Speaker 1: Most Today is Wednesday, August fifth, twenty twenty six. Thank
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Speaker 1: So okay, let's talk about the Eastman oil report here
Speaker 1: as this is morphing into and I do want to
Speaker 1: note that usually it's Tilus Tuesday, but today's Wednesday, so
Speaker 1: I've forgotten my tie today. But that doesn't stop. As
Speaker 1: they say any olden days, the show must go on
Speaker 1: and necktie or not. It's still the same, the same
Speaker 1: Dan Eastman talking about the same amazing economy that we
Speaker 1: live in. And let's keep going. So I want to
Speaker 1: talk about oil today. Of course we've been watching with
Speaker 1: the news. You know, the missiles are flying and this
Speaker 1: is going on, and that's going on their negotiations, and
Speaker 1: the Houthis are shooting at the Saudi ships farther up
Speaker 1: north in the Red Sea. Sounds like the typical chaos
Speaker 1: of the Middle East. That we've all grown up with
Speaker 1: and come to really wish we could turn the whole
Speaker 1: thing off and just And that's of course what President
Speaker 1: Trump is doing. He's trying to diminish the importance of
Speaker 1: the Middle East and defund this constant terrorism, constant war,
Speaker 1: constant bellum by taking their money away. And how do
Speaker 1: you take the money away? In the Mid East, They
Speaker 1: have one source of revenue for the most part, oil,
Speaker 1: So what do you do. You shift production to the
Speaker 1: Western Hemisphere and other places, and you starve Iran And
Speaker 1: unfortunately it's a little bit of a process to do that,
Speaker 1: but at the end of the day, the globe and
Speaker 1: the world will be a much more peaceful place as
Speaker 1: everybody plays together nicely in the sandbox, rather than having
Speaker 1: one section of the globe radically opposed to others for
Speaker 1: reasons that are not relevant to modern society. So what
Speaker 1: President Trump is doing is what no other president has
Speaker 1: had the courage to do, and we're basically rearranging the
Speaker 1: economics of the Middle East. That's why I talk about it.
Speaker 1: You know, this is not a political show, and very
Speaker 1: very seldom comment on political issues. But when politics meets
Speaker 1: the economy, that's when it needs to be discussed. You know,
Speaker 1: back in the olden days, the federal government and it's
Speaker 1: shenanigans and activities really never mattered to the mighty American economy.
Speaker 1: But as you look at more and more spending, public spending, dollars,
Speaker 1: spending because a bigger and bigger part of our GDP,
Speaker 1: it's amazing. It's well over twenty three percent of all
Speaker 1: money transacting in our American GDP is now government money,
Speaker 1: federal state logo whatever. You know, when you think about it,
Speaker 1: the Soviet Union was at one hundred percent and we're
Speaker 1: at twenty three percent. You know, we're a quarter of
Speaker 1: the way there to a totally planned, centralized economy, and
Speaker 1: that's not good. But what we are seeing as a
Speaker 1: result of that massive spending, and of course it's led
Speaker 1: us to forty trillion dollars in national debt, which we
Speaker 1: will never pay back. There will be a realignment. There
Speaker 1: aren't forty trillion dollars in existence to pay those bonds back.
Speaker 1: They will, they will just it'll just go forever. And
Speaker 1: the same thing with the two point five trillion dollar
Speaker 1: annual deficit we're running. Those numbers were unheard of ten
Speaker 1: years ago. They were even more unheard of in the
Speaker 1: seventies and back in the olden days when I was
Speaker 1: a graduate student in economics studying dismally the dismal science
Speaker 1: back in the early eighties. One of my folk here,
Speaker 1: of course, was David Stockman, the great professor and financial
Speaker 1: wizard and economists, who pointed out that this is not sustainable,
Speaker 1: that he was very, very concerned about the federal debt
Speaker 1: approaching a billion dollars and thought, by billion dollars is
Speaker 1: a lot of money. A billion that's with a B,
Speaker 1: not a T, but a b. Okay. And of course
Speaker 1: here we are today, and I read David's work from
Speaker 1: time to time on exit other forums, and he's still
Speaker 1: he's still swinging away at the the for the wall there.
Speaker 1: But the point is we're now at the forty trillion
Speaker 1: dollars in debt and what it's doing, of course, is
Speaker 1: crowding out the economy. It's just you know, if you
Speaker 1: want to sell as a corporation, you want to go
Speaker 1: into the debt market, or even a municipality, a county
Speaker 1: of state, you want to sell some debt, build a bridge, whatever,
Speaker 1: you're competing for the same dollars that the federal government
Speaker 1: is competing for. And now you add the hyperscalers. You know,
Speaker 1: the guys are the big data and they're all out
Speaker 1: there selling bonds, unbelievable amounts of bonds for private, private enterprise.
Speaker 1: And suddenly you realize that there's a lot more hunger
Speaker 1: for debt, for dollars by issuing debt than there are
Speaker 1: dollars to be had, and that creates a scarcity, of course,
Speaker 1: and that means you have to raise your interest rates
Speaker 1: to attract the dollars. You'll come to the higher yield
Speaker 1: and of course there's a risk component as well. But
Speaker 1: that's how this all plays out, and that's the economy
Speaker 1: we're looking at. So when we look at the oil business,
Speaker 1: it has a major impact on the US. Well, I
Speaker 1: want to do my daily duty here and read off
Speaker 1: the oil prices because it's a sad day in Midland
Speaker 1: and Odessa, Texas and the Permian Basin oil is right now,
Speaker 1: it's sixty three dollars a barrel. It's down rather dramatically
Speaker 1: from yesterday. And yesterday's price wasn't much to write home
Speaker 1: about sixty three dollars a barrel, and it's there are
Speaker 1: producers out in the West that are looking to lift
Speaker 1: a barrel at fifty eight. So we're the margins have
Speaker 1: schrunk rather dramatically as the situation in the Persian Gulf
Speaker 1: continues to be the typical political bellum. But the oil
Speaker 1: industry is shifted because it's enterprise, it's private enterprise, and
Speaker 1: when supply is constrained in one place that the horror moves,
Speaker 1: it shifts elsewhere. Other people start making more and doesn't matter.
Speaker 1: They fill that void. When the supply curve suddenly drops,
Speaker 1: there's a price shock, but the supply curve will immediately
Speaker 1: pop back up to meet the demand because other producers
Speaker 1: will see an opportunity for profit, and that's what they do.
Speaker 1: And that's what I'm talking about my friends in Middland
Speaker 1: and Odessa. You know, if you're in the oil production
Speaker 1: business and your business is drilling holes and pump and oil,
Speaker 1: you want to be drilling oil well at least pump
Speaker 1: and oil as fast as you can at one hundred
Speaker 1: dollars a barrel, because you are making really good profit.
Speaker 1: I mean, you are making good money. And of course
Speaker 1: you know, trees don't grow to the sky and nothing
Speaker 1: lasts forever. Well, neither did. The oil boom of the
Speaker 1: twenty twenty six looks like it's settling back down, and
Speaker 1: that's what filled the gap, because if you look at
Speaker 1: how much oil America produces and exports, vast amounts of
Speaker 1: oil that we export, along with other countries Mexico, Canada,
Speaker 1: I talk about them every day, into of course, Venezuela,
Speaker 1: and Colombia and Bolivia, all the way up and down
Speaker 1: the ridge, you know, from Alaska all the way to
Speaker 1: the Patagonia, we're seeing oil production increasing, and along with Indonesia,
Speaker 1: places in Africa, even the Brent, you know, even King
Speaker 1: Charles's personal oil well up there is making money. Speaking
Speaker 1: of Brent, they're at seventy nine, which is only four
Speaker 1: dollars above West Texas right now, and of course, keep
Speaker 1: in mind a couple of weeks ago they were at
Speaker 1: one hundred and fourteen dollars in Ohio. King Charles was
Speaker 1: pumping as fast as he could pull that lever. But
Speaker 1: today they're back down to seventy nine, and that seems
Speaker 1: to be the market. We've been watching the Mexican number,
Speaker 1: and of course the Mexican number was eighty yesterday. At
Speaker 1: this point in time, keep in mind, these are spot prices,
Speaker 1: so they go up and down all day long. But
Speaker 1: today Mexico has dropped the full ten dollars to seventy
Speaker 1: because suddenly, for the good quality that Mexican crude oil is,
Speaker 1: there's a lot of it because the Mexicans too, Not
Speaker 1: only King Charles is pumping away, but we have the PMEX,
Speaker 1: the Mexican government. I'm sure they're all busy over there
Speaker 1: luncho or running around pumping oil out of the crown.
Speaker 1: The point is, Mexican Oil's dropped ten dollars in a day,
Speaker 1: and our dear friends in Canada and again I know,
Speaker 1: not looking out the window, I'm not seeing any smoke
Speaker 1: again today, which is very kind of them, but it's
Speaker 1: sixty three dollars a barrel. So the point is, with
Speaker 1: all the shooting going on, and one news story did
Speaker 1: catch my eye, where the hoo Thies are your antagonists
Speaker 1: of the Saudis. That's what happens when you don't take
Speaker 1: the whole peninsula. See, you know, when you don't structure
Speaker 1: it right, you end up with people you wish you
Speaker 1: weren't living on your southern border. But they're shooting at
Speaker 1: Saudi Oil rigs farther north into the Red Sea, and
Speaker 1: I've talked about this. Of course, the Red Sea is
Speaker 1: on the west side of the Saudi Peninsul, and of
Speaker 1: course the Gulf, the Arabian Golf or the Persian Golf
Speaker 1: to many which side you're standing on, is on the
Speaker 1: east side. So the Saudis they ran there pipe the
Speaker 1: big Chicknte, you know, just very big miles of pipe,
Speaker 1: five hundred plus miles of pipe to Yanbu, which is
Speaker 1: a city on the Red Sea and the Saudi City,
Speaker 1: and of course there's a terminal there and they load
Speaker 1: the boats and they just basically bypassed the horror moves.
Speaker 1: They're good to go, and they're trying to ship seven
Speaker 1: million barrels a day out of Yanbu into global market. Well,
Speaker 1: the Houthis figure that out and they start shooting at
Speaker 1: the boats. That can cause a supply problem, because the
Speaker 1: seven million barrels from Sauad that comes into the Red
Speaker 1: Sea will will certainly add to the global supply, and
Speaker 1: if that starts to restrict, then you'll have the supply
Speaker 1: drop price go up until other suppliers meet that deficit.
Speaker 1: And of course they start filling contracts and oil is
Speaker 1: sold on long term contracts. It's not sold spot. I
Speaker 1: mean we have spot pricing, but oil sold for delivery
Speaker 1: as needed and as contracted. So it takes the Saudi
Speaker 1: government out of the market for a bit of time
Speaker 1: as other suppliers fill that gap and it hits their economy.
Speaker 1: So of course they're trying to go north. Well, gee,
Speaker 1: it seems like that's another golf except I've talked at
Speaker 1: length about the Suez Canal and are the friends of
Speaker 1: the British and the French in the Israelis thinking they
Speaker 1: were going to pull a fast one back in the
Speaker 1: nineteen fifties and they didn't. But the Suez Canal is
Speaker 1: very important because oil going north on the Red Sea
Speaker 1: hits the canal, through the canal into the Mediterranean Sea
Speaker 1: and then of course into the ports of Europe, whereupon
Speaker 1: the Europeans eager to take not only the crude oil
Speaker 1: but the liquefied natural gas. So as the Huthies continue
Speaker 1: to pester the Saudis in the Red Sea, that is
Speaker 1: causing some supply issues. But the interesting thing is it
Speaker 1: didn't rock, It didn't move the needle, and we're seeing
Speaker 1: prices coming down and every time things cool down in
Speaker 1: the Iranian situation, the prices are trending lower. They hit
Speaker 1: a new low. And keep in mind, when this whole
Speaker 1: thing started, West Texas was trading at about sixty three
Speaker 1: sixty two dollars one dollars a barrel, So we're right
Speaker 1: back to where the pricing was before the whole war started.
Speaker 1: And that's what tells you that the oil business is
Speaker 1: adjusting and changing. Now I've got to take a break here.
Speaker 1: I'll come back, and I want to talk about the
Speaker 1: Cushing and Strategic Petroleum Reserve because it's an important story.
Speaker 1: Be right back. Thanks.
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Speaker 1: Okay, I'm back. Let's shift gears a little bit. I
Speaker 1: want to talk about the stories circulating about the Cushing
Speaker 1: and strategic petroleum reserve reserves being drained. And this is
Speaker 1: picking up steam because it's an interesting thing. When this
Speaker 1: Ranian war started, there were projections at oil would go
Speaker 1: to one hundred and fifty two hundred dollars a barrel,
Speaker 1: and you know, people were going nuts thinking gasoline would
Speaker 1: be eight dollars a gallon. And if you understand the
Speaker 1: oil business, and you understand spot pricing and the Niemex
Speaker 1: contract for future delivery, which I've talked about, if you
Speaker 1: go to the Eastman Financial Report reruns and listen to
Speaker 1: these weeks of lecture, you'll realize that those are scare
Speaker 1: tactics primarily to undermine President Trump's efforts in Iran. And
Speaker 1: what better way to undermine public support of President Trump
Speaker 1: than to scare everybody into thinking gasoline will be eight
Speaker 1: dollars a gallon. Well, it didn't happen. And of course,
Speaker 1: if you know anything about the oil business, you know
Speaker 1: it couldn't happen. Of course, President Trump understands it as well.
Speaker 1: And you know he's playing a masterful strategic game to
Speaker 1: try and neutralize and defund the Iranian regime, which for
Speaker 1: forty seven years is financed and funded terrorism and at home,
Speaker 1: all of the detractors are trying to create economic scare
Speaker 1: tactics that will be effective in the midterm elections in November.
Speaker 1: Well they're not not working because the numbers aren't cooperating.
Speaker 1: And the latest the story dujeu, of course, is that
Speaker 1: the Cushing tanks are draining to the point where there's
Speaker 1: nothing left but tar. And and I've talked about what
Speaker 1: is Cushing. Well, Cushing is a small town in Oklahoma,
Speaker 1: and it's a cool little town. It's typical western town.
Speaker 1: I've been there, driven through it, marveled at it. Not
Speaker 1: much to see except massive numbers of big, old oil
Speaker 1: storage tanks. And for reasons based in history, historic reasons,
Speaker 1: the Cushing the site was where the Oklahoma oil industry
Speaker 1: with a very powerful industry in Oklahoma, and the Persian
Speaker 1: came together in Dallas and East Texas. Everybody kind of
Speaker 1: comes together in the central and back in the olden
Speaker 1: days these that they would fill the tanks and then
Speaker 1: they would ship the oil to whoever had a Nimex
Speaker 1: contract demanding delivery. And it was cumbersome. He had to
Speaker 1: ship the oil to Cushing and just sit there and
Speaker 1: contracts are trading in New York City, and all of
Speaker 1: a sudden, somebody says, I've got the contract for delivery
Speaker 1: a million barrels next Tuesday at my refinery. Well then
Speaker 1: they got to figure out how to get the oil
Speaker 1: out of the out of the barrels and get it
Speaker 1: over the refinery. But that was the state of the
Speaker 1: art back when the Nimex was coming on board. It's
Speaker 1: back in the sixties and seventies and eighties, and it
Speaker 1: was old school. It's just the way it was. It
Speaker 1: was a physical transfer point where if you had a
Speaker 1: Nax contract and you said I need a million gallons
Speaker 1: right now, today's the day, today's settlement day, then the
Speaker 1: guy on the other side would say, good, go down
Speaker 1: to Cushion and pick it up and have fun. Haul
Speaker 1: on it, and that's how it would work. See, it
Speaker 1: was just kind of a It was a thing because
Speaker 1: they had to have a settlement point for physical delivery,
Speaker 1: but it was never part of the total gross flow
Speaker 1: of oil from producers to refiners. And keep in mind,
Speaker 1: they've been talking about this all week, there's only one
Speaker 1: type of customer for crude oil in the whole world.
Speaker 1: That It's not like you pull up barrels of oil
Speaker 1: and you sold this customer and that customer, and no,
Speaker 1: there's only one kind of customer that takes crude oil.
Speaker 1: It has value only to one kind of customer, and
Speaker 1: that is the refiners. Somebody who can take this forty
Speaker 1: two gallons of sticky, gooey stuff poured into their machine
Speaker 1: and within twelve to twenty four hours outflows premium or
Speaker 1: unleaded or you know, mid grade or the cheap stuff
Speaker 1: I use. All of that is how the oil business works.
Speaker 1: See so today, when the Cushing site exists, people realized
Speaker 1: a long time ago that there's no way you're gonna
Speaker 1: pump billions of gallons of oil into these tanks and Cushing,
Speaker 1: Oklahoma and then go pick it up and ship it
Speaker 1: to wherever you refiner is they don't do that. They
Speaker 1: ship direct If you're an oil producer, you got your
Speaker 1: own tanks and you're a steady flow. Whether it's piped
Speaker 1: piped directly to the producer the refiner, or it's trucked.
Speaker 1: Even railroad cars little haul recrude, but mostly by ship.
Speaker 1: And that's why they build the refineries along the water waste,
Speaker 1: because there's the petroleum boats come in and they load
Speaker 1: them right off at the dock and into the refinery
Speaker 1: they go and out comes to gasoline. All of that
Speaker 1: stuff has been compensated for. So the reason the prices
Speaker 1: are not reflecting this panic that Cushing is being drained
Speaker 1: to the bottom and the strategic petroleum Reserve is being
Speaker 1: drained to the bottom. It's got nothing to do with
Speaker 1: the production of gasoline. So that's why the prices aren't moving.
Speaker 1: So what do we have these things for. Why is
Speaker 1: cushing draining, Why is the strategic petroleum reserve draining? Why
Speaker 1: are we draining those down? Well, the vast majority of
Speaker 1: that drainage is being exported, and it's being exported at
Speaker 1: very high prices. Right now, due to the war with Iran,
Speaker 1: prices went up hundred dollars a barrel, one hundred and
Speaker 1: fourteen dollars a barrel, one hundred and ten dollars a barrel.
Speaker 1: If you're sitting on forty two dollars a barrel oil
Speaker 1: or fifty dollars a barrel oil and the price is
Speaker 1: one hundred, and you don't sell your fifty dollars barrel
Speaker 1: of oil for one hundred bucks and take one hundred
Speaker 1: dollars or fifty dollars profit, then you're probably going to
Speaker 1: lose your job because your job is to run a
Speaker 1: profit making business. And if you've got cheap oil in
Speaker 1: those tanks and the world is willing to pay more
Speaker 1: than and that oil is cost you, you sell it.
Speaker 1: And that's what's happening. That's what's happening. And you know
Speaker 1: from pushing, that's a private business. You need not you know,
Speaker 1: no way would you would you sit there with forty
Speaker 1: dollars oil and watch the world go by at one
Speaker 1: hundred and not push the cell body. You're not doing that.
Speaker 1: You would sell the oil. And that's what we're seeing
Speaker 1: because there's all sorts of mechanisms in place to sell
Speaker 1: oil contracts. You know, like I said, I lectured earlier,
Speaker 1: this week. The refiners are the most sophisticated oil buyers
Speaker 1: on Earth, okay, because they are the only little buy oil.
Speaker 1: And the producers are the most sophisticated producers of oil.
Speaker 1: But they've been well trained by the refiners. What do
Speaker 1: you need, when do you need it, where do you
Speaker 1: need it? And how much are you going to pay me?
Speaker 1: That's the model. So the whole delivery system for refineries
Speaker 1: is not at all dependent on pushing. And I'll tell
Speaker 1: you none of the speculators that are speculating in NIMEX
Speaker 1: futures contracts for petroleum, not a one of them wants
Speaker 1: to take physical delivery of a million gallons or a
Speaker 1: million barrels of crude oil. But what they're going to
Speaker 1: do with it, they don't have a refinery. They're speculators.
Speaker 1: They're gambling, and they create liquidity within the contract markets normal,
Speaker 1: just like pork bellies and wheat and corn beans. It's
Speaker 1: all the same, okay. So what we're seeing is the
Speaker 1: mechanisms at work. The people who own the oil are
Speaker 1: selling it into global market as fast as they can
Speaker 1: to grab that profit. And they were happier yesterday at
Speaker 1: eighty than they are it's at seventy five. I mean certainly,
Speaker 1: I mean this is this is how much oil can
Speaker 1: we sell and how fast can we at least get
Speaker 1: it under contract for delivery. That's why Cushing is draining.
Speaker 1: It's a business decision and it has nothing to do
Speaker 1: with the refineries, because no refiner is going to rely
Speaker 1: upon a bunch of tanks in Oklahoma when you're sitting
Speaker 1: down on the golf in Houston or wherever up here
Speaker 1: in the Midwest. Seven refineries are on the Great Lakes. Yeah,
Speaker 1: picking it up, you know, I drive it up from
Speaker 1: you from Cushing. They don't do that. That's just not
Speaker 1: the model. So whenever you hear these stories, well are
Speaker 1: draining ourselves? You know, it's not if the price, because
Speaker 1: the industry is very sophisticated and figured it out. Okay, well,
Speaker 1: what about the Strategic Petroleum Reserve. Oh, that's to protect America, right,
Speaker 1: isn't that what that was all about? Well, yeah, Harry
Speaker 1: Truman back in the day said, you know, oil is
Speaker 1: becoming an important thing here. Back in the late forties,
Speaker 1: they had people who are driving cars and trucks, and
Speaker 1: we ought to have a little set aside. So old
Speaker 1: Harry Truman, which is probably the last honest president we've
Speaker 1: ever had or we've had since set that up. And
Speaker 1: of course when the Arab oil and bargo happened in
Speaker 1: the nineteen seventies, seventy one seventy two, it became a
Speaker 1: really important thing because the entire fleet of American mobility
Speaker 1: depended upon gasoline. Now today we've got ev we've got
Speaker 1: ethanol products, and we've got a more diverse fuel base.
Speaker 1: But back in the seventies, if you didn't have gasoline,
Speaker 1: you couldn't turn on your expensive car and drive anywhere.
Speaker 1: So they boosted up the strategic petroleum reserve to create
Speaker 1: a national buffer in case the OPEC gang shut us
Speaker 1: off again. While the American oil industry is growing and
Speaker 1: growing and growing, and shale industry is growing, and Canadian
Speaker 1: is growing, Mexico is growing, Well, we've got a strategic reserve,
Speaker 1: and of course they're draining that. Well, why would we
Speaker 1: do that? Isn't that against our national interests? No, because
Speaker 1: we generate and we produce more oil than we need,
Speaker 1: and we export the largest exporter in the world, So
Speaker 1: if we needed it, we could stop exporting it. But
Speaker 1: more importantly, we're sitting on here, it comes forty trillion
Speaker 1: dollars in national debt, and our beloved Congress, the voice
Speaker 1: of the people, can't stop spending more money than they
Speaker 1: take in at two point five trillion annual deficit. So
Speaker 1: if you are the Treasury Secretary of the United States
Speaker 1: and you think, man, we got all this cheap oil
Speaker 1: sitting underground, we can sell it at a good price
Speaker 1: in the global market to try and pay off some
Speaker 1: of that debt and cover that deficit so I don't
Speaker 1: have to keep issuing bonds. Will you call the Secretary
Speaker 1: of the Energy Department and you say, you know what,
Speaker 1: starts selling that oil and grab that profit because I
Speaker 1: need it so we don't have to keep pulling more
Speaker 1: and more and more government bonds into the great financial marketplace.
Speaker 1: And that's what's happening. The United States government is pocketing
Speaker 1: the difference. They're selling oil that they paid a lot
Speaker 1: less money for into a global market and making bank.
Speaker 1: And that bank, at least according to the US Treasury,
Speaker 1: is being used to close that two point five trillion
Speaker 1: dollar deficit. That Congress insists that the only way our
Speaker 1: democracy will survive is to continue spending two point five
Speaker 1: trillion dollars more than we take in keep in mind
Speaker 1: our five trillion dollar revenue take every year, that's federal
Speaker 1: revenue take over twenty five percent of it is going
Speaker 1: to pay debt on the forty trillion dollars in national
Speaker 1: debt right now, it's paying interest. That's the interest. You
Speaker 1: really only have four trillion dollars and they're spending seven
Speaker 1: point five and that's really where we are. So you know,
Speaker 1: it doesn't surprise me one bit that the guys in
Speaker 1: cushion you're making money like there's no tomorrow. And our
Speaker 1: Treasury secretary is wise enough to know that we're not
Speaker 1: leaving forty dollars oil in the ground and we can
Speaker 1: sell it for one hundred. And that's what's happening, and
Speaker 1: that's why we're not seeing a crisis, and we shout
Speaker 1: and keep in mind with demand disintegration as well, more
Speaker 1: and more people are driving electric vehicles, and of course
Speaker 1: you've got ethanol, you got e eighty five. We have
Speaker 1: choices today, and that again is the demand destruction. That
Speaker 1: means that we're more able to absorb a supply shock,
Speaker 1: especially from the horror moves. There's only twenty percent of
Speaker 1: oil that wasn't the world's greatest supply of oil was
Speaker 1: back in the forties, not today. And that's what President
Speaker 1: Trump's been trying to do. Move the economic pendulum away
Speaker 1: from the Middle East, defund the crazy terrorists, and make
Speaker 1: the rest of the world a much richer place. And
Speaker 1: then if the Middle East wants to join on some
Speaker 1: level of civilized society, they're welcome to come back in.
Speaker 1: And that's the beauty of watching his game. I would
Speaker 1: suggest you reread the Art of the Deal if you
Speaker 1: really want to know what he's doing. Anyway, I am
Speaker 1: out of time for today. Please go to Worldviewfoundation dot
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Speaker 1: As certainly look at the vault and subscribe to involved
Speaker 1: for yourself and your friends and relatives. And let's grow
Speaker 1: this ministry. And we have a great afternoon. I shall
Speaker 1: talk to you tomorrow, probably with the next tie on.
Speaker 1: Take care bye,