Half of EV Owners Want Gas Cars?!

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Biden Illegally Diverts Billions to Build Floating Wind Turbines!

Highlights of the Podcast

00:00 – Intro

01:23 – Biden Illegally Diverts Billions to Build Floating Wind Turbines!

04:05 – In Case You Think Someone Has The Answer To New York’s Looming Energy Disaster

06:21 – Almost Half Of EV Owners Want To Go Back To Gas Cars, Study Finds

09:37 – NatPower Marine Investing $3.2B+ to Establish the UK’s First Commercial Electric Ship Charging Network

14:48 – Markets Update

18:09 – 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 Monday, June 24th, 2024 edition of the Daily Energy News Beat stand up. Here are today’s top headlines. First up, Biden illegally diverting billions to build floating wind turbines. Absolutely unbelievable. Next up, in case you think someone has the answer to New York’s looming energy disaster. Heads up, it’s not me. So we’ll, we’ll see who actually does have the answer there. Next up. This one’s unbelievable. Almost half of EV owners want to go back to gas cars. Study finds at the next up, Nat Power Marine investing 3.2 billion to establish the first the UK’s first commercial electric ship charging network. Not electric ships. Electric ship charging charging network. Super interesting stool. Then toss me. I will quickly cover what happened in the oil and gas market. It’s been a while since I’ve been in the seat here. I was down in Houston last week, so a lot happened in the oil and gas markets. To get ourselves caught up with them, we will quickly cover what happened with rig counts, and then we’ll let you guys get out of here. Get your Monday started. As always, I am Michael Tanner, joined by Stuart Turley. Where do you want to begin? [00:01:23][68.5]

Stuart Turley: [00:01:23] Let’s start with our buddy illegal Biden here. What a dope. And Biden illegally diverts billions to build floating wind turbines. This one gets me really worked up. In fact, I’m going to do my best Biden imitation I can right now. In the quote out of the article here, it says, what is the I infra program? Or as Biden would say, what is this river? So it is actually the National National Multi Module Freight and Highway Project program. I hope he studies this because I know I’m going to call President Trump when this is over and say, hey dude, you need to ask him about how he’s thieving all this money. You know it is unbelievable okay. Eligible project Michael in a highway system are highway freight, highway bridge freight, intermodal freight rail o all this mail wildlife crossing. Oh, well, all this kind of makes sense to be eligible. What did they spend it on? And it is $456 million in a grant to build the Sears Island floating wind production site. Has nothing to do with the cars. Can’t even get to it. This is like stealing from the tank. How many potholes are in Dallas? How many potholes around? I mean, some of these these roads need money. [00:02:54][90.2]

Michael Tanner: [00:02:54] Yeah. I mean, I think I would be, I would I wonder how often this happens in the federal government. Some you know, a big block of money gets segmented for a specific project through that projects development. They realize there’s some other stuff. New budget gets passed. I mean, this probably has all to do with budget. Things get shifted around. Super interesting. I mean, here’s my thing. As long as this goes towards eliminating the whale population, I’m okay with it. All right. [00:03:21][26.9]

Stuart Turley: [00:03:22] I’m going to get all right. I’m going to get all grumpy and everything. All right. [00:03:26][3.7]

Michael Tanner: [00:03:26] Here’s my thing. [00:03:26][0.4]

Stuart Turley: [00:03:27] Love me. The whales. Man. [00:03:28][1.1]

Michael Tanner: [00:03:28] I know, I’m just obviously everybody knows I’m kidding. It’s a long running joke in the show. We get that. We get that. What what’s interesting is the eligible projects that were available underneath this, this IMF program, which is I’m all for I mean, I’m on. [00:03:41][12.9]

Stuart Turley: [00:03:42] Mostly. [00:03:42][0.0]

Michael Tanner: [00:03:42] Stuff here. [00:03:43][0.4]

Stuart Turley: [00:03:43] This is legitimate. I don’t mind paying taxes for safety, closed borders, low cost gasoline and some good in it. Protecting the environment. Good luck. [00:03:55][11.8]

Michael Tanner: [00:03:55] Sure. I’m with you. [00:03:56][0.8]

Stuart Turley: [00:03:56] Yeah. And but hey, let’s not do this because next we’re going to have. [00:04:00][3.5]

Michael Tanner: [00:04:01] Overpopulation of whales. Who wants that? [00:04:03][1.8]

Stuart Turley: [00:04:04] I do. [00:04:04][0.2]

Michael Tanner: [00:04:04] What’s next? [00:04:05][0.3]

Stuart Turley: [00:04:05] Let’s go to. In case you think someone has the answer to New York’s looming energy disaster, this one is pretty interesting. In a November 2023 report in Why it is so stated, deeply buried in page 52, that the drafts are needed to balance intermittent supply with demand, and those DCF hours must be significant in capacity. These are the dispatchable energy is what these are. So what they’re now saying is there’s not enough dispatchable energy on this and their topic. Since our concern that NY I. S O’s presentation at the December technical conference overstates the need for dispatchable emissions free resources, differs, and now plays a value of taking steps in the near term to get this grasp. Net. They’re going to be dead meat without it. And here’s where it gets real funny. They’re now saying that they’re going to put in a natural gas plant. They. To use hydrogen. But guess what? There are no hydrogen pipelines in New York. None of their natural gas pipelines will work. Yeah. [00:05:21][76.0]

Michael Tanner: [00:05:21] I mean, I didn’t think the answer to the headline was the New York, you know, independent system operator didn’t think it was them. Much like, you know, obviously Ercot is not coming up with this stuff, but again, it’s all about it at some point. You you at some point. The stuff that you talk about, the conspiracies, the political agendas, you start having to believe because you read stuff like this and you’re like, well, this doesn’t make any sense. Why? Why would you do something like this? Well, the only reason has to be not necessarily for the energy grid, but for some other, some something else. And what is that something else. [00:05:53][31.5]

Stuart Turley: [00:05:53] Right. And mandatory demand response is future speak for turning off all your electric electricity from central headquarters when the wind isn’t blowing. So when they don’t, when they also connected to a social score is where it gets really bad. You post something bad on your score. [00:06:13][19.8]

Michael Tanner: [00:06:13] If we had social score still yours would be in the low single digits. [00:06:16][2.9]

Stuart Turley: [00:06:17] Oh, I’d be home. [00:06:18][0.8]

Michael Tanner: [00:06:19] I’m sorry. What’s next? [00:06:20][1.1]

Stuart Turley: [00:06:21] Let’s go to almost half of EV owners. Want to go back to gas car study finds. I’m er, mailing this to my in-laws because they absolutely are absolutely horrific. Buck, I want to ride mules when it comes to their beliefs in this thing. Nearly half of the Americans say the electric EV’s want internal combustion engine model next time they buy a car, according to a new study from McKinsey. Do you know how bad it was for McKinsey to put this? I was going. [00:06:52][30.8]

Michael Tanner: [00:06:52] To say. [00:06:52][0.1]

Stuart Turley: [00:06:52] McKinsey. Not only do they drink the Kool-Aid, they pack it with a lot of methanol. I mean, this is like approximately 46% of Americans who own an EV want to go back to the standard for their next purchase, citing inadequate charging infrastructure. Well, our Biden administration spent was seven point some odd billion dollars and got zero standard for their affordability. And consumers concerned about EV infrastructure are notable given the slow rollout at the 7.5 billion. The EPA has also finalized strict emission standards for medium and light duty vehicles, while the National Highway Safety Administration is also locked in the fuel economy. Here’s where it gets kind of funny. Insurance rates are going to be doubling again on EVs. Tags are now being charged an additional $200 per vehicle, and it’s going to go to four. It’s going to be doubling next year for EVs. So you’re going to be paying because the gas tax is now missing. Government is going to go after that money somehow and it’s going to go after the EV owners. [00:08:00][67.5]

Michael Tanner: [00:08:00] Yeah. No. Absolutely. Well, I think the problem is like Tesla’s made a great car promise. You can’t charge it any like it’s hard to find chargers. You got to install all this extra infrastructure. Your house electricity bill goes up. It’s really not environmentally friendly because when you plug into the grid system we know from studies it’s 98% coal, you know. So it’s it’s very interesting. I’m not necessarily shocked by this. I think there’s a range issue as well that you have to below. [00:08:29][28.4]

Stuart Turley: [00:08:29] The range here. You bet. You bet. [00:08:31][1.7]

Michael Tanner: [00:08:31] Could be very anything. But doesn’t surprise me. I think there’s a long way to go. You know, if we could actually use the money that we’re diverting into wind farms and actually build up a grid that could necessarily handle more electric vehicles, maybe I’d be all for it. But, you know, at this state. Now, give me my gas, give me my range. You know, when you know, when World War Three happens, I need to be able to get in the middle of nowhere quick. [00:08:53][21.6]

Stuart Turley: [00:08:54] Yeah, we know where that is. I’ll tell you, one of the funny things, though, Michael, is, is you sit back and go, self-driving cars scare me to the standpoint of David Blackmon. I want to give a shout out to David Blackmon in his Substack. He put out a health hazard with the EV cars that were locking down in the heat and became a heat hazard. They overheated, locking passengers in their cars and you couldn’t get out. And it’s been over 100 degrees in heat in Texas. Texas put out a heat warning for your EVs. [00:09:28][34.6]

Michael Tanner: [00:09:29] Yeah, that sounds that sounds like an absolute nightmare. Oh. [00:09:31][2.6]

Stuart Turley: [00:09:32] You know, excuse me while I wrote I’m breaking a window. Dude. I’m sorry. I’m. I’m. Of course. Yeah. Nat power, let’s go to the next one is because batteries here you can’t buy the UK is fun. I mean, the UK, Germany, California, these people are leading the charge on it in the entertainment net. Power marine investing 3.2 billion to establish the UK’s first commercial electric ship charging network. I wonder how much they’re going to do better than the Biden administration’s $7.5 billion and no chargers? Well. [00:10:10][37.9]

Michael Tanner: [00:10:10] Again, it’s I think the real question is how much of the global shipping infrastructure or global ships are going to actually be elect and are going to be able to use this network now in their defense? If the answer is there are no ships, but we’re preparing for heavy ships. That’s what you should be doing. That’s the. We just talked about. The problem with eating carbs right now is there’s no infrastructure to charge it. Obviously ships is a little bit different. So I am you know, sometimes you got to put the cart a little bit before the horse because you got to make sure there’s something for the horse to put right, aka the infrastructure. Now do I think the, the, I think we’re going to have tankers and you know, do I think your Carnival Cruise or your Royal Caribbean cruise is going to be an electric ship? No, no, no, it’s going to be some form of hybrid here. So the question is is this a wise allocation of money or is this just money being printed. And this is what’s leading to the inflation that we’re already have the answer. Who knows. [00:11:05][54.4]

Stuart Turley: [00:11:05] I’m not sure. But the first Irish Sea routes will include Belfast, Hexham, Dublin and Birkenhead. Supporting peel groups go for Hazim Port in Lancaster, become a net zero port. This would be support local in the regional shipping for electric vehicle. I mean electric boats that. [00:11:28][23.0]

Michael Tanner: [00:11:29] Way and I still. [00:11:29][0.8]

Stuart Turley: [00:11:30] Don’t see the the marine capabilities are there yet for the batteries. [00:11:35][4.9]

Michael Tanner: [00:11:35] Stefano Somma CEO of Nap Marine Power. This is his quote not marine or not power. Marine is investing in deploying the global network of charging points to help solve the, quote, chicken and the egg conundrum facing this industry. Shipping lines cannot electrify if their vessels, if charging infrastructure is not available in ports, are unable to raise capital for charging infrastructure without certainty of demand from shipping line. So it is a little chicken in the egg. I use the term carp because the question is will the ships eventually electrify? Or it’s hard because you would like to see more ships going EV so that you know that the charging infrastructure is going to be used, but no one’s going to build EV ships if there’s not charging infrastructure. So there is this weird conglomerate. It’ll be interesting to see where it goes, though. I’m glad this is coming from the private industry, though. Allow the private industry to do whatever they want. And so this is government spending. So I take back what I said in the in the earlier part of the segment. I am all for private industry doing this. So I think it’s maybe a dumb decision. Time will tell. [00:12:29][54.1]

Stuart Turley: [00:12:30] Don’t know. I’m not sure how it’s going to play out, but the batteries and insurance are going to be the players there. I still think insurance companies are going to be the ones that shut down the EV business. Tesla will survive. Tesla’s the big dog. [00:12:44][14.5]

Michael Tanner: [00:12:45] I think Tesla’s going to survive. Maybe not because of its EV capacity one, because it actually designs decent cars, and two, I think their their full self-driving is going to be a I it’s huge. It’s something that they’re going to be able to license very easily in my opinion, to other it to other companies who are looking to do the full self-driving. I believe that’s what’s. [00:13:04][19.0]

Stuart Turley: [00:13:04] Going to happen. I wonder if he’s going to be doing self-driving, flying ones, flying taxis. [00:13:08][4.1]

Michael Tanner: [00:13:09] I don’t I don’t know after calling. [00:13:11][1.4]

Stuart Turley: [00:13:11] Yeah. [00:13:11][0.0]

Michael Tanner: [00:13:12] Get him on speed dial for it. [00:13:13][1.1]

Stuart Turley: [00:13:14] So that’s it for me. [00:13:15][1.2]

Michael Tanner: [00:13:16] All right. Well we’ll go ahead and and flip over here and look at what happened with oil prices on Friday. But before we do that guys we got to pay the bills. Again. Thanks for checking out Energy News B.Com. All the news and analysis you just heard is brought to you by that website’s doing 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 gas business, you can hit the description below. Find all the links to the articles timestamps if you want to jump around. Two things I want to highlight real quickly one. Corporate Data Learning series is back! I’m going to be hosting it. Nice partnership with W energy. It’s going to be the first two parts are going to be virtual, so go ahead and sign up via the link below. The next two parts, the final two parts where we actually get you, we don’t just get to learn how the sausage is made, we actually get to make a little bit of the sausage. In no. [00:14:01][45.0]

Stuart Turley: [00:14:01] Way. That’s huge. [00:14:02][0.9]

Michael Tanner: [00:14:03] Yeah, it’s going to be great. We’re going to hold it down in Houston. So check out the description below guys. Group data learning here. Really excited to have that back coming to you in July. And we’re also launching a new Substack channel not a new channel. It’s the energy News beat, but it’s a new thread called Tomorrow News Today. As you guys listen to this, on Monday, we actually report our shows the night before I a little behind the scenes there. So what we’re going to be doing is taking the articles that are in this show, actually putting it on Substack in a little write up so that if you want to hear to if you want to hear tomorrow’s news today, sign up for that. You’ll get an exclusive access to all of these articles prior to the show being run. You can even stay more up to speed with everything you need to know to be at the tip of the spear when it comes to the energy and the oil and gas business. Visit our Substack to sign up for that. Or again, everything is in the description below. [00:14:48][45.3]

Michael Tanner: [00:14:48] Let’s move over to oil prices though, guys, because, you know, I think overall, I mean we before we really, you know, talk about oil prices. Obviously we ended the week above 80. It’s helpful to kind of run through what happened on Friday in the global markets. We did see the S&P 500 fairly flat, down about a 10th of a percentage point, Nasdaq down about a quarter of a percentage point. We did see two and ten year yields tumble about a 10th of a percentage point. .17 percent for, the two year. And the ten year was actually just a little bit less at point one for so two years doing a little bit worse. Dollar index actually spiked about quarter of a percentage point. Bitcoin did not have a great week. It’s down 64,000 I mean still $64,000 for Bitcoin. That’s down about a quarter of a percentage point. Crude oil I mentioned closed it on Friday at 8073. Looks to open here in a in about an hour or so central time when the markets open here here on Sunday looks to open down 8059. So it’ll be interesting to see kind of that night work night word price action. We we could possibly wake up. And as you listen to this we could be trading somewhere in the high 79. Don’t be shocked if that’s happening. Brant oil is down about a half a percentage point 8519. Natural gas mainly off the back of you know we’ve had all these extremely bullish bullish heating. You know we had a extremely hot weekend or forecasted you know weekend coming up. Obviously Dallas is going to be crazy. But those have been kind of revised back a little bit. So we saw about 1.3 percentage points dropped on that natural gas. It’s trading $2 short ended at $2.70. Even looks to open about $2.71. So a little bit of upward motion there. You know I think the real reason is you know, we saw a few things, you know, a few international things happening right now. Right now one of the reasons is India is beginning to to is is is continuing to again basically bottom line. And before actually India’s processing more than 1.3% more crude in May than it did in earlier last year, showing that India does still have a little bit of demand there. But unfortunately we are seeing in the year in, in, in Europe, we saw business growth over the last month fall precipitously at mainly due to the fact that China came out and said, hey, we’re going to not necessarily, you know, much like they’re having an EV war with the United States, that same EV war is coming to the euro zone. So those kind of two polar opposite things, I think are, you know, kind of held back demand or in some, in some parts of the world we have seen a little bit of we do have seen a little bit of a slowdown both in Ukraine and in, in, in terms of both those war. So geopolitically we still see things hanging out. We also did see rig counts. We can go and put this chart up here. U.S. drops two rigs again 588 that, that, that, drop of two is week over week. That’s still down 94 from June 2023. Canada saw six rig increase. And internationally, we saw a big wipe out 25 rigs get take it off the market. So you know I think again a lot of this you know hazy demand forecast that that companies are seeing I think you’re seeing that baked into the rig count here. So we’ll continue to follow everything. Otherwise it was a pretty quiet week last week for oil and gas finance. I was down in Houston at Earth Tech. Great to see everybody down there with a great happy hour on Wednesday. Appreciate everybody who came out to that and really that that was it. Do we got a big week coming up. I’ll be in the chair all this week. So you get you know we’ll give you your stew reprieve I appreciate everybody tuning in. Now I know our numbers did drop a little bit. So I’m back now to raise them up. Not just do but whoa. What should we be worried about this week? [00:18:10][201.9]

Stuart Turley: [00:18:11] Well, you know, I would really like to have our listeners reach out as well, because there’s a $700 billion worth of debt in the banks that I’m wondering, why is there not anybody talking about it? The real estate debt for commercial space is really got some banking problems coming up. I’m hearing nothing now. All of a sudden it was like, it’s going to blow up last week and now nothing. Yeah. [00:18:36][25.9]

Michael Tanner: [00:18:37] Oh wow. [00:18:38][1.0]

Stuart Turley: [00:18:39] Where did that one go? [00:18:40][0.8]

Michael Tanner: [00:18:40] There’s a lot going on and luckily we will be here to cover it. Appreciate it guys. With that we’re going to let you get out of here. Start your Monday. We’ll be with you all this week. We appreciate you guys hanging with us again on this Monday for Stuart Turley I’m Michael Tanner. We’ll see you tomorrow folks. [00:18:40][0.0]

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