Latest / The Bill Handel Show / Energy Company Profits Soaring | AI Boom Transforming the American Economy

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Energy Company Profits Soaring | AI Boom Transforming the American Economy · The Bill Handel Show

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  Speaker 1: You're listenings kf I AM six forty the bill Handle
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  Speaker 1: show on demand on the iHeartRadio app.
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  Speaker 2: Here comes the money. You are listening to the bill
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  Speaker 2: handle showy.
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  Speaker 3: Caf I am six forty bill Handle. It is a
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  Speaker 3: Wednesday morning. Amy is dancing in her seat, which we
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  Speaker 3: normally do not see. Usually it's Will bouncing around and
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  Speaker 3: I wish television. We're here because it's wonderful to see
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  Speaker 3: Will bouncing and Will jiggling, of which he does a
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  Speaker 3: fair amount. The jiggler Will Coleschreiber. Okay, what's going on
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  Speaker 3: with energy company profits and the war?
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  Speaker 2: WHOA how about this?
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  Speaker 3: In the second quarter, the petroleum companies have made a fortune.
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  Speaker 3: Marathon Petroleum, the second largest refiner, reported five point one
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  Speaker 3: billion dollars in profit in one quarter. It's more than
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  Speaker 3: four times that it made last year in the same quarter.
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  Speaker 3: After the fuel supplies tightened and still are very tight.
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  Speaker 3: During the war, prices for oil and gas sword. As
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  Speaker 3: if you can't tell Chevron, the biggest refiner. Chevron made
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  Speaker 3: twelve billion dollars in profit in one quarter. We're not
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  Speaker 3: talking about sales, we're talking about profit, five times more
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  Speaker 3: than the same quarter last year. Highest earnings in six years.
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  Speaker 3: State Senator Josh Becker said these profits are absolutely obscene.
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  Speaker 3: So he with Senator Benjamin Allen, both Democrats, have introduced
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  Speaker 3: a bill to give the state attorney state Attorney General
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  Speaker 3: the power to prosecute price gouging in wartime. And I'm
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  Speaker 3: going to explain to you, while the Attorney Gen doesn't
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  Speaker 3: have the power, now, he may have the power because
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  Speaker 3: there could be a technical change here now. Chevron of
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  Speaker 3: course said, oh, no, no, no, it's not because the
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  Speaker 3: oils cost so much. It's our performance reflected in global
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  Speaker 3: operations and not state or regional results. And the reason
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  Speaker 3: we're doing so well is past investments, nothing to do
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  Speaker 3: with what's going on with the price of oil. And
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  Speaker 3: Chevron said to me, consumer demand. We've increased energy production
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  Speaker 3: nearly twenty percent and operated our refineries at roughly ninety
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  Speaker 3: seven percent. We have not built a refinery in California
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  Speaker 3: here I think thirty or thirty five years, where our
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  Speaker 3: population has doubled. No one wants a refinery anywhere near
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  Speaker 3: their home or office. It is truly nimby, not in
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  Speaker 3: my backyard. So where do these profits come from? Well,
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  Speaker 3: gas prices jumped between thirty and fifty percent since the
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  Speaker 3: war began in California, where it's the highest gas prices
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  Speaker 3: in the country before the war, it's California Hawaii.
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  Speaker 2: They bounced back one and.
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  Speaker 3: Two prices are still hovering at five dollars and sixty cents.
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  Speaker 3: So when you see national prices being reported by the
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  Speaker 3: major news organizations, you go, wow, I wish we could
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  Speaker 3: pay that little. As the national reporting talks about how
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  Speaker 3: much and so what DoD legislators say, Well, how about
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  Speaker 3: stop requiring the cleaner burning fuel, the summer blend that
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  Speaker 3: was established in the nineties to help reduce air pollution.
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  Speaker 3: Refiners blame those and environmental requirements other environmental rect requirements
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  Speaker 3: for the high price that we pay for gasoline. Now
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  Speaker 3: here is a real interesting one where it's kind of
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  Speaker 3: really that doesn't make much sense. Supporters of this bill,
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  Speaker 3: including the Union of Concerned Scientists and some environmental groups,
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  Speaker 3: say that the national gasoline standards and modern cleaner burning
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  Speaker 3: cars make the special California blend less necessary, and suspending
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  Speaker 3: it would make it easier to import cheaper gas because
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  Speaker 3: we can get it from other states, which we can't now.
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  Speaker 3: The Western States Petroleum Association this is the oil company
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  Speaker 3: I'll lobby opposes it, saying and ready for this, it
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  Speaker 3: would penalize California refiners. Wait a minute to get rid
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  Speaker 3: of those make sense? We want those requirements in Why
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  Speaker 3: because they've already invested huge money in making the gasoline cleaner.
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  Speaker 3: They would have to reinvest, they would have to change
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  Speaker 3: the way they refine and Becker's bill, which they're fighting.
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  Speaker 3: And here is how the oil companies are probably going
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  Speaker 3: to get away with It's not get away with it.
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  Speaker 3: The law is the law is that adding war to
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  Speaker 3: the list of emergencies, natural disasters, pandemics, those trigger California's
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  Speaker 3: price gouging laws, which cap increases at ten percent at
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  Speaker 3: pre emergency levels. Pandemic comes in, companies can only charge
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  Speaker 3: ten percent more because of price gouging laws emergencies, natural disasters,
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  Speaker 3: and what these two legislators want is to add war
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  Speaker 3: to that definition, which heretofore is not on that list.
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  Speaker 3: And that's how they're going to get away with it,
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  Speaker 3: or that's how they are going to win. I'm talking
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  Speaker 3: about the legislators saying, if we pass the law here
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  Speaker 3: where war is added to the definition of these emergencies,
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  Speaker 3: then it's only ten percent, And of course the oil
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  Speaker 3: companies are going maybe not except they're saying, let's keep
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  Speaker 3: it all the same. And why is that Well, because
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  Speaker 3: they're saying it's going to cost way too much money.
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  Speaker 2: It makes sense.
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  Speaker 3: So what does that mean? That means nothing, And I
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  Speaker 3: don't know if the bill is going to pass. It might,
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  Speaker 3: and that just means that we are paying buckets of
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  Speaker 3: money for oil, more than for gasoline, more than any
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  Speaker 3: other state. And of course the more we pay, the
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  Speaker 3: better the stock market does because it looks like the
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  Speaker 3: consumer which drives the economy. We are a consumer driven
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  Speaker 3: economy in the United States, and particularly in California. Those
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  Speaker 3: rules have been tossed out the window. And I don't
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  Speaker 3: get it.
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  Speaker 2: Okay, oh man.
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  Speaker 3: A story that I have been following with glee if
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  Speaker 3: you will, if you remember this story, and of course
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  Speaker 3: you do, and that was the former canoeist Olympic canoeist
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  Speaker 3: in Washington, d C. Went to the reflecting pool and
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  Speaker 3: picked up a piece of the paint that had been
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  Speaker 3: peeled off, that actually had floated to the surface that
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  Speaker 3: President Trump had repainted because he wanted the reflecting pool
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  Speaker 3: to have a much bluer much bluer color. And so
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  Speaker 3: he reaches down and pulls up this jagged piece of
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  Speaker 3: paint maybe two by two or the size of a
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  Speaker 3: dinner plate. As Janine Perrot said, now, what happened, Well,
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  Speaker 3: the President has argued since this thing was falling apart,
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  Speaker 3: that it was a vandal who actually cut the paint,
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  Speaker 3: cut that lining and that's what caused the paint to
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  Speaker 3: separate from the bottom of the pool. And then it
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  Speaker 3: was not because the contractor watched it. No, it was
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  Speaker 3: because the vandals in fact destroy that or harmed the
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  Speaker 3: paint and the pool. Well, because the President really wanted
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  Speaker 3: it to be a vandals story as opposed to And
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  Speaker 3: I don't know why he is so incensed about this. Man,
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  Speaker 3: I have no idea why this thing is so important
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  Speaker 3: to him, but I guess this was a pet project
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  Speaker 3: of his and over the weekend this past weekend, he
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  Speaker 3: concentrated on this more than anything else. So Jeanne Perrot,
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  Speaker 3: who was a US attorney for the District of Columbia,
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  Speaker 3: has a press conference in which she basically goes berserk,
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  Speaker 3: and that's normally what she does because she is forceful,
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  Speaker 3: to say the least, and basically out of her mind
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  Speaker 3: when she has press conferences, and she accused David Hearn,
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  Speaker 3: who is this former canoeist, and I quote reaching into
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  Speaker 3: the pool forcefully, not just reaching into the pool, but
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  Speaker 3: jamming his hands into the reflective pool and causing the
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  Speaker 3: paint to come up. And then he was rude and
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  Speaker 3: belligerent to the park police, all of which had him
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  Speaker 3: charged with a felony, and that is marking up or
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  Speaker 3: defacing a national monument, a felony ten years in jail.
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  Speaker 3: There are a few other people that were all so tagged,
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  Speaker 3: but they weren't only tagged with misdemeanor, which is interesting
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  Speaker 3: that they were misdemeanors for allegedly defacing government property.
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  Speaker 2: But his was a felony.
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  Speaker 3: And so she said, we have evidence, we have strong
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  Speaker 3: evidence that we're going to go after him, because effectively
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  Speaker 3: he is a bastard. Look what he did. So they
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  Speaker 3: go to court, he has emotion to dismiss. They go
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  Speaker 3: to court and she is there or her people are there,
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  Speaker 3: and there is zero evidence that he did anything other
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  Speaker 3: than grab a piece of paint that had already floated,
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  Speaker 3: had already separated. And she had originally argued that he
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  Speaker 3: reached and pulled it up that way it was attached,
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  Speaker 3: and it was so embarrassing. The judge made it really clear,
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  Speaker 3: I want this dropped, and pro says to the judge,
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  Speaker 3: we have no evidence it was the Department of the
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  Speaker 3: Interior that gave us this information. The President went nuts
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  Speaker 3: that she dropped the case, saying she folded like an embra,
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  Speaker 3: like an umbrella. She missed the mark, and she went
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  Speaker 3: into the White House basically bagging for her job. On Monday, now,
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  Speaker 3: the Secretary of the Interior, Bergman walked in with her
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  Speaker 3: and kept on saying, yep, it was vandals, and the
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  Speaker 3: President kept on saying, yep, it was vandals. A matter
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  Speaker 3: of fact, the President said, someone took a one of
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  Speaker 3: those knives and went across three hundred and fifty feet
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  Speaker 3: cutting the paint, and that's what caused the problem. Unfortunately,
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  Speaker 3: as these pieces of paint came up, it was all
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  Speaker 3: ragged pieces showing absolutely no cut whatsoever. It was not
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  Speaker 3: done with a box cutter, as the President said. But
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  Speaker 3: she brought the charges. Per the President, there was no evidence, none,
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  Speaker 3: and she admitted that, and she said it was the
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  Speaker 3: fault of Bergman because Bergman chose a painter to redo it,
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  Speaker 3: that had never done this before.
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  Speaker 2: It was no bid. And she said, what happened is
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  Speaker 2: the contractor watched it. That's it. That's what happened, watched it.
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  Speaker 3: President didn't want to hear that because he said it
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  Speaker 3: was vandals and he can't be corrected. Oh god, no,
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  Speaker 3: So his position still is that it was vandalism, even
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  Speaker 3: though it is absolutely clear. This is on a rainy day.
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  Speaker 3: The sun is out. But mister President, there's the sun
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  Speaker 3: and it's eighty two degrees and there isn't a cloud
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  Speaker 3: in the sky. When I tell you it's raining, it
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  Speaker 3: is raining. And if you don't go ahead and and
• 13:01
  Speaker 3: back up my position, you're going to get fired. You're
• 13:04
  Speaker 3: going to get nailed. She was begging for her job,
• 13:08
  Speaker 3: begging for her job. He wanted her to move ahead,
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  Speaker 3: and we don't know if she's going to keep her
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  Speaker 3: job or not. And she defended herself and said, listen,
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  Speaker 3: the Apartment of Interior is what gave me this false information.
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  Speaker 3: The Park Service gave me this false information. Bergman is
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  Speaker 3: head of the Park Service, he is head of the
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  Speaker 3: Department of Interior. The President, of course believe Bergmann because
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  Speaker 3: the President's position is yep, box cutter, even though the
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  Speaker 3: proof goes completely the other way. So we'll see big
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  Speaker 3: mistake on her part. And she is as close to
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  Speaker 3: the president as they come thirty years. They've been friends
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  Speaker 3: thirty years, and she is one of the biggest supporters
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  Speaker 3: that Trump had as over his two terms, and when
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  Speaker 3: he was running for president, he is so angry with her.
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  Speaker 3: How dare you say it was not boxcutter? When I
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  Speaker 3: say it's box cutter, the sun is not shining, How
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  Speaker 3: dare you say it's raining? Okay, we're done with that.
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  Speaker 3: I and when this thing happened, what did I say?
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  Speaker 3: I said, this is stupid. You can see this case
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  Speaker 3: is ridiculous, and of course it turned out to be ridiculous.
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  Speaker 2: Okay.
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  Speaker 3: The AI boom, we've obviously we're talking about AI because
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  Speaker 3: it is literally changing everything. But if you notice, the
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  Speaker 3: conversation has switched where AI. Actually it's been a bit
• 14:50
  Speaker 3: of a backburner recently, and we're talking about the centers,
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  Speaker 3: the AI data centers, and that is where a conversation
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  Speaker 3: is going.
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  Speaker 2: Now.
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  Speaker 3: I didn't know that these data centers that store all
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  Speaker 3: of the Internet information out there in the whole world.
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  Speaker 3: I mean, obviously they're huge. I didn't know Texas has
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  Speaker 3: over one hundred of them, and they are building them
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  Speaker 3: like crazy. Environmentally and politically, it's a problem because they
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  Speaker 3: take unbelievable amounts of water and energy and they suck
• 15:31
  Speaker 3: that up to the point where the entire power the
• 15:35
  Speaker 3: entire grid of the United States is certainly going to
• 15:38
  Speaker 3: be affected. And well, it's just to the negative because
• 15:42
  Speaker 3: you've got power companies, you've got water utilities.
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  Speaker 2: I have to deal with this.
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  Speaker 3: But let's talk about the AI related investment and across
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  Speaker 3: the board, back we go to AI and then these
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  Speaker 3: power centers we'll talk about, or these centers that hold
• 16:05
  Speaker 3: all of the computers that we look at in terms
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  Speaker 3: of the Internet. Okay, AI investment and the stock boom
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  Speaker 3: have boosted gross domestic product to the point where the
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  Speaker 3: entire stock market at this point is based on AI.
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  Speaker 3: If AI collapses, let me tell you the economy is
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  Speaker 3: going to collapse. That is how reliant we are on AI.
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  Speaker 3: The AI related categories. Are you ready for this? Two
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  Speaker 3: years ago, a trillion dollars was spent Okay categories, Well,
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  Speaker 3: the categories reach the value of a trillion dollars two
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  Speaker 3: years ago. Now it's one point five trillion dollars fifty percent.
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  Speaker 3: Barkley's estimates bond in issuance on the Big Five will
• 16:59
  Speaker 3: reach two hundred eighty five billion dollars this year. Last
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  Speaker 3: year was one hundred and nine billion dollars, over two
• 17:04
  Speaker 3: and a half more this year. And so the US
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  Speaker 3: economy is putting eggs, all of its eggs into AI.
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  Speaker 3: That's what's keeping the economy, or at least the stock
• 17:17
  Speaker 3: market's way up there. And again it is crazy how
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  Speaker 3: high the market is. It doesn't make any sense. Also,
• 17:26
  Speaker 3: increase in household wealth because a lot of us, most
• 17:29
  Speaker 3: of us, and you hear in my leer commercials that
• 17:32
  Speaker 3: we have tons of money in stocks, which means if
• 17:36
  Speaker 3: we look at our wealth, we're spending more money. Here's
• 17:40
  Speaker 3: the problem. How many people are selling their stocks, well,
• 17:45
  Speaker 3: not many, because they're watching it go up and up,
• 17:49
  Speaker 3: and we're all getting rich, which means even though it's
• 17:52
  Speaker 3: not cash, it's just the value. But we're spending like crazy.
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  Speaker 3: So it's going up, and I guess the way we're
• 18:02
  Speaker 3: spending and AI will never go down. But it's making
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  Speaker 3: such such huge changes. Now, let me throw you a
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  Speaker 3: little bit of reality here AI is getting all of
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  Speaker 3: this money it's pouring in. How about private construction other
• 18:25
  Speaker 3: than AI, houses, shopping centers, hospitals that fell by one
• 18:30
  Speaker 3: hundred billion dollars this past year. Everything else is going down.
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  Speaker 3: The economy looks like, well, it's not doing so well
• 18:40
  Speaker 3: but for AI, and so it.
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  Speaker 2: Is changing everything.
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  Speaker 3: And the first quarter US household net worth that reached
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  Speaker 3: one hundred and seventy four trillion dollars up thirteen trillion,
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  Speaker 3: mainly due to scock gains, mainly due to AI. It
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  Speaker 3: is is worrisome. How far does it go? How long
• 19:04
  Speaker 3: does it go? Is there going to be a bubble?
• 19:06
  Speaker 3: How can it not be a bubble? Explain that to me?
• 19:11
  Speaker 3: And a lot of economists are saying, this AI business
• 19:16
  Speaker 3: isn't quite what we think it is. Do you remember
• 19:19
  Speaker 3: when satellite radio first came out and that was going
• 19:22
  Speaker 3: to be the demise of internet radio, the demise of
• 19:26
  Speaker 3: terrestrial radio.
• 19:27
  Speaker 2: Guess what it was? Fun?
• 19:30
  Speaker 3: It is fun, It's a chunk, but it didn't stop
• 19:34
  Speaker 3: the growth of satellite radio. It didn't stop the other
• 19:39
  Speaker 3: avenues of receiving information.
• 19:44
  Speaker 2: So what's going to happen here?
• 19:47
  Speaker 3: Well, you wait, but now these data centers are getting
• 19:51
  Speaker 3: all the attention and all of the money, and they're
• 19:55
  Speaker 3: being built. Let's see what happens when they are finished
• 19:58
  Speaker 3: being built a couple of years from now. Okay, moving
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  Speaker 3: to other news. Gianni Infantino, who is president of FIFA,
• 20:12
  Speaker 3: is not in good shape because FIFA as a World
• 20:19
  Speaker 3: Cup at the other organizations around the world have their
• 20:22
  Speaker 3: own associations that are part of FIFA, and FIFA doesn't
• 20:28
  Speaker 3: exist without those organizations. And they are saying he's got
• 20:33
  Speaker 3: to go. Why Because he wanted to sell a twenty
• 20:36
  Speaker 3: percent stake in the World Cup to a Kushner linked
• 20:40
  Speaker 3: private equity firm and he dangled twenty million dollars per
• 20:44
  Speaker 3: federation and all of that triggered a revolt from all
• 20:48
  Speaker 3: of these national conferences and all of a sudden, maybe
• 20:54
  Speaker 3: he's not going to get his fourth term.
• 20:56
  Speaker 2: And a lot of.
• 20:57
  Speaker 3: It is because he has incredibly close ties to the
• 21:03
  Speaker 3: President and that is bothering a whole lot of people.
• 21:07
  Speaker 3: Also the tweaks he made in World Cup and commercialization.
• 21:12
  Speaker 3: He was chosen to replace set Bladder as FIFA three
• 21:17
  Speaker 3: terms ago, and he said he would bring transparency and
• 21:21
  Speaker 3: openness to the governing body and it had been involved
• 21:25
  Speaker 3: in scandal and deceit, and so what ended up happening is,
• 21:31
  Speaker 3: here's twenty percent, we're going to sell. And by the way,
• 21:34
  Speaker 3: he did not tell the other federations either, It was secret.
• 21:39
  Speaker 3: And you've got the federations of Serbia, Sweden, Wales withdrew
• 21:44
  Speaker 3: their support. England's federation expected to do the same. That's
• 21:49
  Speaker 3: the governing body for European soccer. I mean they are
• 21:53
  Speaker 3: pulling out unless he bails. And so all of a
• 21:57
  Speaker 3: sudden he may not may not become president. And here
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  Speaker 3: is what's happening. Here's a guy who comes in and
• 22:05
  Speaker 3: he came in from a middle class family, even lower
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  Speaker 3: middle class in Switzerland. And man has he well, life
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  Speaker 3: has changed. First of all, he ran an office space
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  Speaker 3: in Trump Tower for FIFA. He was at Trump's second inauguration,
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  Speaker 3: mingled with him and guests at Mar a Lago, went
• 22:26
  Speaker 3: with Trump on diplomatic missions to the Middle East, a
• 22:30
  Speaker 3: frequent visitor to the White House. And my absolute favorite
• 22:35
  Speaker 3: story is that he was aggressive in trying to get
• 22:40
  Speaker 3: Trump the Nobel Peace Prize. You remember that it was
• 22:44
  Speaker 3: a huge move that Trump led that he deserved and
• 22:47
  Speaker 3: should get the Nobel Peace price, and Infantino was right
• 22:51
  Speaker 3: there and Trump didn't get it.
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  Speaker 2: So you know what FIFA what he came up with.
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  Speaker 3: FIFA's own World Peace Prize, a soccer organization issuing a
• 23:03
  Speaker 3: peace prize. And there they were in the Oval office
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  Speaker 3: and Infantino hands them this trophy as a recipient of
• 23:12
  Speaker 3: the first Nobel or first peace prize that TIFA ever had,
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  Speaker 3: and the President smiling and puts his finger next to
• 23:21
  Speaker 3: his cheek and goes, ah, shucks, gosh, I you know,
• 23:26
  Speaker 3: I really appreciate that. Wow. Just you know, there are
• 23:31
  Speaker 3: a lot of people around the world that are really
• 23:34
  Speaker 3: pissed off at.
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  Speaker 2: People being close to being close to the president.
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  Speaker 3: Right now, as president, Infantino earns six million dollars.
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  Speaker 2: However, multiple multiple reports.
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  Speaker 3: Say that he is positioned to be chief executive of
• 23:51
  Speaker 3: the events Investment arm of post FIFA days and it
• 23:58
  Speaker 3: is going to pay thirty million dollar dollars a year,
• 24:02
  Speaker 3: and the government of Qatar has given him for his
• 24:05
  Speaker 3: personal use a luxury luxury.
• 24:09
  Speaker 2: How about a Gulfstream six fifty jet that goes around
• 24:12
  Speaker 2: the world.
• 24:14
  Speaker 3: That is the jet that can go the furthest distance
• 24:19
  Speaker 3: of any private jet out there.
• 24:22
  Speaker 2: Ain't bad. It's a good job. By the way.
• 24:23
  Speaker 3: Infantino also as Cities VI. For the World Cup. He
• 24:30
  Speaker 3: flies around with his group of a World Club World
• 24:34
  Speaker 3: Club executives to see which city should get it. And
• 24:38
  Speaker 3: when he goes to these cities, what do you think
• 24:41
  Speaker 3: that he gets really first class treatment or they take
• 24:45
  Speaker 3: him to the nearest in and out burger for lunch?
• 24:49
  Speaker 3: All right, coming up ice, how it's weaponizing social media
• 24:55
  Speaker 3: against its critics. Oh, anti administration today for sure, and
• 25:00
  Speaker 3: we'll come back with that.
• 25:01
  Speaker 2: Kf I am six point forty.
• 25:04
  Speaker 1: You've been listening to the Bill Handle Show. Catch my
• 25:06
  Speaker 1: Show Monday through Friday six am to nine am, and
• 25:09
  Speaker 1: anytime on demand on the iHeartRadio app.