About this episode
Michael Tanner and Stu Turley cover several significant developments in the energy industry. First, they discuss New York's new "Cap and Invest" program, which will ration and tax fossil fuels. We do not see this as being ineffective and costly for consumers. This will do nothing but drive more people out of New York and reduce taxable income as money leaves the state. There is a reason JP Morgan has moved its gold trading unit out of New York. Next, we examine the increasing isolation of Venezuela as its allies Russia and China step back amid heightened U.S. pressure. This has implications for Venezuela's significant oil reserves. We then cover ExxonMobil's interest in acquiring a Russian firm's stake in an Iraqi oil field, as U.S. sanctions impact the global energy landscape. The discussion shifts to the automotive industry, noting a pivot away from aggressive EV adoption towards more profitable hybrid vehicles in the U.S. Analyst Josh Young's insights on OPEC's production increases and the implications for spare capacity and oil market dynamics are also covered. Finally, we lament the collapse of California's oil and gas industry due to stringent policies and permitting challenges, and we criticize the state's governor. Key Time Stamps: 00:17 New York to Tax more and Ration fossil fuels 03:21 Venezuela is suddenly alone 06:20 ExxonMobil looking over LukOil in Iraq 08:57 Shift to hybrid cars will lower gasoline demand 10:23 OPEC* Production 13:17 Has California's Oil and Gas industry hit the point of no return? Stu will be interviewing Mike Umbro, and Katy Grimes, Editor in Chief of the California Globe, are live on LinkedIn, X, and YouTube to talk about the California story. " Has California’s Oil and Gas Industry Hit the Point of No Return? – California Globe " Here is the live link: https://www.youtube.com/live/9iQIhfX0ydM?si=82sbS7hGXOPeYNYV Stories we covered today: 1. New York’s climate law will ration fossil fuels and tax the rations – David Wojick on CFACT 2. Venezuela is Suddenly Alone: Allies Step Back Amid Escalating U.S. Pressure 3. ExxonMobil Looks Over Lukoil’s Iraqi Oilfield as U.S. Sanctions Finally Hit Home – What does this mean for Investors? 4. The Shift to Hybrid Cars is Moving in the US 5. OPEC+ Production Increases and Spare Capacity Audit – Oil Market Implications 6. Has California’s Oil and Gas Industry Hit the Point of No Return? – California Globe Shout out to our sponsor, Reese Energy Consulting. Check them out here: https://reeseenergyconsulting.com/ Follow Michael On LinkedIn and X Follow Stu on LinkedIn and X ENB Top News ENB Podcast ENB Substack Oil & Gas Investing Want to get your story in front of our massive audience? Get a media Kit Here. Please help us help you grow your business in Energy. https://energynewsbeat.co/request-media-kit/ We have specials going on, so ask Stu for details.