It is still a mystery how three guys can have fun talking about the energy crisis. Listen and learn from two energy experts, and one stand-up comic wanabe.
RT Trevino, E&P owner, David Blackmon, Forbes Author, and Stu Turley. Well, we are not sure what Stu does, but we all have a blast kicking energy around.
Highlights of the Podcast
00:00 – Intro
03:43 – Talks about Britain getting a Brand New Prime Minister
07:01 – Talks about British Labor Party
10:36 – Talks about Politics (including)
a.) SPR, the SVR
b.) Oil and Gas
16:13 – Talks about natural gas
19:28 – Talks about resurgence going on
including:
a.) ESG funds
b.) BlackRock Lost
28:42- Extinction Rebellion activists
34:15- Talks about Granholm
39:46- Outro
Sponsored by:
Video Transcription edited for grammar. We disavow any errors unless they make us look better or smarter.
Stuart Turley: [00:00:09] All right, guys. You know what today is? It’s one of my favorite days. I get to actually talk to two compadres that know what they’re doing. My name’s Stuart Turley, President and CEO of the Sandstone Group. [00:00:20][11.6]
Stuart Turley: [00:00:21] Have you ever had that Uncle Rick just kind of walked down at a family dinner and goes, these three guys walked into a bar? Well, I got to compadres and this is the three podcasters walk into a bar. Welcome. And I and my two compadres are just absolutely brilliant. Yeah, I got the. David Blackmon. [00:00:45][24.1]
Stuart Turley: [00:00:46] David is not only cool, he is a Forbes contributing author, senior contributing author. He’s got another podcast with some great people. Irene a Slav and our Mondo Cabana. I feel he is cool. I love just his accent. [00:01:03][17.0]
Stuart Turley: [00:01:04] And then we have also you have your Energy Question and I mean your Energy Question podcast. You got a who’s who coming around the corner here. I think Trump called me and asked to go on. You’re you’re like, Oh, I’m. [00:01:19][15.1]
David Blackmon: [00:01:19] Now that would be a hoot. [00:01:20][0.9]
Stuart Turley: [00:01:21] Yeah, it would. I pay money to, like, put you out of the way. Then we got our guy. I mean, we are T Trevino and he is head over there at Paco’s operating country. Operating? I can’t even read your own time there. And our t has The Crude Truth. I mean, you want to know what’s going on? His podcast has blown through the roof. He’s got some guests coming around the corner. Unbelievable. They actually look better than he does. [00:01:55][33.8]
Rey Trevino: [00:01:57] Know that’s not a high bar to go over there. Dude, thank you so much. And I hope I got to say, no, I’m not the head honcho. I mean, that that’s still the the man, the myth, the legend. My father, Ray Trevino, Jr. So I got to, you know, but I try to do what I can in the beginning here because country operates. [00:02:16][19.7]
Stuart Turley: [00:02:17] You know, we have this now on available on all channels and we’ve got it on YouTube. We’re start going to rumble, we’re going to go all of these places. And both of our fans right now, it ain’t your dad cause I track IP addresses. [00:02:31][14.1]
Rey Trevino: [00:02:32] Yes, you do. [00:02:32][0.4]
Stuart Turley: [00:02:33] I’m just kidding. No, I don’t. All right, guys, our t your first step. What do you got? [00:02:40][6.8]
Rey Trevino: [00:02:41] So let’s get ready to rumble. Let’s. Let’s do this. I’m excited. We’re about to launch on there. You’re right. Now, guys, being a man out in the field, in the oil and gas industry. And, you know, I like to focus primarily on us here in America and what we’re doing. But we are getting more global as we go around. And today, you know, the British prime. [00:03:03][22.4]
David Blackmon: [00:03:04] Minister. [00:03:04][0.0]
Stuart Turley: [00:03:04] I’m going to cut you off here for a sec, David, what the hell are you doing? [00:03:08][3.4]
David Blackmon: [00:03:09] What do you mean? [00:03:09][0.3]
Stuart Turley: [00:03:11] Well. [00:03:11][0.0]
David Blackmon: [00:03:12] He’s talking about what’s going on in Britain, so that’s a little bit different. [00:03:16][3.3]
Stuart Turley: [00:03:16] Sorry. [00:03:16][0.0]
Rey Trevino: [00:03:17] Are you want to go somewhere else first? [00:03:19][2.2]
Stuart Turley: [00:03:20] Yeah. No, that’s good. Like we were dis in our T by not respect the mean here. No. [00:03:27][7.4]
David Blackmon: [00:03:28] Got up, jumped up. Just getting ready to jump in here. [00:03:30][2.5]
Stuart Turley: [00:03:31] No, sorry, auntie. We’re having too much bath. [00:03:33][2.1]
Rey Trevino: [00:03:33] Oh, it’s a blast. It’s. It’s truly a blessing to sit here today and talk about oil and gas. Okay. [00:03:39][6.0]
Stuart Turley: [00:03:40] You’re talking about somebody quitting in UK. [00:03:42][1.8]
Rey Trevino: [00:03:43] Quitting in Britain, quitting in Britain. There you go. Yes. You guys and I. I don’t you know, she was there so quick, I don’t even top my head remember her name. But the brand new prime minister that was six weeks on the job has now resigned today. From a global standpoint, what does that do, guys? I mean, again, I’ll play the guy that’s just here in America, but I feel like that probably has some big impacts globally. [00:04:10][26.8]
Stuart Turley: [00:04:11] Go ahead, Dave. [00:04:12][0.3]
David Blackmon: [00:04:12] I got. I would certainly think so. You know, it’s the Britain economy is not one of the biggest in the world, although I guess it’s probably one of the ten biggest. But you know what? What happens there if there is a financial crisis, as you know, they’ve been kind of on the brink for a couple of weeks. [00:04:30][18.4]
David Blackmon: [00:04:31] If there’s a financial crisis in Britain, it’s likely to have cash cascading impacts to their trading partners. And, you know, and across the United Kingdom, which still spans a good part of the world. So it’s it’s a bad deal. You know, she’s there. Her name was Liz Truss. Still is. She didn’t die. She just resigned. [00:04:56][24.8]
David Blackmon: [00:04:56] But yeah, now the rumor is that Boris Johnson, the guy with the weird hair, is going to make a comeback. And among the Tories and stand for election as the party leader and be named the Prime Minister again. So we’ll see where that goes. [00:05:12][16.1]
Stuart Turley: [00:05:13] Aki and I, we’re both doing. [00:05:14][1.0]
David Blackmon: [00:05:15] Yeah. Oh, that. That’s right. That’s what’s going to happen, Right. [00:05:18][2.6]
Rey Trevino: [00:05:19] Could that be foreshadowing of what’s going to happen here in America in two years? [00:05:23][3.8]
David Blackmon: [00:05:24] You know, I had that same thought. You know, the guys with the weird hair are making a comeback here, so. [00:05:28][4.1]
Stuart Turley: [00:05:29] All right, now, now you’re throwing rocks. [00:05:30][1.7]
David Blackmon: [00:05:32] Well, you know, at least Boris Johnson has hairstyle. Unlike you and me. [00:05:37][5.0]
Stuart Turley: [00:05:38] I’ve got more hair on my back than he has on his head. [00:05:40][2.7]
David Blackmon: [00:05:41] I got more on my ears than I have on my head. [00:05:43][2.1]
Stuart Turley: [00:05:44] Okay. If you can’t remember her name because it’s like a bucket of water. You all know that story. [00:05:52][7.8]
David Blackmon: [00:05:53] I do not. I do. I’m afraid to hear it, though. This is a family show. [00:05:57][4.2]
Stuart Turley: [00:05:58] Oh, it is. Now, let’s say that Aunty can’t remember her name when she leaves. My dad always said my pappy. As you would say in their party, it’s like a bucket of water. You get the coldest bucket of water you can. You walk up and you force your hand into that cold water. As long as you can pull it out, pull it out. And when those ripples stop across that you will not miss that person again. At eight very long. So. Okay, where’s my bucket? [00:06:33][35.0]
Rey Trevino: [00:06:35] That’s right. [00:06:35][0.2]
Stuart Turley: [00:06:35] That thing. Okay. She was actually bringing sanity to the UK. I mean, she was. [00:06:42][7.2]
David Blackmon: [00:06:43] She was trying. [00:06:43][0.6]
Stuart Turley: [00:06:44] All the boxes. Let’s turn this ugly baby around and keep going. And she did it. And all of a sudden, everybody went. No, you’re not. [00:06:54][10.0]
David Blackmon: [00:06:55] Yeah, Bank of England didn’t like what she was doing. [00:06:57][2.2]
Stuart Turley: [00:06:59] And I wonder who’s paid off. [00:07:01][2.1]
David Blackmon: [00:07:01] Well. I just can’t even speculate about that. I just know that if the British Labor Party takes over in the UK right at the next election, which, you know, the polls that are out there show the Labor union or Labor Party running well ahead of the Tories. Boy, that would be a disaster for England. And that. [00:07:26][24.4]
Rey Trevino: [00:07:27] Is Boris Johnson, the one that will pick from the Labor Party. [00:07:31][3.9]
David Blackmon: [00:07:31] Now that he’s a Tory, you know, he resigned. And Liz Truss, they held an election with him. How it works is they have an election within the party now. She was the prime minister of the majority party in parliament. [00:07:45][13.3]
David Blackmon: [00:07:46] And so she’s she’s resigning. That means the Tories have to have an election like we have an election for Speaker of the House in the United States. And whoever becomes the leader of the Tory Party is going to become the Prime Minister because they’ll have a majority of the votes in Parliament. But if you have a national election of the population. [00:08:09][22.6]
David Blackmon: [00:08:11] The populace, which I don’t know when the next one is scheduled. And England? I don’t think it’s I think it’s year after next year remembering. Right. You know, and the and the Labor Party should win the majority of the seats in the Parliament. Then you would have a Labor prime minister and a Labor government. And that’s just basically a communist government. [00:08:33][22.7]
Stuart Turley: [00:08:35] Artie, I bet the Queen could vote under, you know, some of the cities in the US. [00:08:40][4.9]
Rey Trevino: [00:08:42] Cities in the US probably. Yeah. She could certainly go over Britain right now. It’s too early to know. [00:08:51][9.1]
David Blackmon: [00:08:51] She could vote in Philadelphia or in Crystal City, Texas. I don’t know for a fact. [00:08:56][4.7]
Rey Trevino: [00:08:57] Very good. [00:08:57][0.0]
Stuart Turley: [00:09:00] God bless the queen King. Sorry. [00:09:02][2.2]
Rey Trevino: [00:09:03] I bless the king. Hey, you know, I mean, my dad’s 70 and, you know, she was in power or, you know, she was the head of the monarch or she was head for 70 years. [00:09:13][10.5]
Stuart Turley: [00:09:14] The head of the mob. What? No. [00:09:16][1.6]
Rey Trevino: [00:09:17] No, You just the head of the empire. I got to know. I don’t know what the proper terms are anymore. [00:09:22][5.1]
David Blackmon: [00:09:23] She was right. She was the monarch. She was the queen. Since 1952, the. [00:09:28][4.9]
Stuart Turley: [00:09:30] Long time. David, is there anything you don’t know? [00:09:33][3.1]
David Blackmon: [00:09:35] There’s so many things I don’t know, but I can generally make something up that sounds believable. [00:09:40][5.0]
Rey Trevino: [00:09:40] Well, how are those Dodgers looking right now? [00:09:42][1.5]
David Blackmon: [00:09:43] Pretty darn sorry, but I’m still wearing the cap. I’m a fan. [00:09:48][5.5]
Rey Trevino: [00:09:50] Oh, they’re not in anymore? [00:09:50][0.7]
David Blackmon: [00:09:51] No, they got skunked by San Diego. [00:09:53][1.8]
Rey Trevino: [00:09:54] That’s right, they did. I forgot. [00:09:56][1.6]
Stuart Turley: [00:09:57] They’re coming around the corner. [00:09:58][1.7]
David Blackmon: [00:09:59] Here we go. [00:09:59][0.3]
Stuart Turley: [00:10:00] Here we go. Coming around the corner. I’m going to ask you some questions on this one, because I got this off Forbes. [00:10:07][7.5]
David Blackmon: [00:10:09] Yes. [00:10:09][0.0]
Stuart Turley: [00:10:10] The author of record on this is David Blackmon. I recognize some of my writing in here, and I know I’m just kidding. But no, this was a heck of an article. And anybody that is you know, you can tell your publisher there that I’m contributing to you because I had to go buy and a are a license or a subscription. [00:10:34][24.0]
David Blackmon: [00:10:34] To get past the paywall. Yeah. [00:10:36][1.3]
Stuart Turley: [00:10:36] Yeah. Hey, I got to I got to get article somehow. But, you know, we we have had the biggest draw down in the history of any president. Yeah. I want to ask you guys what you’re thinking about, the SPR, the SVR. I mean, we’re facing because. Our beloved president right now has offended Putin. He’s offended Saudi Arabia, He’s offended Iran, Iraq, Venezuela. The WHO has he not is probably an easier one. [00:11:14][38.0]
Stuart Turley: [00:11:15] And so China is going to, you know, invade that because Speaker of the House has been jumping over to Taiwan. We got some folks that are actually stirring up some trouble around the world. So if you need an SPR, we only have how many day, 24 days, 20 days, something like that. [00:11:34][18.1]
David Blackmon: [00:11:34] We have 20 days of national supply left and the SPR. [00:11:38][4.2]
Stuart Turley: [00:11:39] And and the extra 15 or put it probably below that. Wouldn’t it. [00:11:43][3.9]
David Blackmon: [00:11:43] It’ll, it’ll put it down to 19 days basically below for 100 million barrels in the SPR. And and that’s to me a very dangerous thing. [00:11:54][10.1]
Stuart Turley: [00:11:54] You know in one hurricane, I think the biggest hurricane that we’ve had in quite a while took it took 20 million barrels borrowed from the SDR just to keep us afloat. And and so we have another disaster in the Gulf. If we have something, we could be hurting pretty bad. [00:12:16][22.3]
David Blackmon: [00:12:18] Well, and that’s the point I made. I mean, this is a president who runs around saying we’re in wartime. He’s telling his big donors that he’s worried about a nuclear conflict with Russia. And then at the same time, he’s he’s drawing down over 200 million barrels now out of our Strategic Petroleum Reserve in just 11 months. And he has promised yesterday to draw down more and. You know, it’s a completely contradictory narrative he’s telling and somebody needs to call it out. [00:12:54][36.2]
Stuart Turley: [00:12:55] Do you think he is doing this just to lower the price before the midterms? No, of. [00:13:01][5.7]
David Blackmon: [00:13:01] Course, you know, it’s every every bit of this has been strictly politics. There’s look, the speaker is there for a national emergency, that $4 gasoline is expensive. I get that. But it’s not a national emergency. [00:13:13][12.2]
Stuart Turley: [00:13:14] But voting. [00:13:15][0.2]
David Blackmon: [00:13:15] Is. But voting. Well, yeah, counting the votes is one thing. But yeah, it’s just it’s pure, pure politics. It’s it’s really disgusting. Frankly, I couldn’t use that word. I don’t think that would have met Forbes editorial standards, but but that’s what it really is. [00:13:33][17.9]
David Blackmon: [00:13:33] This is a disgusting abuse and an irresponsible abuse of American national security. And there’s not enough people calling it what it is, unfortunately. And my big the other point I made in that was that was the obvious question that someone in the room could have asked him. He did a press availability and and that question never came up, not even from the Fox reporter So just. [00:13:59][25.7]
Stuart Turley: [00:14:00] Guys, was that the one where he said he’s never hampered oil and gas production, you guys? [00:14:06][6.1]
David Blackmon: [00:14:06] Oh, yeah, yeah, yeah. [00:14:08][1.3]
Stuart Turley: [00:14:08] Was that it or I mean, did you. He stood up there and said, I have never. I’m talking like R.T. again. I have never, you know, stopped production. I’m like, You gotta be kidding me. Why didn’t somebody ask about that? [00:14:23][15.2]
Rey Trevino: [00:14:24] Well, you know that. That’s funny you mention that because he. Yes. What? He’s not lying. He has not done it. Everybody else are the ones that have. And I know, I know he’s playing politics and playing with his words. Well, we all agree that it’s because of him and these policies that they’re pushing, that now that oil and gas production has gone down. I mean, we talk about that on three podcasters all the time. [00:14:51][26.8]
Rey Trevino: [00:14:52] But right now we are in a I think the nuclear thing is a look over here, you know, while the inflation’s going on and we have these prices, gas prices, where they’re at and these oil prices where they’re at, I don’t think you know, I would like to think that. I believe that that is a fake. [00:15:10][18.0]
Rey Trevino: [00:15:11] That’s true. Fake news that he created as a as the right as the media would have said three years ago. And the fact that he’s drawing down another 15 million barrels to lower the price right before the election is nothing more than a blatant price fixing job. He is lowering the price, fixing this price so that it looks like the prices are better in that, you know, the Democrats will get the votes. I hope they don’t. But this is this is what in-your-face price fixing looks like right now. [00:15:47][35.9]
David Blackmon: [00:15:49] Yeah, I think that’s a valid point. Absolutely. You know, that’s the whole goal. And it’s absurd to say anything else. [00:15:57][8.1]
Rey Trevino: [00:15:58] And you know what, David? I feel like that, too. It’s like, why even. I don’t know. It just. It just. Yeah. Why? Well, you know why. [00:16:06][8.0]
David Blackmon: [00:16:07] Yeah. Well, I. Stu, But I’m to say So. [00:16:10][3.0]
Stuart Turley: [00:16:11] What do you guys think about natural gas? Because natural gas is transferred from a cyclical or seasonal pricing to world market because of LNG. And there are 35 tankers parked around the UK right now and they can’t offload. So the pricing has got to be coming down because we can’t you know, they can’t export the LNG in tankers. Did you hear how much the LNG tanker is? $40,000 a day now. [00:16:43][32.0]
David Blackmon: [00:16:44] To just at least the ship? Yeah. [00:16:45][1.5]
Stuart Turley: [00:16:45] Yes. [00:16:45][0.0]
Rey Trevino: [00:16:46] 140,000. [00:16:46][0.0]
Stuart Turley: [00:16:48] We’re the business guys. [00:16:49][1.1]
David Blackmon: [00:16:51] Yeah. And that’s a long trip across the Atlantic Ocean with that LNG. [00:16:55][4.5]
Rey Trevino: [00:16:56] I know that. That’s a lot. That’s, that’s half a million dollars a day. Yeah. How long does it take to get from the harbor to wherever it is? [00:17:05][8.8]
David Blackmon: [00:17:05] Well, I mean, you know, most of them go out of the Gulf of Mexico. It takes them two days to get out of the Gulf of Mexico alone. And then all together, it’s about a 9 to 10 day trip across the Atlantic. And. And then you sit out there in the mid Mediterranean or, you know, offshore Copenhagen or. Or the UK. Yeah. For a week at a time. And you’re paying that rate every day while you’re sitting there. [00:17:32][26.6]
Rey Trevino: [00:17:32] That sounds like the rig time. Whenever we’ve got an oil well, we got to or we’re drilling new well and we don’t want that rig time at all. But you know, you’ve got to get out all the pipe drilling pipe. You got to test the well, do all this and well, you got to pay for that rig drilling rig just to sit there for hopefully no more than a day or two while you do all this other work and then you got to do so then that’s some expensive reelection. [00:17:58][26.5]
David Blackmon: [00:17:59] It’s a pretty hot day, right? [00:18:00][1.0]
Rey Trevino: [00:18:01] Yeah. Yeah. They’re super high day rates. I think you some offshore platforms are less than that a day. But, you know, then there’s some that are more. But, you know, on my money day. [00:18:11][10.4]
Stuart Turley: [00:18:12] It is my consulting fees are 350 an hour and I sure is. Wow. That’s a lot. You know, $3.50 or. Oh, Mack. [00:18:22][10.6]
Rey Trevino: [00:18:24] I thought he said 350 The Commish. [00:18:26][1.6]
David Blackmon: [00:18:27] Three 5350 Jack. [00:18:29][1.9]
Rey Trevino: [00:18:29] Daniels. Now. [00:18:30][0.5]
Stuart Turley: [00:18:31] You know. I know. I wouldn’t doubt it. But, you know, anything is only worth if anybody will pay for it. You can put the price out there. Nobody. Nobody’ll pay for it. [00:18:40][9.6]
David Blackmon: [00:18:40] It’s just. Yeah. When I was at FTI Consulting ten years ago, I was in the consulting work world. They they build me out in $550 an hour. And people actually paid it didn’t that. That’s crazy world. Crazy world. [00:18:55][15.0]
Stuart Turley: [00:18:56] Work. You wouldn’t you said that you wouldn’t get $5. [00:18:58][2.1]
Rey Trevino: [00:19:00] Oh, I would be lucky if I got $5. You know I thought you when you gave it. You should not be telling people what we’re paying you to be here with us. [00:19:08][8.8]
David Blackmon: [00:19:09] Yeah, well, I’m a lot cheaper now. [00:19:11][1.8]
Rey Trevino: [00:19:11] But it’s a. [00:19:14][2.8]
Stuart Turley: [00:19:14] Lot cheaper. Yeah. Aren’t you picked up on what I was throwing away? $5 was too much for you, David. We missed. [00:19:24][9.9]
David Blackmon: [00:19:25] Out. Oh. [00:19:25][0.7]
Stuart Turley: [00:19:28] Boy. You know, the other thing that I saw is this one. There is a resurgence going on where I thought that it was actually pretty funny where BlackRock lost, what, 1.7 trillion the first half of the year. Then they quietly snuck it out earlier this week. I don’t know if you guys heard that, but BlackRock. Was this also your article, too, David? [00:19:57][29.7]
David Blackmon: [00:19:58] Oh, no. [00:19:58][0.2]
Stuart Turley: [00:19:59] Okay. I steal all your stuff, so I just want to make sure that BlackRock snuck in and said we’re going to be investing in lesser than renewables in natural gas is what they were picking. And then they turned out and they got thrown out. [00:20:15][16.1]
Stuart Turley: [00:20:15] Not only have they been thrown out of six or seven states, I can’t remember what what the number is of the pension funds that they’re out. And then these ESG funds are now throwing them out because they’re putting natural gas in there and they’re kind of trying to quite quit ESG. [00:20:33][17.9]
David Blackmon: [00:20:35] Well, you know, ESG is is on a downward slope right now in terms of popularity. And it should be, frankly, I mean, and when I say ESG, I’m not just I’m not talking about concern for the environment or equity in hiring practices and those kinds of things. Right. I’m talking about ESG investing and denying capital to the oil and gas industry that is needed to keep oil and gas supplies going because people understand now people and they’re just out on the street are making the connection now between these these climate policies that have caused all of this uproar and how it’s hurting them and their pocketbooks. [00:21:21][45.6]
David Blackmon: [00:21:22] And the more that happens, the more that connection is made among the general population, the less popular all this stuff is going to become. And so Larry Fink sees that handwriting on the wall at BlackRock. [00:21:33][11.0]
Rey Trevino: [00:21:34] You know, I heard today I had a I recorded a new episode of The Crude Truth Today, dropping soon on Crude Truth. [00:21:41][6.9]
David Blackmon: [00:21:42] Good way to say it. [00:21:44][1.7]
Rey Trevino: [00:21:44] I’m sorry. I don’t want to I. [00:21:46][2.0]
Stuart Turley: [00:21:46] Don’t want to compliment you, Artie, but your show is really. [00:21:49][3.0]
David Blackmon: [00:21:50] It’s fantastic. [00:21:50][0.2]
Stuart Turley: [00:21:51] Good job. [00:21:51][0.3]
Rey Trevino: [00:21:52] Thank you, guys. No, no, I’m just trying to follow y’all. You know, y’all all are the staple. You all are the bar, and and it’s up there, like I’m not trying to make a joke. Thank you guys very much. [00:22:02][10.6]
David Blackmon: [00:22:03] So if I’m the bar, you sure wouldn’t want to try to do that limbo. [00:22:06][2.9]
Rey Trevino: [00:22:09] Oh, well, speaking of bar stool, we did miss you at the last one there at the Capital Grille, and we’ll have to we got to get another episode out anyway very soon. [00:22:20][11.3]
Stuart Turley: [00:22:21] Inside baseball. I think that one’s getting done for Monday. [00:22:23][2.6]
David Blackmon: [00:22:24] Awesome. [00:22:24][0.0]
Rey Trevino: [00:22:25] Awesome. No, I think the amount that BlackRock is now is like 10 trillion. That’s with a T $10 trillion is what they are managing. Yeah. And they’re losing money, like you said, on all these ESG, the environmental, social and governance. [00:22:44][18.9]
Rey Trevino: [00:22:44] And again, when I drill well, I have to follow rules and regulations that had nothing to do with ESG. Okay. Those are the rules in the regulations that the state of Texas with the rural commission came up with with a team. [00:22:57][12.9]
Rey Trevino: [00:22:58] Now, there’s some federal laws in there as well. But anyway, that these companies now that invested in ESG companies friendly, they are losing money left and right and then that. So not only are those investments have been losing dollars, the top three performers this quarter or this year so far have been Dutch, Royal Shell, Exxon Mobil and Chevron. Those have been the three top performing stocks, correct? I’m not a financial guy. Okay. So do you know I’m not David? You definitely know I’m not. [00:23:33][35.0]
Stuart Turley: [00:23:35] But I always have to pick up the lunch tab. So you’re pretty darn financial. [00:23:38][3.4]
Rey Trevino: [00:23:40] Oh. I’m going to leave. Yes. Yeah. So it doesn’t say a thing? [00:23:49][8.9]
David Blackmon: [00:23:50] Oh, no, not me. [00:23:50][0.8]
Rey Trevino: [00:23:51] Yeah, I know, but I just. [00:23:52][1.7]
David Blackmon: [00:23:53] I just sit there quietly and let somebody else. [00:23:54][1.8]
Rey Trevino: [00:23:55] Know you’re always in there anyway. But no. So those are the top three performing stocks there are right now. And yet, you know. And then I also heard today that the state of Texas, when BlackRock said they were going to give us $350 billion, ah, that’s what they were going to invest in in the state of Texas, pensions, retirements, all that. That’s what the state of Texas basically said. Take a hike because look, 350 billion out of $10 trillion, that is nothing. [00:24:26][30.6]
Rey Trevino: [00:24:26] That is a drop in the ocean. Okay. So why would we want to have them invest in what we’re doing? And that’s why the state of Texas is kick them out. They’ve been knocking on the doors in Austin, our state capital, now for weeks and months, trying to figure out how they’re going to get back in. And then it’s like, y’all got to stop with these ESG shenanigans. [00:24:45][18.6]
David Blackmon: [00:24:46] Yeah, I was really proud of the comptroller, Comptroller Glenn Hager, or actually following through on that. And I you know, I realized that the legislature passed a law last year that mandated it, but know there was all kinds of things Hager could have done to slow play that and delay and delay. And he just he just went right for the jugular, man. And that’s that’s a really good thing. I think it sent a real, very important message to to Mr. Fink and his board of directors. [00:25:18][31.7]
Rey Trevino: [00:25:19] What’s the one thing and what am I guess just really goes, follow the money, stupid. It’s like you cut off the money somewhere and I mean, you cut them off there and then they’ll start changing the rules to your different tune real quick. [00:25:33][13.4]
David Blackmon: [00:25:33] Yeah, Yeah, absolutely. [00:25:34][0.9]
Stuart Turley: [00:25:36] I think a great man wrote a Forbes article on that not too long ago. [00:25:40][3.8]
David Blackmon: [00:25:41] It was sad. Who would that be? A great man? Robert Bryce. Roger Forbes. So maybe he wrote it. [00:25:47][5.7]
Rey Trevino: [00:25:48] And that’s another wrote Power Hungry, isn’t it? [00:25:49][1.8]
David Blackmon: [00:25:50] Robert Bryce Yeah, he’s fantastic, man. [00:25:52][2.4]
Stuart Turley: [00:25:52] I invited him to come on the show and he didn’t respond yet. [00:25:55][2.9]
David Blackmon: [00:25:55] Yeah, I haven’t. I haven’t tried to get him on my show yet either. I, I would love to have him love to talk with him, but I just haven’t reached out. Yeah. [00:26:04][9.0]
Stuart Turley: [00:26:05] I have ignored me as mostly my wife does, too. Okay. I want to talk a little bit about some hypocrisy, as I would say, because I can’t talk. [00:26:18][13.0]
David Blackmon: [00:26:19] Well, we were talking about Biden a minute ago. [00:26:20][1.7]
Stuart Turley: [00:26:21] Speaking of Biden speaking. Okay. Okay. This whole ESG investing thing started and started with the hypocrisy of, you know, mightier than now, we’re better than you. I want to ask a question. If solar and wind and I could care less. To be honest with you, I don’t care if it’s solar or wind, you know, nuclear. [00:26:44][22.9]
David Blackmon: [00:26:45] As long as it works. [00:26:45][0.6]
Stuart Turley: [00:26:46] Hey, if it works, I don’t care. Yeah, but do you see any factories being run by solar or wind? [00:26:52][6.0]
David Blackmon: [00:26:54] No. Well, some claim there are factories that claim to be run solely on renewables. [00:27:00][5.9]
Stuart Turley: [00:27:01] Just whether that’s a different question. Okay. Artie, you and I have talked about recycling on things. I’m sorry. This green weenie, that. Sorry, I didn’t say that, but this this article was written about the great things of recycling solar panels. You guys know anything about that? [00:27:22][21.0]
David Blackmon: [00:27:23] I just can’t even imagine how you could accomplish that in a way that makes any financial sense at all. [00:27:28][4.9]
Rey Trevino: [00:27:29] Yeah, I’d say that even financially, something that you can do and and save money. [00:27:34][5.3]
Stuart Turley: [00:27:35] I interviewed a guy about, you know, maybe two years ago on one of my podcasts, and he said it’s not financially even possible without tax credits or tax and. [00:27:47][12.5]
David Blackmon: [00:27:47] Oh, sure. Yeah. You know, you know, I mean, the federal government might subsidize it, but there are hundreds of parts, hundreds of parts in a solar panel. There’s all kinds of chemicals in them, probably 35 different kinds of metals. [00:27:59][11.8]
Rey Trevino: [00:28:01] And it sounds like a lot of those things are probably made with, dare I say, petroleum products. [00:28:05][4.7]
David Blackmon: [00:28:06] Yeah, well, let me think about all the glass. How do you generate enough heat to manufacture glass on a massive scale? You do it with natural gas, coal or coal? Yeah. [00:28:19][13.4]
Stuart Turley: [00:28:21] But I just thought that was funny. I mean, here I am thinking I’m sitting there reading this and knowing, you know, with the U.K., I mean, excuse me, with Europe, there’s a mass exodus of people leaving the U.K. for manufacturing. Volkswagen just published the last time I think we talked about it, they can’t produce in Germany because of the natural gas. So they get a Volkswagen. [00:28:47][26.6]
David Blackmon: [00:28:49] I’m sorry. I just realized I messed up. I wanted to bring this to the show. Did you see the the article about the. Extinction Rebellion activists who went to a Volkswagen showroom. And glue their hands to the floor surrounding a Volkswagen Electric vehicle and then started tweeting about how mean the Volkswagen people were being duped because they wouldn’t bring them big bottles for them to urinate and defecate in. [00:29:26][36.9]
David Blackmon: [00:29:27] But think about that. And they wouldn’t bring them dinner. The guy was complaining because Volkswagen wouldn’t order dinner out for them while they’re glued to the damn floor Art. [00:29:38][11.2]
Stuart Turley: [00:29:39] They glued their hand to the floor. [00:29:41][1.3]
David Blackmon: [00:29:43] It’s the same people who threw the tomato soup on on the Van Gogh. [00:29:47][4.0]
Rey Trevino: [00:29:48] Oh, really? Yeah. Those people are real dumb. [00:29:50][1.7]
David Blackmon: [00:29:51] Yeah. Yeah, they’re lunatics. A bunch of. You know, I really think it’s going to come down to countries who want to stop this nonsense are going to have to really invoke some very, very harsh punishments and do this because. [00:30:08][17.3]
Rey Trevino: [00:30:08] Say that. Oh, well, you know, you talk about that, you know. Well, what I want to say is this is and I’m sure there’s a lot of people out there that lot know a lot of people may have seen that movie. I think it’s called Idiocracy or something where a guy wakes up in the future and everybody is just stupid. Right. And it’s because the smart couple didn’t procreate. And the and I’m going to use dumb people as they saw it kept procreating. And then that’s what and I feel. [00:30:45][36.4]
David Blackmon: [00:30:45] Like since what’s happening in America. [00:30:46][1.3]
Rey Trevino: [00:30:47] If we. It is. And what it is is we are giving in to these people with all their ideas. And we’re you know, and it’s like that less than 1%. Look, I understand minorities needing, you know, diversification and things like that. But when we’re giving in to groups of people that are less than 1% and anything that just it that blows my mind. [00:31:12][25.3]
Rey Trevino: [00:31:13] And then when you think about it, you know, I did a radio interview today and talked about I guess Bill Gates is on a new parent. And I said in the new Terry said, you know what? Bill Gates at one time was one of the greatest entrepreneurs because that is what America is about is entrepreneurs. However, he needs to stick with software and not worry about doctors and, you know, and vaccines. [00:31:36][23.2]
David Blackmon: [00:31:37] Yeah. [00:31:37][0.0]
Rey Trevino: [00:31:38] But what I’m getting at is we’ve created now so many of which is a great thing. I don’t want to stop, but this time is so big. It used to be, Let me go get my own. Let me. Let me create my own part of the pie. Let me go work hard. [00:31:52][14.8]
Rey Trevino: [00:31:53] Now, this pie is so big that we have this generation that is. I need my piece of the pie for doing absolutely nothing. Right. And that these guys that were at the Volkswagen dealership, it’s like, no, you plan it out. You want to do a sit in. You want to do something. You bring the bags, you bring the stuff. [00:32:09][16.4]
Rey Trevino: [00:32:10] You get ready to be there for as long as it takes. I mean, that’s what they did there in the 1960s, you know, when they had their protest, whether it was good, bad or any different protesting, you know, whether it was great stuff for the civil rights or bad stuff for the Vietnam War. That’s what I meant by that. [00:32:24][14.3]
Rey Trevino: [00:32:25] I think that with civil rights protests, I think Vietnam protests were bad because those are still Americans that were over there doing what they thought was right. And they’re Americans. But anyway, but people brought everything they needed in, didn’t rely on other people to say, hey, I’m hungry, bring me something to eat. [00:32:40][15.1]
Stuart Turley: [00:32:40] Well, yeah. [00:32:41][0.3]
David Blackmon: [00:32:41] But, you know, they’re they’re they’re complaining to the people. They’re damaging. Right. Yeah. And the problem problem with most of this is, you know, those folks threw that tomato soup on the van. Go. That’s just a misdemeanor. Yeah, it’s not a felony. [00:32:54][13.2]
David Blackmon: [00:32:55] And so they they went and they paid a fine, and they were right back out doing the same thing the next day. And you’re going to have to make doing these things a felony punishable by jail time. And once you do that and start putting them in jail, it’ll all stop. Yeah. [00:33:12][16.3]
Stuart Turley: [00:33:13] That’s true. That the article. Bill Gates? [00:33:16][3.6]
Rey Trevino: [00:33:17] I think so, yeah. [00:33:18][0.6]
Stuart Turley: [00:33:18] He says. Bill Gates says European great energy crisis is good. Well. [00:33:23][4.9]
Rey Trevino: [00:33:24] Yeah, that it’s good that we’re going to suffer now. That’s right. Yeah. Now we’re going to suffer now for the betterment of everybody future. And it’s like, no, no, no. Oil and gas has been the greatest thing that has happened to the world and to the environment, to where we’re not burning coal all the time, that we’re not burning all the wood in the rainforest. Just stay warm during the winter and eat good food. [00:33:48][24.3]
David Blackmon: [00:33:49] Well, you need to understand that that is really and truly hell. These people think it’s hell. Jennifer Granholm thinks the blue judge. I wouldn’t say Joe Biden, but I’m not sure he thinks you know. But it’s really in how the people in Germany and at the EU itself, it’s what they really, truly believe. [00:34:08][18.7]
Rey Trevino: [00:34:09] Yeah, absolutely. Yeah. And it’s scary. [00:34:11][1.6]
David Blackmon: [00:34:13] Turley showing us his grainy glasses there. [00:34:15][1.9]
Stuart Turley: [00:34:15] No, these are my Granholm’s. In case anybody, you know saw the first one, these are my Granholm’s. That’s a new style now. [00:34:23][7.7]
David Blackmon: [00:34:25] Yeah. [00:34:25][0.0]
Stuart Turley: [00:34:25] Hi. I don’t know what I’m doing. [00:34:27][2.1]
David Blackmon: [00:34:28] Yeah, that’s exactly right. Yeah, it’s such a travesty. You know, I was I was talking with the see, I did a podcast with Michael Zimbalist, this chief investment officer, Jp morgan. [00:34:42][14.2]
Stuart Turley: [00:34:42] That was fabulous, by the way. And your article out of the transcript. Huge. [00:34:48][5.2]
David Blackmon: [00:34:48] Thank you. Thank you. But I mean, one thing he said that was really striking in there is that one thing this energy crisis in the US is showing us that in these cabinet positions, some of these cabinet positions, you really need to have truly qualified people in those jobs. [00:35:06][17.5]
David Blackmon: [00:35:07] Any special specifically was pointing to the Energy Department, the Secretary of Energy, and talked about how or Mr. Magness was was a scientist, a brilliant man, did a great job as energy secretary, really did in the Obama administration, given what he was having to handle there. [00:35:27][20.1]
David Blackmon: [00:35:28] But then you’ve you’ve gone through Rick Perry, who, you know, was a fine governor of Texas, has absolutely no expertise in energy whatsoever other than I wouldn’t even say that. And then and now we’ve got Jennifer Granholm, who’s just a political act. [00:35:45][16.5]
David Blackmon: [00:35:46] Who doesn’t know anything about anything. No. And and, you know, the point I made to him was that I totally agree with that. But I think you’re also saying we need to have a similar kind of qualified person at the Department of Transportation. Really? What a mess our supply chains are. [00:36:04][18.6]
Rey Trevino: [00:36:05] Are you telling me that a local mayor. [00:36:06][1.4]
David Blackmon: [00:36:07] Right. [00:36:07][0.0]
Rey Trevino: [00:36:08] So somebody to take over a national position overnight? [00:36:11][2.6]
David Blackmon: [00:36:12] Yeah. No, you guys idiot. [00:36:14][1.7]
Stuart Turley: [00:36:14] He’s the front runner for running for president. [00:36:16][1.9]
David Blackmon: [00:36:17] Right? Yeah. And that’s the whole reason he was put in that job, by the way. [00:36:21][3.8]
Stuart Turley: [00:36:21] Yeah. Don’t. Don’t be pressing him. He’s going to take on Trump. [00:36:24][2.9]
David Blackmon: [00:36:25] Yeah, that’ll be fun. [00:36:27][1.2]
Rey Trevino: [00:36:28] Oh, and that would be. [00:36:28][0.8]
David Blackmon: [00:36:29] And God help us. Yeah, Maybe AOC can be his running mate. That’ll be. [00:36:33][4.3]
Stuart Turley: [00:36:33] Okay. Did you guys see? This is where I get a little grumpy? Did you get. I’m an old man, you know that? Now get off my lawn. Get off my mom. Did you guys see those two idiots that were saying, we’ve got to ban farming because it is the most polluting thing they’ve ever seen? Hose on what they call Twitter today. [00:36:56][22.9]
Rey Trevino: [00:36:57] What? No, I did not see that. And I woke up because we know how good I am with Tweeter. But really somebody two people say we need to ban farming. [00:37:07][10.4]
Stuart Turley: [00:37:10] Unbelievable. [00:37:10][0.0]
Rey Trevino: [00:37:11] I think there’s an emoji that says, S.M. eight And I learned in your day in my head and shaking my head. [00:37:19][7.8]
Stuart Turley: [00:37:20] What is that? [00:37:21][0.4]
Rey Trevino: [00:37:21] Smidge shaking my head. [00:37:23][2.5]
Stuart Turley: [00:37:26] Got it. Okay. I don’t know these things. [00:37:28][2.5]
Rey Trevino: [00:37:30] Okay. [00:37:30][0.0]
David Blackmon: [00:37:30] You guys just. Yeah, You’re just out of group here, man. You got to be spiffy like me. Be up to date on all this. [00:37:37][7.0]
Rey Trevino: [00:37:38] Hey, how are those Dodgers doing again? Yeah, they’re. [00:37:40][2.7]
David Blackmon: [00:37:41] Okay. They’ve been doing that since the sixties, so. [00:37:44][2.9]
Stuart Turley: [00:37:46] Well, you know, I, I, I just want to be like you guys. I’m not cool, you know? [00:37:53][6.8]
Rey Trevino: [00:37:54] I enjoy these times. And talking with you guys, I. I really hope that we’re going to see some good changes here in about three weeks. If not, I’ll be praying even more for our country and for all our leaders. And I mean that that’s important. Good, bad or indifferent. And, you know, it’s been a good day to day. I can’t complain. But. But I enjoy these times and, you know. And what a time to be alive. Like, you know, boy and manager. [00:38:24][30.6]
Rey Trevino: [00:38:25] I can’t wait, you know? You know, I remember Hans people, you know, the the rage generation talks, the baby boomers, which are probably the part of and, you know, all the stories that each one of those generates. [00:38:35][10.0]
Rey Trevino: [00:38:36] What what stories? You know what great. What great stuff. We’re going to have to come around and share with people and hopefully about how we overcame all this because, you know, we did it once in 1979 and history does unfortunately repeat itself. So in talking so. [00:38:51][14.7]
David Blackmon: [00:38:51] Well, that would be fortunate. [00:38:52][1.0]
Stuart Turley: [00:38:53] And I think Biden has taken the crown away from Jimmy Carter. [00:38:57][4.5]
Rey Trevino: [00:38:58] Oh. [00:38:58][0.0]
David Blackmon: [00:38:59] Hell, yeah. It’s not even close. [00:39:01][1.8]
Stuart Turley: [00:39:02] Yeah, no, but I’ll tell you with that, you just closed us out as a phenomenal closing. And I’m going to give a shout out to my Energy NewsBeat Podcast. I got ten in the can that I’m trying to get out of this, so I got to get oh my gosh, now. [00:39:18][16.5]
Stuart Turley: [00:39:19] So anyway, thank you guys. I am not worried that hang with you, but three podcasters walk into a bar. We got another episode coming out next Monday. David, you’re going to be on a crew. [00:39:30][11.3]
David Blackmon: [00:39:31] I’m gonna go on vacation, guys. They go for two weeks. Two weeks? [00:39:36][4.7]
Stuart Turley: [00:39:37] I’m going to be missing. I got to get my David fix. How in the world am I going to write any stories with you gone? [00:39:42][5.3]
David Blackmon: [00:39:43] I just. I can’t even imagine, Stu. I don’t know what you’re going to do. [00:39:45][2.7]
Stuart Turley: [00:39:46] My stories are going to look like Artie. Just kidding. Hey, thanks, everybody. Artie Thank you. You guys rock. And we will talk to you guys in. [00:39:46][0.0]