Week Recap: Biden’s Wind Turbine Controversy, and EV Owners’ Regrets

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Michael Tanner: [00:00:13] What’s going on? Everybody, welcome in to a special Saturday edition of the Daily Energy News Beat. Stand up here on this gorgeous June 29th, 2024. Absolutely crazy weeks do lots of tremendous stories. I’m. I’m burnt out. [00:00:27][14.8]

Stuart Turley: [00:00:28] Hey, it’s wild. And, you know, when you got Julian Assange being let out of prison. Holy smokes. You know. Yeah. Who would have ever guessed? [00:00:36][8.3]

Michael Tanner: [00:00:37] Now, my question is, when is he coming on the podcast? [00:00:39][1.8]

Stuart Turley: [00:00:40] I don’t want to be anywhere near him. I mean, when you have Hillary gonna sit there and go, why don’t we drone him? I don’t want to be anywhere near that, man. [00:00:48][7.9]

Michael Tanner: [00:00:48] That’s funny. So why guys? All right, again, as always, check us out. Energy news beat.com for all of the new, for all the stories that we cover, hit the description below. But I’m gonna go ahead and turn it over to the weekly recap folks. We’ll see on Monday. [00:01:02][14.0]

Stuart Turley: [00:01:03] 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 in Africa program? Or as Biden would say, what is this river? So it is actually the national National signifying 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 and I highway system are highway freight, highway bridge freight, intermodal freight rail. Oh, 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. [00:02:34][90.2]

Michael Tanner: [00:02:35] 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 project’s development. They realize there’s some other stuff. New budget gets passed bonds. 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. [00:03:01][26.9]

Stuart Turley: [00:03:02] I’m gonna get all right. I’m gonna get all grumpy and everything. All right, here’s my thing. Love me. The whales. Man. I know, I’m just. [00:03:09][6.9]

Michael Tanner: [00:03:09] 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 infra program, which is I’m all for I mean, I’m. [00:03:21][12.0]

Stuart Turley: [00:03:21] On my. [00:03:22][0.5]

Michael Tanner: [00:03:22] Stuff here. [00:03:23][0.4]

Stuart Turley: [00:03:23] This is legitimate. I don’t mind paying taxes for safety, closed borders, low cost gasoline and some goodies and protecting the environment. Good luck. Sure. I’m with you. Yeah, and but, hey, let’s not do this because next, we’re gonna have never given. [00:03:41][17.8]

Michael Tanner: [00:03:41] Overpopulation of whales. Who wants that? [00:03:43][1.8]

Stuart Turley: [00:03:44] I do. 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 one internal combustion engine model next time they buy a car, according to new study from McKinsey. Do you know how bad it was for McKinsey to put this up. [00:04:13][29.6]

Michael Tanner: [00:04:14] To say. [00:04:14][0.1]

Stuart Turley: [00:04:15] 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, what, 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. Where 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. Yeah. [00:05:23][68.0]

Michael Tanner: [00:05:23] No. Absolutely. Well, I think the problem is like Tesla’s made a great car. Problem is you can’t charge it any like it’s hard to find chargers. You got to install 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. [00:05:51][27.9]

Stuart Turley: [00:05:51] Build the range. You bet. You bet. [00:05:53][2.0]

Michael Tanner: [00:05:54] Could be very anything. But does it 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. [00:06:16][21.7]

Stuart Turley: [00:06:16] 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. The heat index East Texas put out a heat warning for your EVs. [00:06:51][34.6]

Michael Tanner: [00:06:51] Yeah, that sounds that sounds like an absolute nightmare. [00:06:53][2.0]

Stuart Turley: [00:06:55] You know, excuse me while I roll. I’m breaking a window. Dude. I’m sorry. I’m. I’m, of course,. [00:06:59][4.3]

Stuart Turley: [00:06:59] The $2.5 trillion reason why we cannot rely on batteries to clean up the grid. The fluctuating wind and solar power requirements of energy storage and lithium batteries seemed like the obvious choice, but they’re way too expensive. Let’s come down to this article. And Mr. Producer, if you could bring up the third graphic down, I believe in it is the one with $1,800 in megawatt hours, and the graph starts on the left hand side where you see the current, and it’s 50% renewables, and you look at the cost per kilowatt hour and it goes to 80, and then you go to 100% and the cost is amazing. You keep adding more dis non dispatchable power to the grid and it becomes more and more expensive. There is no physics in fiscal responsibility matter. So if you take a look at that chart for California, the Clean Air Task Force analysis, the system becomes completely dominated by the cost of storage, says Steve Brick, a senior advisor for the Clean Air Task Force. You build this enormous, enormous storage machine that you fill up by mid-year and then dissipated. It’s a massive capital investment that gets utilized very little. But yet you need that dispatchable power. So pretty, pretty amazing. When you sit back and take a look at it, the I’m all in on storage. I think we need some storage. It needs to be handled that way. I love Bitcoin from the estate standpoint of a balancing authority, being able to come in and say, wait a minute, we’re going to have this matter much power. And the Bitcoin miners know that they can back their power off because the prices are going to go up during peak and demand. And as the wind and solar are coming online or offline, having a money generation tool like Bitcoin that you can use in there for companies is wonderful. But it is a battery storage that is just absolutely horrifically expensive. And there are some side effects that are not always that good for batteries. [00:09:24][144.7]

Stuart Turley: [00:09:25] Why Asia’s carbon emissions are racing. Western progress I really want to know is net zero. I think it’s unattainable. Is it something that the West should even bother with? Should we just try to save money and actually bring in our supply chains in-house so that we can have control over humanitarian and the ecology and pollution, and trying to make sure that we manage things this way, because realistically, when we take a look at it, Mr. Producer, if you can bring this chart up, it’s the chart in the third chart now it’s got top ten countries and it’s billions of metric tons. As we look at this chart, China put out 12.6 billion. In metric tons, 31% of the world’s tonnage of CO2 output is put out by China. US is only 5.1 now, and we lost almost a percent growth rate last year because we had migrated to natural gas. So if we continue to do nothing, do nothing but migrate to natural gas and really try to cut it there. We’re doing our fair share. I think that that actually is phenomenal. Take a look at India. India is at 4.1% growth rate. Russia is at a half a percent. Japan is losing their 2.4% decrease. They’re doing fabulous as well because of LNG imports and nuclear. And so Japan is dead on. Right on. That hat’s off. And so why should we waste our money and and why don’t we try to help get energy poverty and programs put in place and not waste any more money, but instead we’re doing carbon capture. It’s not doing anything. We’re doing it. I mean, it really is doing nothing. So when we take a look at this, the in 2023, the 12.6 billion metric ton of CO2 equivalent is two and a half times that of the US and 4.7% of the EU. No matter what we do, the world, the world is going to be more polluted because of China. And why shouldn’t we just try to make ourselves out of debt? Let’s reduce the national debt, cut all of our programs, cut our government spending, and cut our money going around the world. And we would be doing a lot better in able to help Africa put in natural gas. But in nuclear, let’s help the other emerging markets. We would make more money by putting in those kind of activities. So it’s an opportunity to make money. Lower pollution is where it’s really and and really drive and get out there. [00:12:32][187.0]

Stuart Turley: [00:12:32] Fervo energy announces 320 megawatt power purchase agreements with Southern California Edison. I love me some good geothermal I love nuclear, geothermal. I’m a geothermal kind of guy, you know? Why am I going, wow, our great oilfield service companies know how to do geothermal. I mean, we can drill holes in Texas and God bless them for showing them how to do it there in California. This is actually very cool. This announcement is another milestone in California’s commitment to clean zero carbon electricity, said California Energy Commissioner Chair David Hochschild. Enhanced geothermal systems complement our abundant wind and solar, providing critical baseload when those resources are limited. This is key to ensuring reliability. Finally, something that is reliable and that’s geothermal. I mean, it’s just unbelievable. They have already Virgo. Michael has already done 53 megawatt power from Cape Station to California Community Choice Aggregators 2021 I love them. I gotta go get the CEO on the podcast. That’s pretty darn cool. [00:13:45][72.6]

Michael Tanner: [00:13:45] You do. It’ll be very interesting. I’d love to. Do you know, one of our favorite podcast that we do is the Deal Spotlight. I love to do a geothermal deal spot. [00:13:53][8.1]

Stuart Turley: [00:13:54] Oh sweet. [00:13:54][0.5]

Michael Tanner: [00:13:55] I, I would be loved. I would love a little bit behind the curtain because I’m not even sure how these things work. Basically you drill, you drill for these, you know, geothermal basically. I mean, from a low level, what does it do? You’re drilling oil, you’re drilling a well and the well, the goal is to produce water, and then you run through a turbine and that turbine spins and produces electricity. [00:14:14][18.6]

Stuart Turley: [00:14:15] So and normally you build a closed loop system so that the closed loop system is once it comes through the turbine, then it goes back into the ground to reheat again. [00:14:24][9.2]

Michael Tanner: [00:14:25] Absolutely, absolutely. So it work. So I would love to look at this. I’m a big fan of geothermal. If they can figure out some of the you know obviously there’s still a retrofitting of the grid that needs to happen. But you know we like what Turbo Energy’s doing. They’ve raised a boatload of money. So hopefully they can they can figure this out by the fact that they’re able to do business and get this stuff permitted in California is a testament to they’ve shown something at least. [00:14:50][25.3]

Stuart Turley: [00:14:51] Oh, absolutely. I hat’s off to them. U.S. Treasury imposes sanctions on Iranian shadow banking network laundering oil money. Holy smokes, quote unquote. Listen to this. U.S. Treasury Department on June 25th, impose sanctions. You know, saying. On a part of a shadow banking network that Iran uses to launder billions in oil, proceeds to provide weapons to Russia and regional proxy groups like the Houthi rebels in Yemen. You mean they finally, I’m the Biden administration is actually doing something good? Is that what I’m reading here? [00:15:31][40.0]

Michael Tanner: [00:15:31] It might be they’re going after, you know, not the Dark Fleet, but the dark, dark banks. [00:15:36][4.9]

Stuart Turley: [00:15:37] The dark bank and and sanctions impact. But this is now called if you look lower in the article, Michael, it goes shadow banking. [00:15:44][7.2]

Michael Tanner: [00:15:45] Oh but I mean shadow banking is is absolutely true. We do know that in places like Iran in which we do have massive sanctions on, they do have to somehow get around our banking laws. So it’s super interesting. Again, as you always said, sanctions don’t work. It’s going to be very interesting to see how they decide to play this one. [00:16:04][18.3]

Stuart Turley: [00:16:04] And why are they doing that now? Because poor old Janet Yellen needs to just go get a haircut. She does not. She hasn’t done anything in three and a half years. Why should she start now? That’s what I’m. I’m a little wondering. [00:16:04][0.0][930.1]

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