New York to Ration Fossil Fuels. And Add New Taxes

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/

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