Biden’s Energy Policies Collapse

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Stuart Turley: [00:00:09] Hello, everybody. Welcome to the Energy News meet daily. Stand up. My name’s Stu Turley, president CEO of sandstone Group. Michael, just having a lot of fun now down in Houston. So hey, let’s get covering on these stories right away. New slashes, proposed tariffs on Tesla’s Chinese made EVs. Texas faces growing electricity need. Really? That was a shocker. Oil ticks higher as EIA reports inventory draws across the board. There’s more to this story. Enbridge CEO, IBO says colossal AI powering U.S. LNG doubling. That’s pretty big call. Another story on Enbridge cuts tolls on pipeline system amid the new competition with the Trans Mountain. Pretty cool. Gotta love competition. And our last story for the day is David Blackman hits it out of the park as usual with a article as Biden exits as energy policies crumble all around him. If you’re going to close the door, might as well have it fall apart or why you’re walking out the door. But David’s pretty funny as he goes through that. [00:01:19][69.6]

Stuart Turley: [00:01:19] So let’s get rolling here at the first story here. EU slashes proposed tariffs on Tesla’s Chinese cars. The European Commission announced a final result of its anti-subsidy investigation into the Chinese electric vehicles, with Tesla receiving the reduced tariff rate of 9%. The other EV makers, including SAC motor, Greely and Bybee, face tariffs ranging from 17% to 36.3%. I’m stunned. I can’t believe that Tesla got away with having their cars at 9%. I’m thrilled. I couldn’t be happier for Tesla on that. Other cooperating companies would be subject to the 21.3 tariff, while non cooperating companies would be slapped with a 36.3 rate. These rates would be added to the current 10% duty faced by Chinese exporters. Wow. The commission said the EV company, subject to the proposed tariffs, have ten days until August 30th to provide comments and request hearings. If qualified EU majority votes in favor of the final regulation, the tariffs could become law by October 30th and remain in effect for five years. Wow. Beijing has claimed that the proposed duties are protectionist and a threat, and has threatened trade retaliation. They threatened to impose duties on EU imports of luxury vehicles, engines, pork and spirit. Beijing also challenges the proposed tariffs with the World Trade Organization. You gotta love it. I applaud them for doing it. I’m surprised that Tesla and I’m quite happy that Tesla did, but it’s a quite a difference. [00:03:12][112.9]

Stuart Turley: [00:03:13] Let’s roll over to Texas. Gotta love me a good Texas story. Texas faces growing electric means Texas set an unofficial record for electricity use on Tuesday, driven by the increased air conditioning demand during the August heatwave. As Michael and I have talked about, Ercot, the state’s grid operator, has not issued calls for energy conservation this year despite record demand. Gotta have that a hand. Hands up and give him a hand. That’s pretty cool. Earlier in the year, Ercot forecast that electricity demand in the Lone Star State could double in six years. Demand. Let me say that again, demand could double in six years. All that is putting together a picture of a very significant demand growth that is forcing us to really rethink how we’re looking at planning to make sure we can meet those needs and continue to deliver on the expectations of all Texans, Ercot President Pablo Vargas told state legislatures in June. Also, over the last year, we see significant additions of energy storage resources, solar and wind resources, with few additions on the gas side. All that has helped to contribute to less scarcity during the peak periods of the summer. I’ll tell you, Ercot gets a black eye an awful lot, but for them to not have any problems during these heat waves. Hats off and congratulations. Good job. That doesn’t mean that you do not need to harden your own personal defenses. As a Texan, I have listened to that and don’t trust anyone. No matter. Do not trust the government for being able to supply or be there in case of an emergency. Make sure you have a plan. [00:05:06][113.6]

Stuart Turley: [00:05:07] Oil Ticks Higher as IEA reports inventory drawers across the board. Here’s where it gets a little funny on that. On Tuesday, the American Petroleum Institute reported another unexpected inventory increase, but a moderate one EV 347,000 barrels. Now here’s Brant is use. There’s a bigger difference in Brant pricing today. WTI was at 71 and some change. And Brant was up 77. So when you take a look at is quite a bit of the change. So this article is referring to Brant going up. Not the BTI. So I need to do some double checking in on that. While weaker Chinese demand has been well reported, refinery margins around the globe have been under pressure for much of August, suggesting these demand concerns are not just isolated to China. Inc. analyst was quoted by Reuters suggesting there could be more pain for the oil bulls ahead. I think we’re coming into some tough times and the financial world is now kind of shaking their head and saying, we may be in a recession. And I did say the recession word and it is approaching faster than, than we think the. [00:06:26][78.6]

Stuart Turley: [00:06:26] But anyway, the next story coming around the corner, Enbridge CEO Egbo says colossal air power use U.S. LNG doubling. I thought this was an outstanding article. It was from Bloomberg and it was with an interview. And when we take a look, he came to the Enbridge in the $28 billion takeover of natural gas transport to Spectra Energy Corp in 2017, and he became the CEO last year. Those comments were on a variety of energy topics. In an interview at Bloomberg’s headquarters in New York on Tuesday. He was asked, how do you see the role for U.S. and global oil markets? The future of oil in North America is through it and out of it. You see that on the export side, just in the last 3 or 4 years, we’ve gone large into oil exports. At Enbridge, we own the largest facility now in Corpus Christi called NGS line, which is hits record after record every quarter. The Permian continues to pump a lot of oil and associated gas, and that’s going abroad. So I’ll go with the trend and I’ll say the trend is more oil demand year on year. I like what you’re saying. Here’s another question from Bloomberg. Are you anticipating the rise of our artificial intelligence will affect natural gas and electricity demand? His answer? We’ve had electricity demand largely flat for decades here in North America. Our view is that it will add somewhere between a half a percent and 2%, which might not sound like much, but per annum through 2030, that’s a colossal move. I will said 45% of all natural gas fired generation in North America is within 50 miles of its pipelines. That is a huge note for investors and EMP operators. When you’re sitting there taking a look, how is your offtake when you’re when you’re drilling a well? And then you have Enbridge with the pipelines and the power plants being built near their pipelines. So if you want low cost power, here’s here’s an anecdote. You want low cost power, live near a Enbridge pipeline. Not a bad idea. It’s kind of fun. [00:08:49][142.5]

Stuart Turley: [00:08:49] So let’s go to the next story here. Enbridge cuts tolls on pipeline system among new competition. Enbridge cut tolls on Canadian oil export pipelines and increased competition on a new line from Alberta to Vancouver. The companies will be charged $9.48 a barrel, down from $10.70 a barrel, to ship their heavy oilfield sands crude from Hardisty, Alberta, to Texas on Enbridge’s Network, Canada’s largest export system. This is really got some intriguing processes around this. Enbridge pipelines provide access to 75% of the refineries in the United States, as opposed to Trans Mountain, which is largely a single market element. So you’ve got the ability of the oilfield sands once they can get it to, which would mean the Keystone pipeline coming in to Enbridge, which would have just changed the whole dynamics. We would Canada would have made a lot of money off of the tax revenue off of that. So they really shot themselves in the foot on that. So hey, let’s roll over to the next story here. Just to summarize that real quick. Yeah, I love competition and pipelines. Pipelines are the safest way that we have in order to transport energy. [00:10:19][89.5]

Stuart Turley: [00:10:20] David Blackman, he is an absolute jewel. You’ve got to follow him on on his Substack Black men.substack.com and Biden exit as his energy policies crumble all around him. As a reminder, here’s where it gets a little bit frustrating. In his speech this week, he told quite a few, and I’m going to go out on a limb and say they were wise in his speech, and his speechwriters need to, quite honestly, do little fact checking before they hand it. Let him read it. The truth is that Trump’s predicted an auto bloodbath has already begun to arrive. When I don’t want to go into the whole Trump thing, that’s a proven lie that he had said. But the truth is that he has begun to arrive. As I pointed out in several, this is David saying this, as pointed out in several previous pieces here outside of Tesla, the heavy subsidized electric sector is in for a state of collapse, and the losses from EV divisions are doing great harm to the profitability of the integrated carmakers like Forward and General Motors. Ford announced that they’ve lost $1.9 billion on their suburban or their big in the SUV. Wow, it’s just nuts. Biden’s remark came barely a month after he is forced out of the race by Democrat powerbrokers. And so when we come in here, the Houston Chronicle on Monday published a piece written by James Osborne detailing the reality that high inflation and higher interest rates are forcing major oil companies and others in high emitting industries to delay or cancel carbon capture projects not just in the U.S. but around the world. As it turns out, the project’s costs still matter, even when companies have access to big subsidies and tax breaks. 0% interest is what kept the green movement going. Now that we’ve had no we’ve had inflation, we’ve had higher interest rates. You’ve lost any momentum that you were going to have. I came in and turned around the corner and it is totally thrash the ability to green companies, and we are seeing a total decimation of green energy through fiscal irresponsibility. [00:12:50][150.5]

Stuart Turley: [00:12:52] So I’ll tell you what. This is what a wild time to be in the energy space. I knew one, I’d just give a shout out if you are a energy CEO, if you’re in the oil companies I want to visit with you. We want to get your story out there if you are in a renewable. We’ve got other podcasts that are coming around the corner that are absolutely phenomenal. I love talking about let’s get the lowest kilowatt per hour to everyone on the planet. Let’s eliminate energy poverty. Let’s do it. Being fiscally responsible and absolutely with the least amount of pollution on the planet. But that means using all forms of energy. Let’s get regulatory issues out of the way. Let’s get nuclear rolling. And we’ve got some fantastic podcasts coming around the corner. If you’re in the market to shop for oil and gas and or oil assets, if you’re buying or selling oil and gas fields, give us a call. Go to energy newsbeat.com/trading desk and we will funnel the questions to the right person. Thank you very much. Have a great day and talk to you all soon. [00:12:52][0.0][757.2]

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