Daily Energy Standup Episode #160 – A Weekly Recap – Unveiling the Hidden Carbon Costs: Solar Panels’ Surprising Environmental Footprint Revealed
Planned Wyoming Mine May Help Avoid Copper Supply ‘Train Wreck’
A billionaire financier in the mining industry says the world is headed toward a “train wreck” as the demand for copper will greatly outstrip the supply if nothing changes. This means the $250 million CK Gold […]
Putin Wisely Suggested That Russia Emulate Modi’s Make In India Initiative – Great insights as India buys 46% of it’s oil from Russia.
ENB Pub Note: Andrew Korybko is a Russian Substack author and geopolitical analyst. He has an interesting view on geopolitical conflicts, and while I do not agree with everything he says, Andrew does bring in […]
Oil, EVs, And Big Tech Hit The Ground Running In The Second Half
Global markets have kicked off the new quarter with solid gains from Asia to Europe (as previewed last week in “The Technical Overhang Is Done, July Starts With A Bullish Eruption“) while US equity futures […]
UAE announces plans to invest $54B in energy and triple renewable …
DUBAI, United Arab Emirates (AP) — The United Arab Emirates plans to triple its supply of renewable energy and invest up to $54 billion over the next seven years to meet its growing energy demands. Sheikh Mohammed bin […]
Solar Panels Are More Carbon-Intensive Than Experts Admit
By C. P. Colum and Lea Booth in collaboration with The Blind Spot. Last August, in an amalgamation of ‘The Green New Deal’ meets ‘Build Back Better’, President Joe Biden’s Inflation Reduction Act gifted the […]
Highlights of the Podcast
00:00 – Intro
00:40 – Planned Wyoming mine may help avoid Copper Supply Train Wreck
02:23 – Putin wisely suggests that Russia emulate Modi’s make in India’s initiative Great insight as India buys 46% of its oil from Russia
08:53 – Oil Evs Big tech hit the ground running in the second half
15:04 – UAE announces plans to invest 54 billion in energy into whirlpool renewable why is this important?
17:42 – Solar panels are more carbon intensive than experts admit
23:48 – Outro
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Video Transcription edited for grammar. We disavow any errors unless they make us look better or smarter.
Stuart Turley: [00:00:07] Hello, Everybody, Welcome to the Energy Newsbeat Podcast, this is our weekly recap and I sure hope that you enjoy this episode. I’ll tell you what. Today is July 7th and I hope everybody had a safe and wonderful 4th of July. Our Founding Fathers, I’m even more impressed every time I read more things about them. [00:00:30][23.1]
Stuart Turley: [00:00:31] But pay attention to Energynewsbeat.com we’ve got a lot of good stories out there. This one up here is really pretty interesting Planned Wyoming mine may help avoid Copper Supply Train Wreck, I’ll tell you what, even if we have a energy transition, if we need more of the grid, if we need anything else, we need critical minerals. And this is actually kind of frightening to think because the eco folks and everything else, we’ve not had any mines. The only one that’s got mines is China, and they have the controls. [00:01:13][42.3]
Stuart Turley: [00:01:15] Robert Friedland told Bloomberg TV recently that accelerated demand for copper is exceeding the mining industry ability to keep up with it. Deposits are getting more expensive and harder to find, he said. Financing projects is even becoming more scarce. As a result we’re heading for a train wreck. [00:01:39][24.5]
Stuart Turley: [00:01:40] Well, I’m not sure if Pete Buttigieg can help, but we sure got to really take care this copper situation may be the one that we can fire up in Wyoming I hope that helps. Well, with that, I hope you have a fantastic weekend. Thanks for paying attention to the Energy News Beat. You can find us on all of the major podcast channels and we look forward to hearing from you soon. [00:02:07][26.8]
Michael Tanner: [00:02:08] Stu, start us off where do you want to begin? Are we flying to Russia? Are we there yet? [00:02:11][3.1]
Stuart Turley: [00:02:12] Were Flying to Russia baby, you know, go over that airspace very carefully. [00:02:14][2.8]
Michael Tanner: [00:02:16] Luckily, we’re with you. Luckily, we’re with Putin’s 2024 campaign manager, so we’re safe now. [00:02:22][6.0]
Stuart Turley: [00:02:22] Okay. Putin wisely suggests that Russia emulate Modi’s make in India’s initiative Great insight as India buys 46% of its oil from Russia. Michael, this is from Andrew Korybko and he is the random dude on Substack I just think it’s pretty funny. [00:02:42][19.6]
Stuart Turley: [00:02:43] He’s got a following and he’s got a different opinion I don’t agree with everything he says. However, he is pretty good he is looking at it from the Russian side of things, let’s take a look. India has making is making a very important thing to make their own things in India. Putin went and I’ll read some of this here in a second, some of the key points. He went, That’s not a bad idea when we start making things in there. [00:03:14][30.6]
Stuart Turley: [00:03:14] Another piece of this puzzle is China is shutting down graphite for the EU so that’s in a different article. But what’s happening is people are building their own stuff in their own countries. Wow. This is the global economy and global market is disintegrating. [00:03:35][20.6]
Stuart Turley: [00:03:36] So our friends in India and our big friend, Prime Minister Narendra Modi, launched the Make in India Initiative several years ago it is truly impressive effect on the Indian economy. It would do no harm to emulate what is working well, even if it was not us, but for our friends who created it. Michael With India buying in rubles, 46% of India’s oil is a boatload of oil. Yeah, I mean, that’s a super. [00:04:13][37.0]
Michael Tanner: [00:04:14] There’s a lot of oil. [00:04:14][0.7]
Stuart Turley: [00:04:15] That’s a lot of oil, cash flows going to Russia. Russia is going to do that. Last year, India grew twice what the percentage that China did. India is now the biggest market in the world. [00:04:34][19.1]
Michael Tanner: [00:04:36] And India is the fastest growing economy in the world. [00:04:39][3.2]
Stuart Turley: [00:04:39] Fastest growing there at 6% and China was three but they’re approaching China’s. [00:04:45][6.0]
Michael Tanner: [00:04:47] So they’re approaching they’re the newest, biggest emerging market there what China was 25 years ago is what people claim. You know,. [00:04:54][6.9]
Stuart Turley: [00:04:54] Yes. They’re the world’s fifth largest economy and on pace to become its third largest before the end of the decade that’s the correct way to phrase that. So China was 3.3% and it was 6.6 in India. [00:05:10][15.8]
Stuart Turley: [00:05:12] Modi precisely foresaw the importance of prioritizing domestic industrialization more than a decade ago, long before that U.S. Chinese trade war. Years and years ago, when I was working for Intel, I always questioned why Intel was building plants in China because you knew that you you were never going to have a safe product over there. Hello Mcfly! I mean, good grief, even I’m smart enough and I went to Oklahoma State University. Where’s the shirt? Here there it is. Okay. [00:05:51][39.2]
Michael Tanner: [00:05:51] Yikes. [00:05:51][0.0]
Stuart Turley: [00:05:52] All right, What are your comments? [00:05:53][1.8]
Michael Tanner: [00:05:55] Well, here’s here’s here’s my thing if I think India making India great, they seem to just be buying all their oil from Russia. I see that the idea of make in India great or make in Russia, if this is what Andrew Korybko or Korybko is, is is saying here’s Russia need to. [00:06:18][23.5]
Stuart Turley: [00:06:19] They’re going to make in Russia. [00:06:20][0.8]
Michael Tanner: [00:06:21] Good luck. The United States discovered it’s tough to do that if you are able to do it cheap. We would do it in America. [00:06:30][8.5]
Stuart Turley: [00:06:31] Well, here’s the thing [00:06:31][0.4]
Michael Tanner: [00:06:32] The reason China can do it is because they allow the clip we have. [00:06:36][4.4]
Stuart Turley: [00:06:36] Yeah, yeah, yeah. I mean, these kids I mean. [00:06:39][3.0]
Michael Tanner: [00:06:40] So is that what it takes to make it in India or make it in Russia? [00:06:44][4.4]
Stuart Turley: [00:06:45] What is hanging out to so, I mean. [00:06:47][1.7]
Michael Tanner: [00:06:49] No idea. [00:06:49][0.3]
Stuart Turley: [00:06:50] Beat the kid until he quits working okay. [00:06:52][2.8]
Michael Tanner: [00:06:53] Okay. [00:06:53][0.0]
Stuart Turley: [00:06:53] that’s what that means. [00:06:54][1.0]
Michael Tanner: [00:06:56] Okay, so I guess what I’m saying is so I guess I’m a little bit like, okay, great this is what this guy wants. This guy. This guy. So this guy’s advocating child slave labor, I guess. [00:07:05][9.8]
Stuart Turley: [00:07:06] No, he’s not. [00:07:07][0.5]
Michael Tanner: [00:07:07] What does he want? [00:07:07][0.1]
Stuart Turley: [00:07:07] He wants he wants Russia to take the money that’s coming in from India, Sanctions don’t work. And they’re going to start building all of their own things within Russia, as many as they possibly can. [00:07:22][14.5]
Michael Tanner: [00:07:22] That’s the point, How do you get those things made? [00:07:24][1.7]
Stuart Turley: [00:07:25] You start somewhere, Michael. [00:07:27][1.6]
Michael Tanner: [00:07:28] I get you. I get you. But we see what the end product looks like. I guess that’s the interesting part is were the even the United States is sourcing off. You know, we don’t have that issue here we outsourced it to China. [00:07:39][11.3]
Stuart Turley: [00:07:40] Let’s take a look at the EU, Siemens over from the EU, you know, they’re one of the biggest wind farm manufacturers in the world and they lost $1.7 trillion last year. Oops. Well, guess what else just happened. [00:07:57][17.1]
Michael Tanner: [00:07:58] Trillion or is it billion? [00:08:00][1.4]
Stuart Turley: [00:08:00] Billion. What’s a few trillion between friends. Billion. [00:08:03][3.1]
Michael Tanner: [00:08:04] They like that. That’s a Ritz. [00:08:05][1.4]
Stuart Turley: [00:08:06] Okay. Well, no, that was BlackRock thank you very much. Okay. But when you sit back and look, China is slapping down all the controls. I almost looked like Trump with my pinkie out like that that’s terrible. [00:08:19][13.2]
Stuart Turley: [00:08:20] Okay. Trump learned it from me okay so when you when you sit back and look China is now shutting down the graphite production, you can’t make renewables without graphite. China is locking down the rest of the world on all this stuff. You better make it at home and you better figure out if you can’t make it at home, you better go back to bows and arrows and crayons and you better be able to do without. [00:08:51][30.6]
Michael Tanner: [00:08:52] Well, I love me some crayon. [00:08:53][0.8]
Stuart Turley: [00:08:53] Oil Ev`s Big tech hit the ground running in the second half. Michael. It’s got a lot of stuff you like in it, and that’s financing numbers that’s where you just kind of like hang out. I know you read numbers and then go to bed most of us get it our heads scramble but you love it. [00:09:11][17.9]
Stuart Turley: [00:09:12] Okay, let’s start with an Electric Vehicle, Rivian at up 2.1% and lucid up 1.7% the crypto exposed stocks also rose in premarket as bitcoin hovers closely around the 30,000 level. I don’t own any Bitcoin do you, Michael? [00:09:32][19.6]
Michael Tanner: [00:09:33] No, I have a little bit of Etherium, but not much. [00:09:36][3.2]
Stuart Turley: [00:09:38] Well, what I love this article when it says investors are tempering expectations for stocks after unexpectedly strong first half. So the banks is a big sign in question. Are they gonna fold? How do they react? How does the Fed react? Is stuff that’s not in this article. [00:09:58][19.9]
Stuart Turley: [00:09:59] And so stocks this is a quote from Nicholas why do we always have somebody whose name I can’t pronounce? This one is Penn Gets Gulu, a Market Street strategist for Jp morgan. J.P. Morgan and Chase Company stocks have done well the first half of the year because U.S. recession didn’t happen, said Nicholas. [00:10:26][26.8]
Stuart Turley: [00:10:27] Moreover, he added, the tech trade has turned into a pain trade for institutional investors, causing them to capitulate. The first back half creates vulnerable for the second half as it means U.S. recession happens there would be an abrupt market repricing. What are you thinking on that one? [00:10:49][21.3]
Michael Tanner: [00:10:49] Well, I think I think what they’re saying is, considering what the Fed has done, continue, You know, we’ve raised rates over 110 basis points. [00:11:00][10.5]
Stuart Turley: [00:11:01] Right. [00:11:01][0.0]
Michael Tanner: [00:11:02] Considering that the market has held up fairly strong in considering companies like you mentioned, rivian and lucid electric car companies, you basically don’t have a product and you don’t have a car you can’t really it’s hard to go out and buy those cars they’re not affordable. You know, give you Elon Musk this you go out and buy a Tesla, you can go on the website right now and in a market as quick as you can say Tesla you can buy a car. [00:11:25][22.7]
Stuart Turley: [00:11:25] And boy they jammed them out for over 460,000 they set a record. [00:11:30][4.3]
Michael Tanner: [00:11:30] Yeah yeah, exactly. [00:11:31][0.9]
Stuart Turley: [00:11:32] How Cool is that. [00:11:32][0.3]
Michael Tanner: [00:11:32] You know, Tesla’s over $900 a share I think it really it comes down to you and I believe and I believe this and I believe this is exactly what, you know, our buddy over at Jp morgan is saying is that, That doesn’t necessarily give us good, good, because there’s that sentiment of, hey, it was supposed to be bad, but it was actually good that’s going to lead us to whatever your sentiment was for a second half, 2023 it’s probably it should probably use by temper them a little bit. [00:12:07][34.6]
Michael Tanner: [00:12:07] Because the pain that was expected, was it necessary here? Exactly. If there’s this repricing that’s due and it was supposed to happen in the first half. Well, guess what that means It should be coming in the second half. So it would be interesting to see how some of these larger institutions decide to play. Again, coming back, tying this back into oil. Oil stocks are going to go as oil prices go I mean, that’s fairly clear now sitting here at $70. I think that bodes well for the lot for the larger oil and gas community. [00:12:38][30.3]
Michael Tanner: [00:12:38] I do think if you could see that move, 75,80, you might be able to see you continue to see those stocks rise. But those stocks are continue to set, you know, those stocks, the big tech stocks, you know, those high leveraged, high debt stocks, you know, they’re going to go as the economy goes so it’ll be very interesting to see how things play out. [00:12:57][18.2]
Stuart Turley: [00:12:58] All right. Let me throw these at you here here’s some numbers in the lower in this article I love let’s see here, Brant. Let’s see. Currently WTI and Brant what are those numbers for me as we’re doing this? [00:13:12][14.2]
Stuart Turley: [00:13:12] Saudi press agency reports that Saudi will extend the voluntary cut of 1 million barrels per day for an additional month through August. Russian Deputy Minister Novak says that he will reduce the oil supply in August by 500,000 barrels a day, cutting exports to the global market. [00:13:35][22.5]
Stuart Turley: [00:13:38] Iraq’s June oil experts exports averaged 3.3 million barrels per day. Remember, we had an article a little while ago, their target, 6.2, Holy Smokes. Kuwait has put out the fire at the AL-ZOR. Boy, that’s kind of nice there’s a little bit of pollution going on that’s not good. [00:14:01][22.8]
Michael Tanner: [00:14:01] Yeah. Well. [00:14:04][2.2]
Stuart Turley: [00:14:04] All right. So what do you think? Oil you got some more cuts coming do you think that that’s going to help increase the price there? [00:14:11][7.0]
Michael Tanner: [00:14:12] Yeah, but I mean, I also think you missed read the next bullet point down Stu. [00:14:16][3.9]
Stuart Turley: [00:14:17] Gold. [00:14:17][0.0]
Michael Tanner: [00:14:18] No, the next point on Indian refiners. [00:14:19][1.2]
Stuart Turley: [00:14:20] Oh, yeah, yeah, yeah, yeah. [00:14:21][1.0]
Michael Tanner: [00:14:22] Indian refiners have reported they began Pang Yuan for some Russian crude imports via our friends over at routers. The the IOC was the first state refiner to use one for such payments. So that I think is the most important thing out of all these bullet points is you’re seeing the transition from the dollar to other forms of payment. [00:14:45][23.1]
Michael Tanner: [00:14:46] As we talked about yesterday, BRICS will be meeting to decide what’s next. So, I mean, it’s scary stuff around the more. But I do think that oil stocks, if there’s if you’re bullish on oil, you should be bullish on oil stocks. It doesn’t take a genius to tell you that. But that that’s the whole thing that. Yeah, I mean, it is what it is sue me. [00:15:03][17.1]
Stuart Turley: [00:15:04] UAE announces plans to invest 54 billion in energy into whirlpool renewable why is this important? You know out of the UAE, United Arab Middle Arab Emirates. The United Arab Emirates plans to triple its own supply of renewable energy and invest up to 54 billion over the next seven years to meet its growing energy demands. Do you know why this is different than Germany in California? [00:15:41][36.6]
Michael Tanner: [00:15:43] No [00:15:43][0.0]
Stuart Turley: [00:15:45] Here’s why because their funding it with their profits in oil. [00:15:49][4.0]
Michael Tanner: [00:15:50] Mm hmm. [00:15:50][0.1]
Stuart Turley: [00:15:50] They’re not printing money, Hello, McFly. [00:15:55][4.3]
Michael Tanner: [00:15:56] Hello, McFly. [00:15:56][0.4]
Stuart Turley: [00:15:57] They’re not printing money. I think that if we go to renewables, which we do, I’m all in I don’t care what power source we use. Nuclear, Wind, Solar. But you got to pay for it without printing money and if you got a profit source in the cash cow of oil. Yeah I in. [00:16:17][19.7]
Michael Tanner: [00:16:18] So. Well I mean if Dubai and specifically the UAE is an interesting case study in the fact, if they will, regardless of how much energy they produce locally and produce in-house, they’re always going to be reliant on energy imports,. [00:16:36][17.8]
Michael Tanner: [00:16:37] If only because the fact that they live in a desert and need you know, Gigawatts and Gigawatts in, you know, you know, Energy in order to do to power themselves. So, you know, they also have 50% of their their energy being met by Nuclear hopefully that goes up under this under this. [00:16:58][21.2]
Stuart Turley: [00:16:58] Yes. I consider Nuclear Renewable, especially with the new technology that’s coming around the corner where you’re going to be using Nuclear Waste. I’m I’m really excited. [00:17:08][9.6]
Michael Tanner: [00:17:08] I was having a conversation yesterday with somebody about Small Modular Nuclear Reactors. I was like, did Stu get to you? How did you get to on my off day? [00:17:16][7.8]
Stuart Turley: [00:17:18] SMRs I love me some Small Nuclear Reactors, Modular Reactors. I still use my interview with Thomas Jam from Copenhagen Atomics and I hope they just rock on. They’re going to have an assembly line and I can’t wait to fly out and and visit with him in Copenhagen you’re going with me. [00:17:40][22.4]
Michael Tanner: [00:17:40] The title of the Article, Solar panels are more carbon intensive than experts admit. This is by C.P. Collum and Lee Booth in collaboration with the website The Blind Spot you can check it out at EnergyNewsBeat.com. But really what this is, is is talking about is information that was unearthed by the Environmental Progress Organization. [00:18:01][20.1]
Michael Tanner: [00:18:01] So basically what this is all saying is that what you’re hearing about the Carbon Intensity of photovoltaic, which whenever you hear the words photovoltaic, thick solar, it’s a fancy way of saying solar it. [00:18:16][14.3]
Michael Tanner: [00:18:17] And really solar PV is what you should call it, because there are other types of of of solar energy. But to give you an idea, there’s this guy out of Italy who’s been doing some interesting work who tells you that the IEA is fudging the numbers a little bit. [00:18:32][14.7]
Michael Tanner: [00:18:32] So to give you an idea, remember, we’ve got the IPCC, what is the IPCC? So the IPCC is the international well, it’s I don’t actually know the terminology let me look this up it’s the it’s it’s the climate change organization yes, The Intergovernmental Panel on Climate Change. [00:18:53][21.0]
Michael Tanner: [00:18:53] So this is the kind of the all seeing eye of climate change they’re the ones every year that put out there. Here’s what’s going to happen, we’re all going to die because of climate change, which they actually don’t. [00:19:05][11.2]
Michael Tanner: [00:19:05] It’s interesting, you’ve used the guys like Michael Shellenberger used the guys like Bjorn Lomborg they’ll tell you if you actually read the IPCC reports, the entire panel, even the Intergovernmental Panel on Climate Change, you would see that they’re not actually as doom and gloom as maybe someone like AOC would like to make them out. [00:19:22][16.9]
Michael Tanner: [00:19:22] But what they come out and say, the IPCC claims that Solar PV solar energy is basically. Consuming 48 or emitting 48 grams of CO2 per kilowatt hour. And this Italian researcher, Enrico Mariutti, was drinking wine, eating pasta, and figuring that this number based on his research is a little bit closer to 600 to the 1200 grams of CO2 per kilowatt hour. [00:19:57][34.4]
Michael Tanner: [00:19:58] If that is true to give you an idea, natural gas with carbon capture is around 50, and without carbon capture it’s 400 to 500. So even without carbon capture, natural gas speeds what solar may or may not be. [00:20:14][16.3]
Michael Tanner: [00:20:14] Now, again, we have to trust this Enrico Mariutti Do we trust him? So let’s come down. Let’s come down and take a look at what he’s got going on here. So what he’s saying, he first noted something wasn’t quite right with these photovoltaic assessments about two years ago, he was preparing for an online renewables debate with Niccolo Ahmadi, a research director at the Italian Research Council. Being a data junkie, he decided to pore over the source module and try to figure out why. [00:20:39][24.4]
Michael Tanner: [00:20:40] What he discovered unnerved him the data didn’t reconcile remember, guys, he holds a degree in geopolitics and global security, which, while unrelated to the field, equipped him with enough quantitative skills to ensure that he can recognize the in-between good and bad data that’s key. I was having this debate at work today the model is only as good as the data going into it. [00:21:02][22.0]
Michael Tanner: [00:21:02] The website is only as good as the data going into it people want to see a report while the report’s made of numbers well, the numbers right know well, your report sucks then. So I like what this is good to see there’s a there’s a skill and having enough what they would call quantitative skills to understand the difference rates, good data, bad data, how you get to good data, how you don’t get to good data I think this is absolutely critical. [00:21:30][27.3]
Michael Tanner: [00:21:30] His quote is the data showed much more showed how much salt solar fatigue systems are used in terms of raw materials silicon, aluminum, copper, glass, steel, silver then I saw the carbon footprint it just seemed way too small. [00:21:43][12.7]
Michael Tanner: [00:21:43] According to the findings of his findings, the carbon intensity of these solar panels manufactured China and installed in European countries like Italy was likely off by an order of magnitude. His initial back of the envelope calculation put it between 170 and 200 grams of of carbon dioxide per kilowatt hour as opposed to the official estimates but then he up those as he moved on. [00:22:05][21.9]
Michael Tanner: [00:22:06] But I mean, to give you guys an idea, people are coming to the conclusion that solar is not better for the environment than natural gas, specifically with carbon capture. I mean, you talk about 50 grams of carbon dioxide per kilowatt hour that’s pretty good, that’s good. That’s going to not do climate change you know, again, I’m not an expert on this stuff. [00:22:26][20.1]
Michael Tanner: [00:22:26] But if you’re telling me 40 is photovoltaic, if that’s what the IPCC is telling us. Yeah, because IPCC is saying 48 today with carbon capture, it’s the same agency, although they rounded up to 50, they can’t quite say it’s the same. [00:22:40][14.2]
Michael Tanner: [00:22:41] They got to say Solar’s 48 Natural gas 50 well, you know, we see the IPCC, the same data analyst they share data analysts with the IEA. So we know you’re getting the best quality data analysis and whatever. So very interesting, you guys Solar panels, they’re more carbon intensive than we thought again, in a move nobody expected. [00:23:07][25.9]
Stuart Turley: [00:23:08] Hey, everybody, I hope you enjoyed the weekly recap don’t forget Subscribe Like Share tell your friends, give us a five star review if it’s four star would think about it three star? No, don’t even try but we sure want to hear from you. [00:23:25][16.8]
Stuart Turley: [00:23:25] If you are an industry thought leader, if you have anything that you would like to discuss Pro Con, Renewable, Geopolitical reach out to us, I sure want to talk to you on the podcast. Thanks and have a Great Weekend. [00:23:25][0.0]
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