Why Valero Said No Is Good for California

In this episode of Energy Newsbeat Daily Standup, Stu Turley and Michael Tanner dive into California’s escalating energy crisis as Valero refuses a massive taxpayer-funded bailout, exposing Governor Newsom’s failing net-zero policies. They highlight global pushback against renewables with Belgium’s latest wind project rejection, discuss widespread oil and gas job cuts and industry consolidation, analyze Ukraine’s attacks on Russian pipelines and their geopolitical ripple effects, and explore the long-term risks of collapsing exploration capital among oil majors. The show wraps with market updates, leadership changes at SM Energy, and previews of major upcoming interviews.

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Timestamps:

00:00 - Intro

00:16 - California in Talks to Pay Hundreds of Millions to Valero to Stave Off Refinery Shutdown

03:47 - Belgian Wind Project Vetoed; Global Total Of Renewable Rejections Hits 1,104

Job Cuts Rock Global Oil and Gas Sector

12:08 - Ukraine Strikes Russian Pipelines, Fuel Supply Hit Hard – Do they even want Peace?

14:34 - Peak Oil Production? Oil Majors’ Exploration Capital Tumbled Since 2013

21:53 -Market Updates

24:12 - SM Energy CEO Transition

27:39 - Outro

Links to articles discussed:

California in Talks to Pay Hundreds of Millions to Valero to Stave Off Refinery Shutdown

Belgian Wind Project Vetoed; Global Total Of Renewable Rejections Hits 1,104

Job Cuts Rock Global Oil and Gas Sector

Ukraine Strikes Russian Pipelines, Fuel Supply Hit Hard – Do they even want Peace?

Peak Oil Production? Oil Majors’ Exploration Capital Tumbled Since 2013