][31.7]

Stuart Turley: [00:04:45] He he’s a never mind the US. This one chart in here Michael take a look at the U.S. produces more than Canada, China, Iran, Norway and Qatar combined. The Permian Basin alone produces a much Canada 18 b, c per day. That is absolutely amazing. I ran read new Oil. Outlet to bypass the Strait of Hormuz. And Michael, this is really, really important. Iran is closer to finding a way to circumvent the Strait of Hormuz when it comes to oil experts. The Jask oil permanently open officially opened a few years ago, but they’re just now got a lot of more activity. And in this one, this post from Tommy Emmer, a GOP majority whip. Iran’s illicit oil revenues swelled at 200 billion since Harris took office. This is critical from the standpoint, Michael, that when we talk about the Strait of Hormuz, the U.S. bully plans of Israel attacking Iran’s oil to Iran, oops. Then they hand Iran attack and Netanyahu’s house. I’m not sure what’s going to happen, and I don’t think he’s going to tell the Biden administration again. So this. Having a nother port open for them to still export is either a another target, Michael, or it’s going to have another way for them to bypass the whole shipping area. Pretty wild. What’s going on over there? Yeah, it. [00:06:21][95.1]

Michael Tanner: [00:06:21] Is. I mean, it’s extremely wild what’s going on over there. And I don’t think anybody really knows. We do know that it’s what we do know is this the United States is complicit in the fact that we are allowing these oil exports to take place. And right, wrong or indifferent, that’s what we’re doing. I’m not going to sit here and say, well, we should be throwing sanctions on them. We know sanctions don’t really work. So if you just let them do what they do, we can then track this stuff super, super interesting. Now, if they if they go ahead and shut down the Strait of Hormuz and start using this other stuff, that’s going to cause a complete global turmoil when it comes to the overall pricing structure. So do I think they’re going to do that now? I don’t think they’re going to do that now. If they did do that, I think that’s an insane provocation. And they I think they would only do that if they want to draw the US closer into this conflict Right now. I think they want to keep everybody at an arm’s length. And just like Iran, Israel, they maybe feel like they have a little bit of an eight and not an edge, but they feel like they’re more level headed that way or even that way. But if they go after the Strait of Hormuz, things will get spicy. [00:07:23][62.7]

Stuart Turley: [00:07:24] I mean, last week, Michael, they had a bid to do a bunker buster on the Houthis. They could have done that eight months ago and saved bazillion gallons of diesel around the world transporting tankers all over the place. So the Biden administration is totally worthless when it comes to geopolitical solutions. [00:07:45][21.1]

Michael Tanner: [00:07:46] It’s it’s just I bet it’s it’s it’s unbelievable. They’re they’re trying to figure out they’re trying to figure out how to get about this and if they can get around the Strait of Hormuz, sort of it’s only going to help them continue to bring in money and to fund all these proxy wars that’s happening. [00:08:01][15.2]

Stuart Turley: [00:08:02] Yeah. I’m an I’m a non war kind of guy. I don’t like war. Now we don’t. [00:08:07][4.6]

Stuart Turley: [00:08:08] Florida most gas dependent state in the country. This one really kind of caught my attention. It was on LinkedIn and a shout out to Jacob Williams on LinkedIn. I saw this on his posts. And when we take a look at natural gas, natural gas, 40% of natural gas use generation is the most used in the area. It looks like the chart is showing that 76% is very heavily weighted, that it needs natural gas. Natural gas is greater than 50% of generation in the eastern of the US and Gulf Coast and 45 in the Southwest in California. California gas is a fundamental source for low cost or reliable power for most of the country. I couldn’t agree more with that. And when you take a look at nuclear, nuclear in that same region is only 9% in the Texas area. And then you’ve got the southeast area, 29%. But for the United States, 18% of our power comes from nuclear. And first, for us to have such a nuclear to have such a black eye, could you imagine losing 18% of your ability to produce power? It would be nuts. 14% of the U.S. energy mix from wind and solar is pretty mind blowing to me. When you take a look at this chart. The chart is in the Midwest. You look at 24% of the energy mix in Texas, Arkansas, Oklahoma, Louisiana is from wind, solar. And that to me is amazing. And you take a look at the southeast, 4% in there. They really need that natural gas in there. So this article really is telling when you say. Wait a minute. Or is everybody using wind? Is everybody using it? No. I’ll tell you what. At what cost? We have spent trillions around the world trying to get to we renewable energy. And we all know that wind and solar is not truly renewable energy because it has to be constantly updated in order to to maintain the fleet, the wind fleet. So it’s pretty interesting there. [00:10:39][150.7]

Stuart Turley: [00:10:39] Let’s go to California’s energy dilemma and how new laws might spark higher, even higher gas prices. The recent closure announcement of Phillips 66 refinery in Los Angeles is just one example of how stringent environmental regulations are driving refineries out of business with strict rules on emissions operating costs. Many California based refineries can’t compete with their cheaper counterparts elsewhere, leading to dwindling number of domestic refining operation. The new law requires oil refineries to remain higher, fuel inventories, plan for maintenance outages and allow the State Emergency Commission to approve maintenance schedules. That’s what we need. While intended to stabilize gas prices and prevent manipulation, critics argue this could lead to higher storage costs. Optimum, Durational and operational constraints. This is really important. California’s reliance on foreign oil raises several concerns. I’m going to take it one step further. While China has been increasing their downstream capabilities, they have been increasing their gasoline and diesel. I’m willing to bet and bookmark this that you’ll be able to see China importing gasoline and diesel. Who’s going to be making money on it? I want to follow the money. Is that money going to go back to Governor Newsom in his reelection campaign? We need to know because none of these decisions are made are good for Californians. They’re absolutely not good for the environment. By having the bring it all the way. And so China is importing an Iranian oil. It’s coming in all the way from Iran. It goes to the refineries, and then the gasoline is going to be shipped to California. That’s good for the environment. Or remember, California is still buying 70% of the oil that is produced out of the rainforest there, stripping the rainforest. And they’re bringing that oil into California from China. It’s all public information. [00:12:59][140.2]

Stuart Turley: [00:13:00] Kamala here is far left. Climate engagement director accuses oil and gas workers of committing eco terrorism and the weaponizing white supremacy and toxic psychiatry. Kamala thorndyke called the fossil fuel industry at deaf call that weaponized white supremacy. You can’t buy this kind of law even if you went to the farm and shoveled it yourself. There is Walls Campaign, Climate Engagement Director. There’s a long history of demonizing fossil fuels, going as far as accusing oil and gas workers of committing the eco terrorism and advancing individual ism, a white supremacy and toxic patriarchy. Washington Free Beacon Review found. This is actually disgusting. And when you sit back and think, here’s a quote out of the story, to have that level of money flowing so, so few people, CEOs and shareholders, there’s something evil about that. There’s something that is a system that is so unequal and unchallenged, a human suffering, she said in her August 22nd interview with the Climate Journey podcast. I would challenge anyone who’s in the fossil fuel sector to consider putting their talents elsewhere else because in my mind, there’s no greater source of heroin than continuing to cut the planet, which we’ve known for decades. My response to you is if you would love to come on this podcast, let’s talk facts. My challenge to Camellia is if you would come on this podcast, let’s talk about what facts are the facts are. Over the last several years I’ve been documenting that we will the more we go to renewable wind and solar, which renewable is a funny term, we will use more fossil fuels because they are not sustainable both in physics and physics. Fully responsible. You are more than welcome on this podcast at any time. I would love to talk to you about not necessarily white supremacy, because I believe your views are totally out of line, but I would love to know why you think a fiscally irresponsible plan of putting in wind and solar with our current grid situation and the current physics, why is it that whenever there are wind and solar countries like Germany, the UK, let’s look at New York and New Jersey, California, all of them are failing financially because of the physics around the renewable wind and solar programs. It is not have anything to do with what you’re talking about on this. Totally out to lunch. Interesting article. [00:16:05][184.9]

Stuart Turley: [00:16:06] I got to hand it to Bill ackman who is a billionaire stepping out on Squawk box. I do think MSNBC has one of the best shows on squawk box for news. I’m not a particular fan of one of the individuals there who if you watch the entire video I put in there ex post in the article and you’ll be able to watch and you’ll figure out who I’m talking about there. But let’s go through Bill’s point. Bill has been in the history giving mostly to Democrats, but he said he can’t really back Kamala Harris. And it’s because of the 32 different things that the Biden-Harris administration has done. And these are 33 gigantic reasons not to vote for Kamala Harris. Let me read you this line. Wow. 33 actions I described below for the Democratic Party and the Biden-Harris administration. They are also the actions and policies that, unfortunately, our most aggressive adversaries would likely implement had they wanted to destroy America from within and had the ability to take control of our leadership. These are the 33. I’m not going to go through all 33, but I am going to go through a few of them here. This is very important. And again, my hat’s off to him, Bill. I know he probably lost a few friends and maybe even a family member over coming out like this, but you’re more than welcome to stop on the Energy News Beat podcast. I’d love to visit with you. And again, congratulations. I really loved your article. If you had pinned it to your X, your contact information or your ex post will be in the show notes. So let’s start with number one. Open the border to millions of immigrants who are not screened for their risk to the country, dumping them into communities where the new immigrants overwhelmingly existing communities and the infrastructure to support the new entrants at the expense of historic residence. I’ll tell you what, it’s not that I’m against immigration. I am all for legal immigration. And I believe that’s what exactly what he was saying as well to the withdrawal from Afghanistan. We know how horrible that was introduced economic policies and massively increased spending without regard to their impact on inflation. And I’ll tell you what, I think the real eye opener here is if Manchin had not somehow stalled or halted some of this stuff, we could have seen even higher inflation on this, introduced thousands and new unnecessary regulations in light of the existing regulatory regime that interfere with our businesses ability to compete. We have it has cost the U.S. consumers trillions. And we’ve talked about this before. Promote the ideologies limit or attempt to ban fracking and LNG so that US energy increased substantially and the US is losing its energy independence. What this also has done is they’ve also weaponized the U.S. dollar through sanctions and he goes on and talks about that. I believe in one of these down here as well. And when you talk about take no serious actions, when 45 American citizens are killed by terrorist and 12 taken hostages. I’ll tell you what, if President Trump was in, we would have had those hostages back already. I don’t think we would have been waiting around for a year. Why do the American people about the cognitive health of the president and accused those who provide video evidence of his decline, sharing a doctored videos and being a right wing conspirator? He nails it. I mean, Kamala had to have hid that. Select the Democratic nominee for president and the backroom process by undisclosed party leaders not allowing Americans to choose between candidates in an open primary. Holy smokes. Litigated to make it illegal for states to require proof of citizen citizenship and voter I.D. and and resistance and reside in order to vote. Well, in a time when Americans have lost confidence in the accuracy and trustworthy inverse voting system. Holy smokes, Bill Ackman, my hat is off to you and I would love to have you on the podcast and talk to you about your views and your impact. I’m hoping that you didn’t lose too many friends and. And thank you very much. [00:16:06][0.0][944.3]

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