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Daily Standup Top Stories
California’s New Fuel Rules Could Raise Gas Prices by $0.50 Per Gallon
California’s Air Resources Board recently amended the Low Carbon Fuel Standard, increasing target reductions despite affordability concerns. Consumer advocates fear that this move could raise gasoline prices by almost 50 cents per gallon. Currently, Californians […]
COP29 Kicks Off Under Trump’s Shadow
The former U.S. leader’s reelection has cast a pall over tense climate talks in Baku. As the world reels from a year of record heat and looks all but certain to suffer another, delegates from […]
Hilcorp Bags $1B Permian Deal
Exxon Mobil Corp. will offload some of its conventional oil assets in the Permian Basin, selling to Hilcorp Energy for approximately $1 billion, according to industry insiders who spoke to Reuters on Tuesday. This move […]
India Aims To Become Regional Refining Hub
India aims to be a refining hub in Asia as it is boosting refining capacity and expects to continue relying on fossil fuels until at least 2040, according to Indian Petroleum Minister Hardeep Singh Puri […]
Norway Moves to Take Control Over Natural Gas Export Network
The Norwegian government has agreed to buy from private companies the majority of the natural gas export network of Western Europe’s biggest oil and gas producer, the Energy Ministry said on Tuesday. The government laid out plans […]
Highlights of the Podcast
00:00 – Intro
01:27 – California’s New Fuel Rules Could Raise Gas Prices by $0.50 Per Gallon
02:50 – GOP Lawmakers, Fishermen Urge Trump To Keep ‘Day One’ Promise To Axe Offshore Wind
05:01 – Hilcorp Bags $1B Permian Deal
07:08 – India Aims To Become Regional Refining Hub
08:42 – Norway Moves to Take Control Over Natural Gas Export Network
10:39 – Outro
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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. Welcome to the Energy News Beat Daily Stand up. My name’s Stu Turley President and CEO of the Sandstone Group. Today is November 13th. Holy smokes, man. Man, what a wild day. Governor Newsom is at it again. California’s new fuel rules could raise gas prices by $0.50 a gallon. You can buy this kind of entertainment. Let’s go to the next story here. GOP lawmakers, fishermen urge Trump to keep day one promise to ax offshore wind. This is pretty interesting, and I know the whales will be really happy. Hilcorp bags a $1 billion Permian deal from Exxon Mobil will offload some of its conventional assets. You got to love a good M&A story in the oil field. India aims to become regional refining hub. There’s a lot going on in this one. Norway. Let’s roll over to Norway. Norway moves to take control over Natural Gas Export Network. It’s kind of funny how this woman has turned the corner. Been covering Norway for a long time. Love Norway. And it’s fun to see the changes there. [00:01:26][74.8]
Stuart Turley: [00:01:27] Hey, let’s go to California. New fuel rules could raise gas prices by $0.50 per gallon. California’s Air Resources Board recently amended the low carbon fuel standard, increasing target reductions despite affordability concerns. Consumer advocates fear this move could raise prices almost $0.50. You can’t buy this kind of entertainment from Governor Newsom. This is on the heels of yesterday’s announcement that Trump’s new lead, the former candidate for governor up in New York. He’s a top notch dude. And I guarantee you, with a new EPA, it’s going to be interesting from a national perspective because you have the states that can put their own rules in. So keep an eye on this one. Currently, Californians pay a an average of 429 per gallon or 122 above the national average. But again, Newsom Governor Newsom is trying to get rid of all oil being produced in the state, but he’s importing it from around the world in which is just bad business unless you’re getting paid on it. So I’m wondering, follow the money. [00:02:50][83.1]
Stuart Turley: [00:02:50] Let’s go to the next story here. GOP lawmakers, fishermen urge Trump to keep day one promise to ax offshore wind. I just saw a video of President Trump saying that he is going to through executive order. We’ll see if this is true. And offshore wind and Republican lawmakers opposed to heavy subsidies, green energy and commercial fishermen who the industry as an existential threat to their livelihoods are calling on the president elect to follow through on his campaign’s promise. We are going to make sure that this offshore and that day one, I’m going to write it out in an executive order, Trump told a crowd of his supporters in a rally in Wildwood, New Jersey, on May 11th. I couldn’t be happier from a standpoint that we need to really evaluate. Hey, if offshore wind could stand the fiscal sustainability and the environmental tests, I’m all in on wind. Let’s just go ahead and say that right out now. But the Biden-Harris administration have hand reports, misaligned reports the offshore wind is actually pollutes more than they say it is. Where does the money go? It is not fiscally responsible from day one. Who pays for it? The consumers. And so we’re seeing the de-industrialization. If you heard of Germany, the UK, we’ve seen it in New Jersey, in New York, in California. Green policies, equal deindustrialization and then higher energy cost. And President Trump has vowed to cut your energy costs in half in order to do that. He’s going to have to take a fiscally responsible stance to energy, and I applaud that. If wind is fiscally responsible, let’s do it. If it’s not and we’ve been lied to. Let’s get rid of it. [00:05:01][131.0]
Stuart Turley: [00:05:01] So let’s go to the next story here. Hilcorp bags $1 billion in a Permian deal. ExxonMobil will offload some. Of its conventional oil assets in the Permian Basin, selling the Hilcorp energy for $1 billion, according to the and industry insiders who spoke to Reuters on Tuesday. This move aligns with Exxon’s aggressive shift to higher margin shale plays following its $60 billion acquisition of Pioneer Natural Resources. This seems like a really good deal. I haven’t got into it and I don’t have Michael on the team. Take a look at the stats and the deals and this might be a good thing for his deal evaluation. One of the things that I have learned over the last several years is that when Michael Tanner tears apart a deal, you can trust his numbers. And quite honestly, the investments that I personally have made in deals, I’m averaging about 32%. So I think this is just a balancing of the books. Exxon expects production to soar 1.3 million barrels per day within the Permian and is on track for 2 million by 2027. I see great things going on. And now one thing I do want to share is that do not worry. Drill, baby, drill is a saying, but we have to laugh at. ESG has had a significant impact to the oil and gas producers in exploration and production out there. They are not just going to go drill, baby, drill. They’re going to balance CapEx and then they’re going to balance their expenditures for profits to return to shareholders. So I think there is going to be a lot of balancing. And what we really need is lead to cut the regulatory actions on it, to cut the expenses. And those costs can be passed on to the consumers while they still maintain their profitability. Pretty exciting stuff going around the corner here. [00:07:08][126.5]
Stuart Turley: [00:07:08] India aims to become a regional refining hub. They have been increasing their downstream capabilities for a very long time. In fact, a quote, if you say that global demand is increasing by 1% are increasing three times that, Perry said. In the next two decades, 35% of the increase in global demand will come from India. India is set to overtake China, soon to become the biggest driver of oil demand growth. This is absolutely critical because when we sit back and take a look, Why is that? Well, India is in the I believe in the number top produce, top purchaser of Russian gas for oil. And as the produce top producer, they are then turning around and refining it, selling the diesel and gasoline back to the EU for continued profits to India and de-industrialisation and more pollution to Europe. Unbelievably stupid management in the European Union. Then when you take a look at the green policies of Germany, the EU and the UK, and then how much India is set to take advantage of that, it is green policy hypocrisy that is going on. But you won’t pick that up out of this article. [00:08:42][93.6]
Stuart Turley: [00:08:42] Let’s go to Norway. Norway moves to take control over Natural Gas Export Network. The government launched talks next year last year with the private companies that hold interest in the three joint ventures operating the export network, gas led Nambia and power led. I hope I didn’t butcher those of Norway aside to take full state ownership of the network before concessions expire in 2028. This is pretty funny because the green policies of Norway in the past were shutting down their natural gas production. Now the Russian natural gas and the Ukraine war happened. Norway is the single largest provider of natural gas to the EU. And so now it’s a moneymaker for them. And natural gas, quite honestly, is not bad for the environment when it’s done correctly. So you can I got tickled at this article when you sit back and say Norway aims to have full ownership in. Also pneumonia. J5 and Polar and J5 as well. The state aims to take remaining interest in these two joint ventures when the licenses also expire. Hats off to Norway. Hey, go get it. Go Supply natural gas. Natural gas will allow people to indulge. Street lies at a low and cheap rate and is better for the environment than is, believe it or not. Offshore wind. So I like offshore wind if it is sustainable. But I like natural gas better because it is manageable. So let’s take a look at profits. Let’s take a look at delivering the lowest cost kilowatt to everyone on the planet with the least amount of impact on the environment. [00:10:38][115.8]
Stuart Turley: [00:10:39] So with that, like subscribe also if you are coming up on our tank on your taxes, now’s the time to visit with your CPA. And if you’re needing tax investments, tax deductions, give us a call. We’ve got a few folks that we have heard and reviewed their deals, so let us know. And the link will be in the show notes. Thanks and have an absolutely fantastic day. Look forward to speaking to you soon. [00:10:39][0.0][624.8]
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