Newsom Trump-Proofs California

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

Michael Tanner: [00:00:10] What’s going on, everybody? Welcome into the Monday, November 11th, 2024, edition of the Daily Energy News. Beat Stand up. Here are today’s top headlines. First up, oil slick himself. Gavin Newsom Calls emergency session to Trump proof California Defend Climate policies and more. Yikes. Yikes. Yikes. Next up, lame duck Biden already hamstringing Trump’s much touted energy agenda. Shocker. Next up, German president hit man on head over Nord Stream. This is a it’s a weird one. It’s a weird one. This is it. Literally a physically assaulted somebody after he criticized him for support of the gas pipeline. So we’ve now we’ve got people hitting people over the head because of Nord Stream and remember the Ukrainian seals. But we’ll leave it at that. Next up and our next stop, Cop 29 chief executive filmed promoting fossil fuel deals. So when Pete so when is peak oil, you may ask? That’s funny. Well, we’ll we’ll dive into this one. This is hilarious. Hey, we love a good oil and gas deal. Trust me. [00:01:13][63.1]

Stuart Turley: [00:01:14] Yeah. [00:01:14][0.0]

Michael Tanner: [00:01:14] Next up, Musk speaks Ukraine Conflict prediction. I wonder what he will say. Stupid and toss with me. I will quickly cover what happened in the oil and gas markets on Friday and quickly run through all the different earnings that we saw. There was a bunch that I missed being out on Wednesday. We will cover all that and a bag of chips. Guys, as always, I am Michael Tanner, joined by Stuart Turley. Where do you want to begin? [00:01:36][21.5]

Stuart Turley: [00:01:36] Let’s start with our buddy oil slick. Governor Newsom calls an emergency session to drum through California and defend climate policies and more. Michael, this is about as dumb as it gets. Let me set the stage for this article. California gets about $228 billion in annual federal funding for different programs. That doesn’t include all the money incoming from the military that’s camped out there. That’s a lot of other things for a bankrupt state. You don’t want to piss off losing that funding and that’s what he’s doing. Let’s go through the stats on this. Governor Newsom said Trump, based on his actions during his first term in office, is a threat to California’s climate change program and illegal immigrant population, women’s rights and LGBT two plus three over the square root of a three, four, or whatever the hell that is right. California is ready to fight, Newsom said. I just called an emergency session, which will be in the beginning of December. It’ll be our fundamental civil rights. Reproductive freedom. This is bull crap. [00:02:53][76.2]

Michael Tanner: [00:02:53] Well, I mean, the thing about Newsom is he’s also a lame duck. So I think personally what he’s trying to do with a lot of this stuff is keep his name in the news as long as he can. Because when he leaves office in 2026, now there’s a gap because he’s term limited to when if he were to try to run in 2028. We think a lot of this stuff is a bunch of hand-waving. The real question is how much can he do? I mean, the the side of it where and and hear me out on this one. I’m a state’s rights over federal. Right. I believe that the more local you get, the better you can govern your community. So I think the real issue here is what are states allowed to do outside the purview, the federal government? Obviously, the federal government law trumps everything, which is good. [00:03:39][46.4]

Stuart Turley: [00:03:40] But you’re on there. You’re on the right track, Michael. But here’s where it gets a little weird. Governor Newsom has influenced the other 17 states that have passed laws that if it’s passed laws in California, they can follow it as well, too. So this complicates it in a energy perspective on California car mandates. Let’s just take the car mandates. It ruins the ability for people to get good gas mileage in in California. They do more damage to the environment and they have the highest prices possible. [00:04:18][37.8]

Michael Tanner: [00:04:18] I’m with you. I’m not arguing the fact that I think these policies are stupid. What I’m saying is, are should states allowed to be pass stupid laws assuming it’s what its citizens want? That, I think is the real underlying being. It is i i it is my belief that the more local you get the your local city council knows better how to govern you than they do in the White House. I agree they should because their their their every day. So some of this stuff is like if California wants to drive the car off the cliff, who are we to stop them? [00:04:52][33.4]

Stuart Turley: [00:04:52] No, I’m going to say goodbye. Have a great Thelma and Louise episode and have a great day. [00:04:58][5.4]

Michael Tanner: [00:04:58] Now, the counter argument to my argument is, well, the problem is someone’s going to have to pick up the pieces from all this. Someone is going to have to come in when their energy costs go through the roof and step in and subsidize. And, you know, it’s probably going to be you, the taxpayer, in one. We have. [00:05:12][14.2]

Stuart Turley: [00:05:12] Seen that, but also. [00:05:13][0.9]

Michael Tanner: [00:05:14] From the federal government side. So that, I think, is the counter to my counter argument. [00:05:17][3.6]

Stuart Turley: [00:05:18] Well, here’s where it starts coming into play. And we’re seeing that voter fraud is still going on in Arizona. And don’t hit your head against the thing because you won, Stu, Just like when what I’m saying is, is that you have voter fraud going on in California and in Arizona and in you in. And when you take a look at voter fraud, you are going to have to put up some serious security measures in there. Because how in the world in pencil next shift when I. [00:05:49][31.7]

Michael Tanner: [00:05:50] Well, I mean, because California because, again, the people of California are brain dead. I mean, that’s just be honest. They vote. They voted in these people. [00:05:57][7.4]

Stuart Turley: [00:05:57] Well, let’s go to the next lame duck speaking a lame duck, lame duck. Biden already hamstringing Trump’s much touted energy agenda. This is kind of funny. Less than 48 hours in the second paragraph, Michael, of this article, less than 48 hours after Trump won decisive electoral college and popular vote victories, federal agencies are moving to interfere with Trump’s plan to expand and unfreeze approvals for LNG exports and to drill for more oil and gas on American lands. The Biden-Harris administration paused approvals for LNG exports in January and they’re still trying to close it down. [00:06:37][39.4]

Michael Tanner: [00:06:37] I love this phrase that they’re trying to call it. They’re trying to call it Trump Prove me every administration who loses and the opposing party comes in deals with this. There’s not much you can really do now. I think the LNG pause I talked about this on one of my solo shows. There’s some shenanigans going on with this. They paused it originally because they thought this study needed to be done. Well, they may have already done the study. They may have. She did. [00:07:02][24.6]

Stuart Turley: [00:07:02] I read that study. [00:07:03][1.1]

Michael Tanner: [00:07:04] We got covered it on one of my solo shows. So now they’re going to look, we found the study. We could pull it out of the closet now and say that, look, there’s nothing really the Biden administration can do to stop is opening up the LNG export is a boon for the American economy and it’s actually good if you care about natural gas prices. I love I’m a I’m a nati. Bull prices are going to go up when we’re allowed to export natural gas because it allows it to open us up to the international market. So I think basically ironically, shutting down the LNG export facilities actually keeps natural gas prices low. That’s the funny part. [00:07:37][32.9]

Stuart Turley: [00:07:37] Wow, what a complicated mess because we can’t have a I. We got to get rid of coal, but we can’t have air without nuclear. [00:07:44][7.2]

Michael Tanner: [00:07:45] Well, maybe they nuclear and maybe they know that and maybe they know that. Maybe they’re like, hey, we make because here’s the thing. I think they are shooting intelligence. [00:07:52][7.7]

Stuart Turley: [00:07:53] Michael. [00:07:53][0.0]

Michael Tanner: [00:07:54] I actually am assuming a little bit of of, you know, chicanery and a little bit of you know, I don’t think this is incompetence. I think this is they know what they’re doing and it’s evil. All right. [00:08:03][9.6]

Stuart Turley: [00:08:03] Well, speaking of Nord Stream, German president hit a man on the head over Nord Stream. You can’t make this kind of stuff up. German President Mark Walter Steinmeier allegedly assaulted writer Marco Martin over his criticisms of the Nord Stream gas pipelines. Bild As reported. Michael, this is hilarious. Hard doing. I see nothing. I can see Sergeant Salt sitting in the corner now. This is absolutely hilarious when we sit back and think about it. Martin reported argued that the German government’s participation in Nord Stream might have emboldened the Russian President, Vladimir Putin, to launch his military campaign against Ukraine. I disagree with that 300%. The reason that Putin invaded Ukraine is because the Naito was encroaching and breaking all the rules that he told them not to do. That had nothing to do with it. The U.S. was alleged to have done the dirty deed and Biden even telegraphed it. My statement today, Michael, if you go green and you go, whoa, you go broke and your government gets thrown out. And that’s exactly what’s happened. Germany is de industrialized and they are broke. The government has failed because they are the poster child of green energy. So my recommendation is the war is going to end next month. Sign the Ukraine deal and go ahead and start buying that gas. There is still one Nord Stream pipeline that is still available to use. They only get three in the four pipelines. So I’d say fire that bad dog up and start trying to get some low cost energy so you could get your cotton picking government going and re-energize the German market. [00:09:57][113.6]

Michael Tanner: [00:09:58] Yeah, I mean, it goes to show you when you start hitting people over the head how sensitive you are with with this topic. I mean, if if it really was, you know, Russian people wouldn’t care if you. Well out. Was you? It was this. Like the fact that they’re so sensitive about this topic tells me everything. You think so in because of this. Bye. Let’s move on to cop 29. [00:10:20][22.5]

Stuart Turley: [00:10:21] Let’s go to capital. Michael, you can’t buy this kind of entertainment. Cop, 29, chief exec filmed promoting fossil fuel deals. So I added this in the title When is Peak Oil? You may ask if Cop 29 is now saying, and as your bhaijaan cop 2019 has not responded to this. Baku is hosting hosting it in the United Nations Climate Conference. We have a lot of gas fields that are developed and he’s trying to sell them. Eleanor Sultan After discussing investment opportunities. [00:10:55][33.8]

Michael Tanner: [00:10:56] You can’t make this stuff up, folks. You can’t make this stuff up. [00:10:59][3.1]

Stuart Turley: [00:10:59] You can’t. There is no more energy transition. B The UN needs to be thrown out of the United States. See Cop 28 and cop in Cop 29 are absolutely worthless. Climate change from a global perspective, even according to the World Economic Forum, because President Trump has been reelected, is dead. So I think it’s going to kind of funny. That was their words, not mine. Let’s go to the last story. Michael Musk makes a Ukraine conflict prediction. The senseless killing will end. Time is up for the warmonger profiteers. Musk posted on X later in the day. His post was in reply to a claim that a prolific ex commentator, Mario Nava, about plans Trump for Ukraine. I find it odd that Trump invited Musk Michael on the phone with Zelensky in order to talk about the war. Don’t you find that on? [00:11:58][58.5]

Michael Tanner: [00:11:58] I do find it weird. I love I mean, love miss me. Elon Musk Outside of the little Internet issue we had in this article or in this record, his record, I don’t know quite what he’s doing on that call. What do you think? Why was Elon on the call with Trump and Zelensky? Makes no sense to me. [00:12:14][16.1]

Stuart Turley: [00:12:14] That’s a great question, Michael. And part of that reason is, is because Ukraine was a crime scene in Ukraine. We had 26 bioweapons labs in Ukraine that were against Russia. We were doing things there. You have all the money changing hands from the US to the politicians to the what was the cryptocurrency guy that got a Sam, whatever his name was? [00:12:41][26.3]

Michael Tanner: [00:12:41] Sam Bankman-fried. [00:12:42][0.4]

Stuart Turley: [00:12:43] SBF Yeah, all that money was changing hands from Ukraine. So it’s a crime scene when Elon Barr X all of X totally became a crime scene as well because we learned about the government corruption. We found out who was buying what, where, when and how. That’s why he was on that call. And then shortly after that, President Trump talked to Putin. And so Putin and President Trump told Bolton, don’t escalate any worse. You got to I don’t like this. This is kind of cool. Let’s not have any wars. [00:13:16][33.9]

Michael Tanner: [00:13:17] Hey, I guess how over you get to the conclusion I’m with it, do find it a little strange. Now Elon Musk is all of a sudden getting involved. We’re in foreign policy. Let’s hear stick Bush. He’s got enough on his plate between cutting government efficiency. Cutting. Let me finish. Let me finish. I let you talk through even even though even the StarLink that cut out on you, I let you start over. Yeah, he’s got enough easy. He’s got enough on his plate, I think, you know. What is it? Does it matter how you get to, you know, does it matter how you get from A to B? Does does the journey matter or does just the outcome matter? I don’t know. I tend to think the journey also matters a little bit in the outcome. But either way, yes, very glad this conflict will get over. We don’t need Ukraine in NATO’s. And if this allows gas to start flowing more efficiently through Europe. Yeah, I’m all for it. [00:14:03][45.7]

Stuart Turley: [00:14:03] I am too. Because the re industrialization is important. That’s all. That’s all I’m wanting is low cost energy for. [00:14:09][6.5]

Michael Tanner: [00:14:10] Everybody and and better StarLink connection. But that’s just me being funny. All right. Well, let’s go ahead and jump over into finance before we do that, guys, as always, we got to pay the bills. I thank you for checking us out here on the world’s greatest podcast. All the news and quote unquote analysis that you’ve heard is brought to you by said website. Stu and 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. Take a look at the description below for all links, the timestamps links to the articles. You can also check us out on substack. The energy news beat.substack.com. A lot of great stuff going on there. I’d recommend subscribing and if you do want to go ahead and get a paid subscription, you can have all of our previous articles that we’ve written for free. The only thing that’s available for that subscription, if you do only do a free subscription, you only get kind of a rolling two weeks and then everything else goes behind the paywall. So we appreciate all the support there. Also, guys, we’re coming up on tax season if you’re paying taxes. In 2024. You’re still living in 2023. Go ahead. Wipe your tax deduction or wipe your tax problem out there. Invest in oil and gas. Check us out and invest in oil.Energy Newsbeat.com. For more information on how an oil and gas project that we are partnering up with can help you save money on taxes, diversify your portfolio and add a little bit of extra monthly income into your revenue stream. Guys again. Taxes are 2023. We’re living in 2024. Let’s get rid of that tax burden, you know, especially this last couple of months in terms of when it’s going to the Biden administration. We know we wouldn’t want that. [00:15:42][92.8]

Michael Tanner: [00:15:43] But let’s jump over here. Overall, markets grew on Friday. Still pretty pretty good. I mean, I mean, stock markets are all time high. We wonder, you know, you know, that’s that’s great for investors. We love that. We were above 60. We peaked above 6000 just for a second finish, just at 59, 50, 995. So we’ll see 6000 on Monday. No doubt. That was up 3/10 of a percentage point. Nasdaq was basically flat on Friday. A two year. Yields were up 1.2, four percentage points. I mean, again, what just unbelievable. Ten year yields fell 0.4, six percentage points, dollar index basically flat. We did see Bitcoin jump. I mean, bitcoin’s up huge. Bitcoin’s over to $80,000 per coin. I’ve got to love, you know, if you’re if you’re a Trump fan, you got to love the Bitcoin stuff. Pretty unbelievable. Their crude oil actually lost about two percentage points on Friday down to 7038. Brant actually stayed fairly flat, 7412. Natural gas tumbled about a percentage point, down to $2.69. XLP contract was actually up 7/10 of a percentage point. Couple couple notes on that. You know, mainly why oil and gas fell was they expected shutdowns from the from the hurricane that’s kind of rolling through the Gulf of Mexico right now was was less than expected or at least a prolonged outages were less than expected. Pretty dismal Chinese economic stimulus package results. We’ve kind of now seen the first wave of those kind of roll through the economy. Pretty terrible, though. On a weekly basis, though, oil was up about one percentage point, which is interesting given the fact that Trump did win. You know, the theory goes, he’s going to win and all of a sudden it’s going to it’s going to tank prices, you know, again, or it was Hurricane Rafael. It shut down about 23% of the oil. I mean, the US Gulf of Mexico. But really, really that the where that storm has gone has shifted kind of to the central Gulf of Mexico, which doesn’t necessarily impact anything. It did crank through Cuba, though, unfortunately. So if anyone’s listening to us from Cuba, we are sorry there, you know, pretty you know, fairly I think one of the reasons why you’re seeing oil prices steady rather than drop as I do, is I do think people expect Venezuela and Iran to have tighter sanctions on them from an oil production standpoint. So any necessarily necessarily will increases of U.S. production that people are expecting could be offset by Iranian and Venezuelan crude necessarily cutting that supply to the market so things could balance out. We did see the US Federal Reserve cut interest rates by a quarter percentage, which also helped lift prices and the reason why we’re seeing the economy. Rep So I was funny, you see Jerome Powell come out and ask if Trump asked him to step down, he’d said no, I guess good for him. He’s obviously probably not going to get the job once things come around again, but it’s going to be interesting. I am watching to see a lot of what that cabinet shakes out to be. You know, we’ve I have you know, we’ve heard rumors of Doug Burgum as the energy czar, which could be very interesting. So we will see how all that goes. We can throw this picture up here. Rig counts basically flat on Friday. So nothing really to report there. Canada saw six rigs drop. We saw internationally a raise of three. Lot of earnings happened last week, guys. We had Ovintiv, offshore Civitas, EOG, Granite Ridge Bury, Murphy Oil, Land Bridge Company, Apache Sand Ridge, Lucero, Riley Permian, Ring Energy V, Tall Hallows Core Marathon, Permian Resources. I’m not going to go over any of them. Point is, there was a lot of earnings go to energy news be.com if you want to check out all of them we are keeping them up to speed there guys but other than that Stu what are you worried about this week? [00:19:21][218.2]

Stuart Turley: [00:19:22] I’m just thrilled that we’re going to keep nosing on down the road and keep your head on a swivel until we get the illegal aliens out. I think it’s going to be entertaining. [00:19:33][11.1]

Michael Tanner: [00:19:34] We will keep it on a swivel. So with that, guys, we will let you get out of here. Get back to work. We appreciate you guys checking us out here on the world’s greatest podcast for Stuart Turley Michael Tanner. See you tomorrow, folks, then. [00:19:34][0.0][1146.3]

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