This is a good and bad thing. It's good that the bill passed, and now let’s move forward and grow the economy. However, it also allows us to understand the extent of the work required to repair our broken political system.
The political crud in DC is very sad, where an unelected Parlamentarian appointed by Dick Drubin can over ride what the people voted for, and Senators refuse to do what is best for their constituants. The midterms are going to be wild, as I think there will be some huge primaries.
I would like to get
on a regular series of campaign updates to highlight these races.Daily Standup Top Stories
California is a National Security Risk, Funding the Ukrainian/Russian War, and Closing Refineries in California
California, often seen as a leader in environmental policy, is facing a paradox that could have far-reaching implications for national security, economic stability, and international relations. The state’s energy policies, driven by a push for […]
California Helps Iraq Claim Top Spot Among OPEC Crude Oil Suppliers to the United States
Energy Dominance is not possible without fixing California.
One Big Beautiful Bill Passes Senate: A Mixed Bag for Energy with Renewable Incentives Gutted
After a marathon 27-hour session and 46 amendment votes, the U.S. Senate passed the One Big Beautiful Bill Act (H.R. 1) on July 1, 2025, with a razor-thin 51–50 vote, Vice President JD Vance casting […]
Highlights of the Podcast
00:00 – Intro
01:14 – California is a National Security Risk, Funding the Ukrainian/Russian War, and Closing Refineries in California
03:33 – California Helps Iraq Claim Top Spot Among OPEC Crude Oil Suppliers to the United States
06:10 – One Big Beautiful Bill Passes Senate: A Mixed Bag for Energy with Renewable Incentives Gutted
12:32 – Markets Update
15:49 – Outro
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Video Transcription edited for grammar. We disavow any errors unless they make us look better or smarter.
Michael Tanner: [00:00:00] Why the big, beautiful bill is a loss for the political system. Next on the Energy Newsbeat Daily Standup. [00:00:06][6.0]
Michael Tanner: [00:00:14] What’s going on, everybody? Welcome into the Wednesday, July 2nd, 2025 edition of the Daily Energy Newsbeat. Stand up. Here are today’s top headlines. First up, California is a national security risk, funding the Ukraine-Russian war and closing refineries in California. Next up, sticking on the California theme, California helps Iraq claim top spot among OPEC crude oil suppliers. In the united states and finally breaking news we have to cover one big beautiful bill passes the senate and it’s really a mixed bag for uh… Energy and renewable incentives is you know what it looks like in there we will cover all of that stu will then toss over to me i will quickly cover what happened in the oil and gas markets and closely touch on what the API crude oil inventory guesstimate is outside of that and it is we’re gonna spend a lot of the big beautiful Bill Stu, as always, I’m Michael Tanner. Joined by Stuart Turley, where do you want to begin? [00:01:14][59.9]
Stuart Turley: [00:01:14] Hey, Michael, let’s start with California is a national security risk funding the Ukrainian Russian war and closing refineries in California. Michael, I did not have this on my bingo card. California is decline in permits. They’ve gone down to a handful this year. So not only is Governor Newsom absolutely devastating the refinerys, the making it impossible. Well, try this on. Steve Hilton did an interview and this was unbelievable. He made allegations that actually made sense, so I did a little research following up on Steve Hylton, because he’s now running for governor in California. Try this one on. California is importing gasoline that was originally Russian oil refined in India to meet its demands, not only funds Russia’s war efforts but increases the carbon footprint. Think about this Michael, they’re buying gasoline from India that was shipped from Russia and then all the way over to California and they have the highest gasoline in the country. How stupid do you think we are? [00:02:27][72.6]
Michael Tanner: [00:02:27] Well, and then here’s the funniest part, is that you’re still paying an arm and a leg for gasoline in California. Theoretically, you should be getting it as a discount because there’s this huge price cap on Russian oil. So it’s clearly the sanctions aren’t working. And even if they weren’t working, you’re Still paying an Arm and a Leg in California [00:02:46][18.6]
Stuart Turley: [00:02:46] And you can’t tell me from an ESG perspective, environmental, social and governance, that putting it on a tanker and putting it all the way to India, refining it, you know, how do we sit here and try to even figure this out? Michael, I just want to scratch my head and do an imitation to somebody, but I’ll hold back on that. Yeah. Thank you. [00:03:08][21.8]
Michael Tanner: [00:03:09] Again, it’s incredible, good old oil slick, Gavin Newsom, he’s too busy trying to sue Fox News, then figure out what’s going on in his own state, I mean gas prices are still extremely high. It does just crack me up that California, of all places, is importing Russian oil. Not only are they importing Russian Oil, looks like in this next story they’re importing Iraqi oil. [00:03:32][23.2]
Stuart Turley: [00:03:33] Okay, I got not only worked up on that first one, but let’s talk about, here we are, Michael. We’re recording this show on Wednesday. Okay, this week I have written, California is a national security risk funding the Ukraine-Russian war we just talked about. California to examine Amazon oil ties to please from Ecuador’s indigenous leaders because they’re destroying the rainforest by importing Ecuador’s oil from Chinese companies. Then they’re also looking at U.S. California’s national security risk and the crisis about gas and diesel was manufactured. This is yet another story on Gavin Newsom and today is now Wednesday. This unbelievable. I have never seen this on this. Iraq is now the number one OPEC exporter to the United States. Let me say that again clearly. Iraq is the number one exporter of OPEC to the united states that averages between 160,000 and 190,000 barrels per day to California. I am not. [00:04:48][75.6]
Michael Tanner: [00:04:50] I mean, it’s absolutely wild. I think you’ve done a really good job of connecting this inner web of, you know, oil flowing out of the middle East, how it ends up in the United States. I don’t get. [00:05:02][12.4]
Stuart Turley: [00:05:03] This is absolutely mind-boggling that Governor Newsom is absolutely doing this. Now, Michael, try this on. I’ve actually never thought that I would say this again, but let me go through this. Secretary Wright is doing a fantastic job and is trying to deliver on everything that trumps huge energy agenda. But we’re about to hit a massive energy crisis called Newsom’s energy policies. He’s built on a failure and a huge black eye in the Trump administration economy. This is an all hands on deck moment as California is set to lose another 20 percent of its refining capacity. Michael, with our military sitting on the west coast and those refineries go down, they have pipelines straight to our military bases. And that is going to be a disaster. Now, energy dominance is not possible without Fixing California. [00:06:03][60.0]
Michael Tanner: [00:06:05] I mean California is all messed up. We’ve we’ve we talked about it ad nauseam. So I think people won’t I want to move This is I think the biggest news of the day with the one beautiful bill [00:06:15][9.5]
Stuart Turley: [00:06:15] Absolutely. And I got to hand it to Alex Epstein. He is, and we’ve interviewed him, I think three times, and he is absolutely a wonderful leader. But after the 27 hour session and 46 amendment notes, the US Senate passed a one big, beautiful bill on July 1st with razor thin 51 to 50 with vice president JD Vance casting the tiebreaker. The 940 reconciliation bill, cornerstone of President Trump’s second term. Combines $4.5 trillion in tax cuts with $1.2 trillion in spending deductions, adding an estimated $3.3 trillion to the federal deficit. That’s not good. Let me tell you, Alex Epstein writes on his Substack, the Senate bill looks like it has a 2027 placed in service cut off and I was afraid this was going in to new solar wind subsidies, but last minute paragraph makes the cutoff worthless because projects making recoverable 5% investment in the next 12 months are exempt. This is bowl hockey on at its finest. Alex Epstein is a class act and he’s bringing this faster than I could possibly imagine and this He’s out talking on Capitol Hill and shout out to Alex Epstein, we’d love to have him back on the podcast. Let’s go through what’s in the bill. Fossil fuel incentives and coal tax credit, that’s kind of nice. A tax credit as opposed to a tax subsidy. The repeal of the clean energy credits, most credits for wind and solar, but there’s a lot of caveats that have made those Worthless. And it’s pretty I’ve got to go through that but we do lose the 7,500 electric EV tax credit and Michael that was actually almost worthless because anybody that’s rich has already bought an EV and says they won’t buy another one so how many people would have taken advantage of that anyway so the preservation of select clean energy provisions some tracks tax credits for hydrogen snut through Nuclear is critical and it needed more of it. Removal of the proposed wind and solar excise tax, a last minute excise tax on wind and Solar. Michael, this would have been the death bed. You and I talked about the steep climb. They removed oops. Other provisions in the bill, the pro-gun measures, eliminating the $200 tax on suppressors, increased border security did pass. And Michael, it makes me air sick. When I go out and I visit with a neighbor they say Trump is trying to kill Medicaid. No, he’s just putting a work requirement on a social program that was designed to help people that couldn’t, that were having a tough time. I’m all about helping somebody with a tough time, but if you’re illegal, get out of the country, and if you can work, go work and keep your Medicaid benefit till you can afford other insurance. So it is, they’re doing good there. [00:09:19][184.0]
Michael Tanner: [00:09:20] Yeah, I mean, I think to cut down to the nuts in both of this, the fact that this whole placed in service by 2027 is a real cop out. I think it’s them trying to say, no, we’re getting rid of it, but we’re basically saying we’re giving rig of it by saying, as long as you put one stake in the ground, we will consider it started by 20 27, which what are you going to see? You’re gonna see THOUSANDS of these projects, BOOM! A stake it put in the ground. I wish I could have a permitting company for solar. We’d be, you’d have a lot of business before 2027. [00:09:52][32.7]
Stuart Turley: [00:09:53] Oh, absolutely, dude. This is absolutely despicable. And this is now I think that I do have some of this stuff on the Medicare part of it a little bit wrong. I think that just don’t even worry about the Medicare Part. I think if President Trump, if you’re listening, all you have to do is get Tony Segura on Go get him and get him to get the data and he can pinpoint all of these illegals that are on Medicaid electronically and then you could have ICE pick them up and they’re no longer on it. So I’ve solved that problem, but I can’t solve that put a stake in it. [00:10:29][35.9]
Michael Tanner: [00:10:29] No, it’s it’s unbelievable unbelievable one big beautiful bill ain’t so beautiful after all No, its kind of hold your nose and throw up. All right Well, let’s go ahead and jump over and quickly cover what’s going on in the markets today guys will redo that Let’s quickly pay the bills as always guys. Check us out www.energy newsbeat.com the best place for all your energy and oil and gas news Hit the links in the description below Timestamps all the good stuff you can find there You can also find a link to our substack the energy newsbeat.substack.com a great place to find custom bespoke articles stu’s writing them every day it’s a great way to get signed up and stay up to speed on everything that’s going on with news beat it’s one of the best ways to support the show so highly recommend. And would highly encourage you to subscribe there. Feel free to sign up for a paid subscription. It’s because of those people that we’re able to do what we do. Also, thank you for sponsoring the show, Reese Energy Consulting. I mean, guys, hands down the best midstream consulting company in the world. I said it, the best midstream consulting company the world, you know, they have clients ranging from two guys in a garage all the way up to the largest publicly traded oil and gas companies and everybody in between. So if you have any needs in the midstream space, whether you’re an upstream company and need some new marketing help, whether your a midstream company needing a red team analysis or need a supplemental member on your team, Reese Energy Consulting is your go-to for those people, we thousand percent recommend them at ReeseEnergyConsulting.com And finally, guys, if you’re wondering, is oil and gas right for your portfolio, we have a great oil and gasoline portfolio survey that you can check out in the link in the description below. Or go to investin oil.energynewsbeat.com. If you are considering it, fill out the survey. Depending on how you answer, we will send you the right resources to kind of give you an overview of what investing in this space looks like and point you in the right direction. [00:12:30][120.7]
Michael Tanner: [00:12:32] Stu but let’s quickly go ahead and just look at top line indices here markets basically flat smp was only down about a tenth of a percentage point nasdaq actually dropped about a full percentage point two and ten year yields were up two year yields up 1.2 percentage points 10 year yields was only up about a 10th of a percent point dollar index continues to fall down about you know a tenth a percentage points bitcoin 105 800 down about one percentage points on the day, a crude oil up to 65.45. That’s up about a half a percentage point day over day. Brent was down about eight or up about eight 10th or one 10th of a percentage point, 67 31 natural gas down about 1.19 percentage points or to $3 and 41 cents XOP, which is our EMP securities contract was up about 8 10ths of a percentage point. I mean, really the, our good old friends at Reuters would tell you that oil was up on the strides of quote, strong demand. I wouldn’t necessarily say strong demand. It does seem like the demand is beginning to come back and hopefully balance out. I keep banging my table on this. We are still in an oversupplied market. Global inventories are up regardless of whether where us inventories are at, we’re in a oversupply market. We’re also waiting to see what happens ahead of this OPEC meeting. Which is going to eventually figure out if they’re gonna raise it by the 411,000 barrels per day, they’re probably going to do that. That OPEC decision is gonna come over the weekend. Do I believe it’s a market share position? No, I think it has a little bit to do with them just wanting to make a little more money and spilling more barrels onto the market allows them to make money and if they do it in a slow and consistent manner, it’s not gonna have a huge violent effect as it would to prices. You know, it’s, it, it it’s very interesting Kazakhstan, you know, which is one of the world’s largest 10 oil producers actually did raise its production last month to an all time high. That’s a little bit of an insight according to the article that I’m looking at here, so very interesting on that front, we did just see the API crude oil inventory guests drop. It actually was a build of about 600,000 barrels. The forecast was a 2.2 million barrel draw so this comes after about five straight weeks of draws now We’re getting a little bit of a build which is a very interesting on this standpoint We’ll see as you listen to this guys at 10 10 30 central standard to our excuse me 9 30 central Standard Time you’ll be able to see the EIA crude oil Inventory report which will either confirm or deny, but that’s really all I’ve got to do I mean this big beautiful build stuff is super fascinating anything else around that that we need to update people on [00:15:08][155.7]
Stuart Turley: [00:15:08] Well, I just got to pray that we can get regulatory help, but I’ll tell you, Chris Wright, Secretary Burgum and Secretary Zeldin have their work cut out for them with California and I’m deadly serious that California is really going to need some attention. And I’ve said this before also, Canada, the UK and the EU are all putting taxes, carbon taxes on the U.S. Oil producers. Products that are being sold, that legislation has to get done now. So we’ve got two really big ticking time bombs in the energy space, so to speak. [00:15:45][37.2]
Michael Tanner: [00:15:46] Yeah, no very it really is a ticking time bomb guys, but with that we’re gonna go ahead and let you out of here Get back to work finish up your day. Appreciate you guys checking in with energy news beat to start your day for Stuart turley I’m michael tanner. We’ll see you tomorrow folks [00:15:46][0.0][925.9]
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