In this episode of the Energy News Beat Daily Standup, the hosts, Michael Tanner and Stuart Turley cover a range of key energy and economic issues. They discuss Senator Ted Cruz's bill to repeal Biden's natural gas tax, the strategic acquisition of an Iraqi gas field by China and Iran, and TotalEnergies' purchase of a UK gas power station. They also touch on the Shell CEO's call for political stability in the energy sector ahead of the U.S. presidential election and the FDIC's report on $517 billion in unrealized losses in the U.S. banking system, highlighting the precarious state of 63 lenders. The podcast concludes with a brief market update and a lighter conversation on conspiracy theories and the importance of financial preparedness.

Highlights of the Podcast

00:00 - Intro

01:37 - Senator Ted Cruz Introduces Bill to Repeal Biden’s Natural Gas Tax

06:04 - China And Iran Secure Key Strategic Iraqi Gas Field

07:53 - TotalEnergies snaps up UK gas power station in £450m deal

09:29 - Shell CEO calls for political stability around energy sector ahead of U.S. presidential election

10:49 - $517,000,000,000 in Unrealized Losses Hit US Banking System, FDIC Says 63 Lenders on Brink of Insolvency

13:11 - Markets Update

14:02 - US crude, fuel stockpiles rise - EIA

16:30 - Outro

Please see the links below or articles that we discuss in the podcast.

Senator Ted Cruz Introduces Bill to Repeal Biden’s Natural Gas Tax

June 5, 2024 Mariel Alumit

U.S. Senator Ted Cruz introduced legislation to repeal the natural gas tax included in the Biden administration’s Inflation Reduction Act, a release posted on Cruz’s website recently announced. Rigzone asked the Cruz camp what effect […]

China And Iran Secure Key Strategic Iraqi Gas Field

June 5, 2024 Mariel Alumit

The Mansuriya field, holds an estimated 4.5 trillion standard cubic feet of gas and is expected to produce around 300 million scf per day of gas at its peak. For China, the location of the […]

TotalEnergies snaps up UK gas power station in £450m deal

June 5, 2024 Mariel Alumit

TotalEnergies has signed an agreement with EIG, a global institutional investment fund in the energy sector, to acquire the West Burton B gas power station in Nottinghamshire, England. The acquisition is valued at £450 million […]

Shell CEO calls for political stability around energy sector ahead of U.S. presidential election

June 5, 2024 Mariel Alumit

(Bloomberg) – Shell Plc’s chief executive officer used a trip to Washington to deliver a plea for stability months before a US presidential election that threatens more upheaval in the global energy sector. Wael Sawan’s […]

$517,000,000,000 in Unrealized Losses Hit US Banking System, FDIC Says 63 Lenders on Brink of Insolvency

June 5, 2024 Mariel Alumit

Unrealized losses in the US banking system are once again on the rise, according to new numbers from the Federal Deposit Insurance Corporation (FDIC). In its Quarterly Banking Profile report, the FDIC says banks are now saddled […]

Oil rises 1% as Fed rate cut optimism offsets demand fears

June 5, 2024 Mariel Alumit

HOUSTON, June 5 (Reuters) – Oil prices climbed 1% on Wednesday, rebounding from four-month lows, as hopes of an interest rate cut by the U.S. Federal Reserve in September outweighed demand concern after data showed […]

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