The Nemeth Report

You know the crude price to the dollar. You also filled a tank this month. For a year those two numbers have stopped speaking to each other -- this conversation explains why.

Dr Tammy Nemeth talks with Dr Richard Norris of Pandreco Energy Advisory about why diesel and heating oil broke from crude in 2026 — and why the Iran war may have exacerbated the situation but is not the cause.

The cause is a refining system hollowed out over fifteen years, with replacements concentrated behind a chokepoint, and a US refinery fleet now running so hard that the next risk is unplanned downtime.

Norris walks through the charts from his September 2026 briefing The Refining Bottleneck: twenty-two years when New York Harbor diesel was crude plus about eleven dollars; 2026 sitting above that line every week; Western closures since 2019; new plants at Dangote, Al-Zour, Jazan, Duqm and Dos Bocas; four restrictions hitting one system with no slack — Iran, Russia, China, and policy; US utilisation at 96–98 percent for thirteen weeks; and the test that will settle it in months: Chinese product coming back versus American plants coming down.

What we cover• Why a 0.99 correlation between Brent and diesel held from 2000 to 2021 — then snapped.• Why 2026 is not a repeat of 2022: a high floor, not two spikes.• The 1.6 million barrels a day the West closed or converted, and why “replacement capacity” in the Gulf and Mexico is not the same as spare capacity in the Atlantic.• How a system with no slack takes four shocks at once.• Why cheaper crude can pile up upstream while the pump stays expensive.• What to watch next: Chinese export quotas, US turnarounds, and whether downtime is planned or forced.GuestDr Richard Norris — petroleum engineer; Pandreco Energy Advisory (Montreal); Fellow, Canadian Global Affairs Institute. Writes on energy, capital and security as Pandreco.https://pandreco.substack.comhttps://www.linkedin.com/in/richardnorris/HostDr Tammy Nemeth — energy historian, analyst and consultant. The Nemeth Report.thenemethreport.comthenemethreport.substack.comhttps://www.linkedin.com/in/t-nemeth-567110246/If this conversation is useful, subscribe and send it to someone who still thinks the wellhead price is the fuel price.

#EnergySecurity #Diesel #Refining #Oil #TheNemethReport

Dr. Gene Nelson, longtime advocate for keeping Diablo Canyon Power Plant open, joins Dr. Tammy Nemeth on The Nemeth Report podcast to discuss the high-stakes battle over California’s last nuclear plant. With the NRC having approved operation into the mid-2040s and Governor Newsom leaving further extension to the next administration, what happens if Diablo Canyon closes in 2030? We examine California’s reliability challenges, net-zero timelines, and the strategic contrast with China—drawing on insights from Michael Pillsbury’s Hundred-Year Marathon, Joseph Fournier’s analysis of coal as sovereign power, Patricia Adams on China’s climate diplomacy, and critiques of net-zero policies by Robert Bryce and others. Essential listening on energy security, nuclear power, and national competitiveness.

You can find out more about Dr. Nelson, Diablo Canyon, and his work here:

[email protected] email
https://CGNP.org/About Website 
https://greennuke.substack.com  CGNP GreenNUKE Substack 

Michael Pillsbury, The 100 Year Marathon

Joseph Fournier: "North American LNG Won't Displace Asia's Coal," July 31, 2026 https://josephfournier.substack.com/p/north-american-lng-wont-displace?utm_campaign=post&utm_medium=web  

"Beijing’s Excalibur: Coal as China’s Weapon of Sovereign Power" https://josephfournier.substack.com/p/beijings-excalibur-coal-as-chinas?utm_campaign=post&utm_medium=web  

Patricia Adams: “China’s Energy Dream,” https://www.thegwpf.org/content/uploads/2021/12/Adams-Chinas-Energy-Dream.pdf

“The Red and the Green: China’s Useful Idiots,”

https://www.thegwpf.org/content/uploads/2020/12/Green-reds.pdf

On this episode of The Nemeth Report Podcast, Dr. Tammy Nemeth interviews Michelle Stirling, the communications director of the Friends of Science Society on why net-zero policies lack scientific and economic foundation. The conversation explores the Friends of Science’s recent open letters to OSFI regarding climate scenario analysis, the collapse of the IPCC RCP 8.5 climate scenarios, energy literacy gaps, carbon markets, and the growing risks to Canadian privacy, prosperity, and financial institutions from net-zero.You can find the Friends of Science Society here: https://friendsofscience.org/On You Tube: https://www.youtube.com/user/FriendsofScienceOn Facebook: https://www.facebook.com/FoSClimateEdOn X: https://x.com/FriendsOScience On LinkedIn: https://www.linkedin.com/company/friends-of-science-society/Here is a link to their most recent open letter to OSFI: https://blog.friendsofscience.org/2026/07/14/open-letter-no-scientific-or-economic-rationale-remains-for-net-zero-and-carbon-markets/And a link to an open letter regarding the group “Elbows Up for Climate”: https://blog.friendsofscience.org/2026/07/07/open-letter-re-elbows-up-for-climate-mayors-councillors-manifesto/You can follow The Nemeth Report on Substack: https://thenemethreport.substack.com/ Website: https://thenemethreport.com X: https://x.com/thenemethreport LinkedIn: https://uk.linkedin.com/in/t-nemeth-567110246 You Tube: https://www.youtube.com/@thenemethreport

Is America’s electric grid on the brink? In this compelling conversation with Meredith Angwin, known as the “Electric Grandma” and author of the groundbreaking book Shorting the Grid , we dive deep into the hidden fragility of our power system.

Meredith breaks down the growing instability in the US Northeast, why reliability margins are tightening, the real reasons behind emergency demand alerts, and how policy decisions, just-in-time natural gas, and intermittent renewables are creating serious risks. We also examine the hype versus reality around Virtual Power Plants (VPPs) — are they a genuine solution for grid pressure or just a clever distraction for bad policy choices?

Topics covered:• Root causes of Northeast grid instability and recent heat wave alerts• Why adding net-zero electrification demand is risky on a fragile system• The promise and limitations of Virtual Power Plants• Lessons from Shorting the Grid on market failures and accountability• What needs to change for a reliable energy future

• What people can do to advocate for change

If you care about keeping the lights on, energy policy, or understanding the real challenges facing America’s grid, this episode is essential listening.

Listen now and share your thoughts in the comments!

👉 Read Shorting the Grid: https://www.amazon.com/Shorting-Grid-Hidden-Fragility-Electric/dp/1735358002 👉 Follow Meredith Angwin: https://x.com/MeredithAngwin

https://meredithangwin.substack.com/

#GridCrisis #ShortingTheGrid #VirtualPowerPlants #EnergyPolicy #MeredithAngwin #NortheastGrid #ElectricGrid #RenewableEnergy

Kevin Mooney joins Dr. Tammy Nemeth to break down his explosive new book "Climate P*rn: How and Why Anti-Population Zealots Fabricate Science, while Targeting American Capitalism, Freedom, and Independence."In this eye-opening interview, Mooney exposes the networked ecosystem driving climate policy: activist groups like NRDC, think tanks (Rocky Mountain Institute, World Resources Institute), the Union of Concerned Scientists, influential journals like Nature, and climate finance tools that can starve energy companies of capital and insurance.

• Is "environmentalism" the same as "climate" activism?
• Why do climate activists want to save the sea smelt but are ok with whales dying near offshore wind turbines
• What are the national security concerns with offshore wind?

Tune in to find out the answers to these questions and a whole lot more!Discover how these efforts, often with concerning China ties, undermine American energy independence and national security while benefiting strategic competitors.🔥 Key Topics:• The "Climate P*rn" metaphor and its real-world damage• Fabricated science vs. observable data on CO2 and natural variability• Litigation, regulation, and the war on reliable energy• Foreign influence and uneven global rules• What Americans can do to push back for freedom and prosperityBuy the book here: https://www.amazon.com/Climate-Porn-Anti-Population-Capitalism-Independence/dp/B0GM67TN13

His recent article at Real Clear Energy:

https://www.realclearenergy.org/articles/2026/06/04/a_quiet_rewrite_that_could_shape_a_thousand_climate_cases_1186602.htmlSubscribe for more unfiltered conversations on science, policy, and liberty. Drop your thoughts below — should we restore real scientific debate?(Thumbnail generated by Grok AI)

Join Dr. Tammy Nemeth and Irina Slav on The Nemeth Report podcast as they break down how energy reality is faring worldwide. This episode explores the EU's regulatory overreach, US policy disruptions, LNG deals, and how Bulgaria could've had a pipeline. We even catch a glimpse into how Irina writes every day! A must-watch for anyone following energy security, geopolitics, and the real costs of the energy transition.You can find Irina at https://irinaslav.substack.com/(Thumbnail created with Grok AI)

Stu Turley, CEO of Sandstone Group and the Energy News Beat, joins Dr. Tammy Nemeth to break down the latest energy market developments, geopolitical shifts, oil & gas realities, and why current net zero policies are failing. If you care about affordable, reliable energy and human progress, this is a must-watch conversation!You can find Stu at: https://energynewsbeat.co/https://substack.com/@theenergynewsbeathttps://www.youtube.com/@energynewsbeat

You can read more of Dr. Tammy Nemeth's work at TheNemethReport.substack.com and on her website, TheNemethReport.com

In this episode of The Nemeth Report:• Current oil, natural gas, and power market updates• Geopolitical risks impacting global energy supply• Why energy security must come before unrealistic climate targets• Practical realities of the energy transition in 2026Thumbnail created with the help of Grok AI.

Dr. Tammy Nemeth and energy expert David Blackmon break down their explosive new article on how the same environmental organizations that fought oil sands, fracking, and pipelines have now pivoted to block data centers and America’s AI boom.

From astroturfed local opposition and Arabella Advisors and Soros-funded networks to the real impacts on power demand, water use, and economic growth — discover the coordinated playbook threatening U.S. technological leadership. They discuss how legitimate local concerns are exploited by activists. They expose the funding trails, messaging tactics, and why poor industry communication is making the problem worse.

Essential listening for anyone interested in AI, energy policy, data centers, and Big Green activism in 2026.

Welcome to Season 6 Episode 1 of the Nemeth Report podcast. Dr. Tammy Nemeth is joined by Ryan Capri to discuss his experiences as a young petroleum engineer in Alberta’s oil patch.

Season 5, Episode 13 – Canadian Climate Lawfare

Conversation with Andrew Roman

On today’s episode, Dr. Tammy Nemeth speaks with AndrewRoman, a retired litigation lawyer with almost 50 years of experience in environmental, electricity, competition, and constitutional issues in Canada. We’re going to be talking about climate litigation and Canadian energy and climate policy.

You can find Andrew Roman’s blog at: https://andrewromanviews.blog/

Here are links to the articles we discussed:

“The Children’s Lawsuit Against Ontario’s CO2 EmissionsTargets”

https://c2cjournal.ca/2025/08/the-childrens-lawsuit-against-ontarios-co2-emissions-targets/

“The Children’s Carbon Charter Challenge Rolls On”

https://financialpost.com/opinion/childrens-carbon-charter-challenge-rolls-on?itm_source=opinion

“Andrew Roman on Pipeline Online Talking about ClimateActivist Litigation Using Children”

https://pipelineonline.ca/pipeline-online-podcast-ep-17-andrew-roman-climate-activist-litigation-using-children-and-the-charter/#/?playlistId=0&videoId=0

“Supreme Court Screw-Up: How Canada’s Highest Court GotClimate Change Wrong”

https://c2cjournal.ca/2025/01/supreme-screw-up-how-canadas-highest-court-got-climate-change-wrong/

“The Enviro-Vigilantes Are Coming”

https://financialpost.com/opinion/opinion-the-enviro-vigilantes-are-coming

“The Supreme Court Was Wrong on Climate Change”

https://andrewromanviews.blog/2025/02/08/the-supreme-court-was-wrong-on-climate-change/

“June 20th is Vigilante Day in Canada”

https://andrewromanviews.blog/2025/04/24/june-20th-is-vigilante-day-in-canada/comment-page-1/

“Carney Government Could Face Legal Challenges on Climate”

https://www.nationalobserver.com/2025/10/20/news/carney-legal-challenges-climate

“Can State Courts Set Global Climate Policy?”

https://fedsoc.org/events/can-state-courts-set-global-climate-policy

“Greenpeace Wants EU to Re-Write American Law”

https://www.dailysignal.com/2025/10/16/greenpeace-wants-europe-to-rewrite-american-law/

“The ICJ’s landmark climate opinion is a turning pointCanada can't ignore”

https://www.nationalobserver.com/2025/08/25/opinion/international-criminal-court-landmark-climate-ruling-consequences