WEBVTT 1 00:00:18.920 --> 00:00:23.640 Most Today is Wednesday, August fifth, twenty twenty six. Thank 2 00:00:23.679 --> 00:00:25.960 you so much for tuning in. As always, we appreciate 3 00:00:25.960 --> 00:00:29.160 your viewership here on the Eastman Financial Report, as well 4 00:00:29.199 --> 00:00:32.520 as throughout the day on worldviewtube dot com, and of 5 00:00:32.560 --> 00:00:35.079 course you can listen to us at Worldview Radio as well. 6 00:00:35.719 --> 00:00:38.479 As you know, we are a Christian broadcasting network, and 7 00:00:38.520 --> 00:00:41.560 it's our ministry, our mission, our passion, and our goal 8 00:00:42.039 --> 00:00:45.039 to bring to the great marketplace of ideas the news 9 00:00:45.039 --> 00:00:47.840 and information of the day from a Christian perspective. And 10 00:00:47.880 --> 00:00:50.000 that's what we've been doing here at this network since 11 00:00:50.039 --> 00:00:52.320 two thousand and six. And of course we walk in 12 00:00:52.359 --> 00:00:55.280 the footsteps of the Apostles two thousand years ago, who 13 00:00:55.359 --> 00:00:57.679 went about the Middle East spreading the good news of 14 00:00:57.719 --> 00:01:00.320 the Gospel. And I point out when they read that 15 00:01:00.359 --> 00:01:02.759 good news, they weren't charging an admission fee or a 16 00:01:02.799 --> 00:01:06.519 paywall or a subscription. They were giving that gift freely 17 00:01:06.560 --> 00:01:09.920 given and of course at great personal risk to themselves. Well, 18 00:01:09.959 --> 00:01:12.439 here we are two thousand years later, going forth and 19 00:01:12.480 --> 00:01:16.239 making disciples of all nations, continuing in that ministerial path, 20 00:01:16.640 --> 00:01:19.799 and we are here broadcasting from a Christian perspective and 21 00:01:19.840 --> 00:01:21.959 that's what we do and have been doing since two 22 00:01:21.959 --> 00:01:24.760 thousand and six and plan to continue doing until the 23 00:01:24.799 --> 00:01:27.680 Second Coming. So it is truly our privilege to be 24 00:01:27.799 --> 00:01:31.840 here in this space, in that great marketplace of ideas 25 00:01:31.840 --> 00:01:34.560 from the Christian perspective. Now, if you'd like to help 26 00:01:34.640 --> 00:01:36.760 us in that ministry, you can do that, and the 27 00:01:36.799 --> 00:01:40.359 easiest way is to go to Worldviewfoundation dot com. 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So donations are very important, and of course 46 00:02:34.439 --> 00:02:38.319 we have been operating this ministry as a beneficiary of 47 00:02:38.360 --> 00:02:41.080 the foundation for a very long time and we certainly 48 00:02:41.120 --> 00:02:44.159 intend to continue and with your help we can do that. 49 00:02:44.599 --> 00:02:46.719 There's a second way you can help this ministry, and 50 00:02:46.759 --> 00:02:49.120 that is to do business with the vendors you see 51 00:02:49.159 --> 00:02:52.199 advertising throughout the day on our network. As you know, 52 00:02:52.280 --> 00:02:55.400 we're not a big commercial broadcast network, and we don't 53 00:02:55.439 --> 00:02:59.520 sell blocks of advertised time. 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We have partnered with some very 60 00:03:18.919 --> 00:03:22.280 great vendors, so the products you see throughout the day 61 00:03:22.319 --> 00:03:24.960 on the network are very much worth your attention, and 62 00:03:25.039 --> 00:03:28.879 certainly supporting those vendors is supporting the network, and it's 63 00:03:28.879 --> 00:03:31.479 a win win win because you're getting great products and 64 00:03:31.520 --> 00:03:35.439 service and the vendors are happy to be advertising here, 65 00:03:35.479 --> 00:03:37.599 and of course the network gets a commission. So it's 66 00:03:37.639 --> 00:03:40.879 a wonderful way to support the ministry and add value 67 00:03:40.879 --> 00:03:43.800 to your purchasing dollar. The third way you can help 68 00:03:43.840 --> 00:03:46.520 the ministry, and this is also a really amazing way 69 00:03:46.520 --> 00:03:49.439 for you to help yourself, is to go to our 70 00:03:49.560 --> 00:03:53.520 vault product and subscribe. 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All of that 78 00:04:19.319 --> 00:04:23.600 information is now digitized and lives in the vault, along 79 00:04:23.639 --> 00:04:27.639 with the current broadcast like the Eastland Financial Report reruns 80 00:04:27.639 --> 00:04:29.480 are all living in the vault, and many of the 81 00:04:29.519 --> 00:04:33.240 programs that we developed throughout the day that you're seeing 82 00:04:33.279 --> 00:04:35.800 free of charge end up parked in the vault. So 83 00:04:35.800 --> 00:04:37.639 if you wanted to go back to an episode and say, 84 00:04:37.680 --> 00:04:39.759 any minute and I was talking about the GDP, I 85 00:04:39.759 --> 00:04:42.079 want to go back and see that. Subscribe to the 86 00:04:42.160 --> 00:04:44.720 vault and it's right there at your fingertips. Now you 87 00:04:44.800 --> 00:04:47.639 might say, wow, thirty years of material, that's a lot 88 00:04:47.680 --> 00:04:50.759 of material. How will I ever find that episode? 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You 100 00:05:26.399 --> 00:05:29.839 can go to the course and you can pull it 101 00:05:29.879 --> 00:05:33.639 down line by line. It's an amazing Bible study tool. 102 00:05:34.199 --> 00:05:36.240 And it's just the first Right now, the Book of 103 00:05:36.279 --> 00:05:39.000 Revelation is there, but eventually we'll get to all sixty 104 00:05:39.040 --> 00:05:44.040 six books, because this is really the future of ministry 105 00:05:44.079 --> 00:05:48.920 is digital, and it's just an amazing collection. So you think, wow, 106 00:05:49.000 --> 00:05:51.600 that sounds like something I should certainly buy for myself. 107 00:05:51.839 --> 00:05:55.079 How much is it, Well, it's amazingly inexpensive. If you 108 00:05:55.120 --> 00:05:57.120 sign up for a one year plan, it's less than 109 00:05:57.199 --> 00:06:00.000 eight dollars a month. 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You will not be sorer. It's an 146 00:07:42.639 --> 00:07:46.120 amazing product and it truly is the digital future of 147 00:07:46.240 --> 00:07:51.600 ministry to be online searchable content references. It's all there. 148 00:07:52.079 --> 00:07:54.519 You really should just check it out. It'll be well 149 00:07:54.519 --> 00:07:57.959 worth your time and money. Just subscribe and you'll be happy. 150 00:07:58.199 --> 00:08:03.240 So okay, let's talk about the Eastman oil report here 151 00:08:03.319 --> 00:08:06.040 as this is morphing into and I do want to 152 00:08:06.079 --> 00:08:10.279 note that usually it's Tilus Tuesday, but today's Wednesday, so 153 00:08:10.319 --> 00:08:13.839 I've forgotten my tie today. But that doesn't stop. As 154 00:08:13.839 --> 00:08:15.879 they say any olden days, the show must go on 155 00:08:16.040 --> 00:08:18.680 and necktie or not. It's still the same, the same 156 00:08:18.759 --> 00:08:21.759 Dan Eastman talking about the same amazing economy that we 157 00:08:21.839 --> 00:08:24.759 live in. And let's keep going. So I want to 158 00:08:24.759 --> 00:08:27.519 talk about oil today. Of course we've been watching with 159 00:08:27.600 --> 00:08:30.160 the news. You know, the missiles are flying and this 160 00:08:30.240 --> 00:08:32.879 is going on, and that's going on their negotiations, and 161 00:08:32.919 --> 00:08:35.679 the Houthis are shooting at the Saudi ships farther up 162 00:08:35.759 --> 00:08:39.240 north in the Red Sea. Sounds like the typical chaos 163 00:08:39.240 --> 00:08:41.399 of the Middle East. That we've all grown up with 164 00:08:41.559 --> 00:08:44.559 and come to really wish we could turn the whole 165 00:08:44.600 --> 00:08:47.519 thing off and just And that's of course what President 166 00:08:47.559 --> 00:08:49.919 Trump is doing. He's trying to diminish the importance of 167 00:08:49.960 --> 00:08:53.679 the Middle East and defund this constant terrorism, constant war, 168 00:08:53.840 --> 00:08:56.480 constant bellum by taking their money away. And how do 169 00:08:56.519 --> 00:08:58.159 you take the money away? In the Mid East, They 170 00:08:58.159 --> 00:09:01.360 have one source of revenue for the most part, oil, 171 00:09:01.639 --> 00:09:03.480 So what do you do. You shift production to the 172 00:09:03.480 --> 00:09:07.840 Western Hemisphere and other places, and you starve Iran And 173 00:09:08.000 --> 00:09:11.200 unfortunately it's a little bit of a process to do that, 174 00:09:11.679 --> 00:09:13.440 but at the end of the day, the globe and 175 00:09:13.519 --> 00:09:16.600 the world will be a much more peaceful place as 176 00:09:16.639 --> 00:09:20.320 everybody plays together nicely in the sandbox, rather than having 177 00:09:20.919 --> 00:09:24.679 one section of the globe radically opposed to others for 178 00:09:25.200 --> 00:09:29.240 reasons that are not relevant to modern society. So what 179 00:09:29.320 --> 00:09:32.000 President Trump is doing is what no other president has 180 00:09:32.000 --> 00:09:34.879 had the courage to do, and we're basically rearranging the 181 00:09:34.919 --> 00:09:37.679 economics of the Middle East. That's why I talk about it. 182 00:09:37.720 --> 00:09:40.320 You know, this is not a political show, and very 183 00:09:40.399 --> 00:09:44.519 very seldom comment on political issues. But when politics meets 184 00:09:44.840 --> 00:09:48.519 the economy, that's when it needs to be discussed. You know, 185 00:09:48.559 --> 00:09:51.120 back in the olden days, the federal government and it's 186 00:09:51.240 --> 00:09:55.080 shenanigans and activities really never mattered to the mighty American economy. 187 00:09:55.440 --> 00:09:58.840 But as you look at more and more spending, public spending, dollars, 188 00:09:58.879 --> 00:10:02.279 spending because a bigger and bigger part of our GDP, 189 00:10:02.519 --> 00:10:05.399 it's amazing. It's well over twenty three percent of all 190 00:10:05.519 --> 00:10:09.679 money transacting in our American GDP is now government money, 191 00:10:09.720 --> 00:10:14.039 federal state logo whatever. You know, when you think about it, 192 00:10:14.080 --> 00:10:16.279 the Soviet Union was at one hundred percent and we're 193 00:10:16.320 --> 00:10:18.279 at twenty three percent. You know, we're a quarter of 194 00:10:18.320 --> 00:10:21.759 the way there to a totally planned, centralized economy, and 195 00:10:21.879 --> 00:10:24.240 that's not good. But what we are seeing as a 196 00:10:24.279 --> 00:10:27.000 result of that massive spending, and of course it's led 197 00:10:27.039 --> 00:10:29.879 us to forty trillion dollars in national debt, which we 198 00:10:29.960 --> 00:10:33.399 will never pay back. There will be a realignment. There 199 00:10:33.759 --> 00:10:37.360 aren't forty trillion dollars in existence to pay those bonds back. 200 00:10:37.679 --> 00:10:40.720 They will, they will just it'll just go forever. And 201 00:10:40.759 --> 00:10:43.039 the same thing with the two point five trillion dollar 202 00:10:43.159 --> 00:10:48.320 annual deficit we're running. Those numbers were unheard of ten 203 00:10:48.399 --> 00:10:50.360 years ago. They were even more unheard of in the 204 00:10:50.399 --> 00:10:52.679 seventies and back in the olden days when I was 205 00:10:52.720 --> 00:10:56.679 a graduate student in economics studying dismally the dismal science 206 00:10:57.120 --> 00:10:59.960 back in the early eighties. One of my folk here, 207 00:11:00.240 --> 00:11:03.559 of course, was David Stockman, the great professor and financial 208 00:11:03.559 --> 00:11:07.559 wizard and economists, who pointed out that this is not sustainable, 209 00:11:07.759 --> 00:11:11.399 that he was very, very concerned about the federal debt 210 00:11:11.440 --> 00:11:14.679 approaching a billion dollars and thought, by billion dollars is 211 00:11:14.720 --> 00:11:16.399 a lot of money. A billion that's with a B, 212 00:11:16.600 --> 00:11:19.720 not a T, but a b. Okay. And of course 213 00:11:19.960 --> 00:11:22.879 here we are today, and I read David's work from 214 00:11:22.919 --> 00:11:25.360 time to time on exit other forums, and he's still 215 00:11:25.559 --> 00:11:28.279 he's still swinging away at the the for the wall there. 216 00:11:28.320 --> 00:11:30.879 But the point is we're now at the forty trillion 217 00:11:30.960 --> 00:11:33.399 dollars in debt and what it's doing, of course, is 218 00:11:33.399 --> 00:11:35.840 crowding out the economy. It's just you know, if you 219 00:11:35.879 --> 00:11:37.720 want to sell as a corporation, you want to go 220 00:11:37.720 --> 00:11:41.159 into the debt market, or even a municipality, a county 221 00:11:41.159 --> 00:11:43.799 of state, you want to sell some debt, build a bridge, whatever, 222 00:11:44.519 --> 00:11:47.480 you're competing for the same dollars that the federal government 223 00:11:47.600 --> 00:11:51.000 is competing for. And now you add the hyperscalers. You know, 224 00:11:51.039 --> 00:11:52.759 the guys are the big data and they're all out 225 00:11:52.759 --> 00:11:58.279 there selling bonds, unbelievable amounts of bonds for private, private enterprise. 226 00:11:58.679 --> 00:12:01.000 And suddenly you realize that there's a lot more hunger 227 00:12:01.039 --> 00:12:03.960 for debt, for dollars by issuing debt than there are 228 00:12:04.080 --> 00:12:07.159 dollars to be had, and that creates a scarcity, of course, 229 00:12:07.159 --> 00:12:09.240 and that means you have to raise your interest rates 230 00:12:09.279 --> 00:12:12.200 to attract the dollars. You'll come to the higher yield 231 00:12:12.399 --> 00:12:14.799 and of course there's a risk component as well. But 232 00:12:14.840 --> 00:12:17.360 that's how this all plays out, and that's the economy 233 00:12:17.399 --> 00:12:20.080 we're looking at. So when we look at the oil business, 234 00:12:20.399 --> 00:12:22.720 it has a major impact on the US. Well, I 235 00:12:22.720 --> 00:12:25.519 want to do my daily duty here and read off 236 00:12:25.559 --> 00:12:29.360 the oil prices because it's a sad day in Midland 237 00:12:29.440 --> 00:12:33.360 and Odessa, Texas and the Permian Basin oil is right now, 238 00:12:33.399 --> 00:12:36.639 it's sixty three dollars a barrel. It's down rather dramatically 239 00:12:36.720 --> 00:12:39.600 from yesterday. And yesterday's price wasn't much to write home 240 00:12:39.639 --> 00:12:42.440 about sixty three dollars a barrel, and it's there are 241 00:12:42.600 --> 00:12:45.960 producers out in the West that are looking to lift 242 00:12:46.320 --> 00:12:49.840 a barrel at fifty eight. So we're the margins have 243 00:12:49.879 --> 00:12:54.879 schrunk rather dramatically as the situation in the Persian Gulf 244 00:12:54.879 --> 00:12:58.399 continues to be the typical political bellum. But the oil 245 00:12:58.440 --> 00:13:02.080 industry is shifted because it's enterprise, it's private enterprise, and 246 00:13:02.120 --> 00:13:05.080 when supply is constrained in one place that the horror moves, 247 00:13:05.519 --> 00:13:09.480 it shifts elsewhere. Other people start making more and doesn't matter. 248 00:13:09.720 --> 00:13:13.159 They fill that void. When the supply curve suddenly drops, 249 00:13:13.200 --> 00:13:16.759 there's a price shock, but the supply curve will immediately 250 00:13:16.840 --> 00:13:20.919 pop back up to meet the demand because other producers 251 00:13:20.960 --> 00:13:23.559 will see an opportunity for profit, and that's what they do. 252 00:13:23.639 --> 00:13:26.559 And that's what I'm talking about my friends in Middland 253 00:13:26.559 --> 00:13:29.360 and Odessa. You know, if you're in the oil production 254 00:13:29.480 --> 00:13:32.039 business and your business is drilling holes and pump and oil, 255 00:13:32.679 --> 00:13:35.000 you want to be drilling oil well at least pump 256 00:13:35.000 --> 00:13:37.919 and oil as fast as you can at one hundred 257 00:13:37.919 --> 00:13:40.519 dollars a barrel, because you are making really good profit. 258 00:13:40.559 --> 00:13:42.720 I mean, you are making good money. And of course 259 00:13:42.759 --> 00:13:45.000 you know, trees don't grow to the sky and nothing 260 00:13:45.080 --> 00:13:48.360 lasts forever. Well, neither did. The oil boom of the 261 00:13:48.919 --> 00:13:51.960 twenty twenty six looks like it's settling back down, and 262 00:13:52.000 --> 00:13:54.200 that's what filled the gap, because if you look at 263 00:13:54.200 --> 00:13:58.000 how much oil America produces and exports, vast amounts of 264 00:13:58.000 --> 00:14:01.639 oil that we export, along with other countries Mexico, Canada, 265 00:14:01.679 --> 00:14:06.080 I talk about them every day, into of course, Venezuela, 266 00:14:06.159 --> 00:14:09.399 and Colombia and Bolivia, all the way up and down 267 00:14:09.440 --> 00:14:11.559 the ridge, you know, from Alaska all the way to 268 00:14:11.679 --> 00:14:17.639 the Patagonia, we're seeing oil production increasing, and along with Indonesia, 269 00:14:17.759 --> 00:14:20.559 places in Africa, even the Brent, you know, even King 270 00:14:20.639 --> 00:14:23.960 Charles's personal oil well up there is making money. Speaking 271 00:14:23.960 --> 00:14:26.639 of Brent, they're at seventy nine, which is only four 272 00:14:26.679 --> 00:14:30.240 dollars above West Texas right now, and of course, keep 273 00:14:30.279 --> 00:14:31.799 in mind a couple of weeks ago they were at 274 00:14:31.799 --> 00:14:34.440 one hundred and fourteen dollars in Ohio. King Charles was 275 00:14:34.480 --> 00:14:36.720 pumping as fast as he could pull that lever. But 276 00:14:36.799 --> 00:14:39.879 today they're back down to seventy nine, and that seems 277 00:14:39.919 --> 00:14:42.919 to be the market. We've been watching the Mexican number, 278 00:14:42.960 --> 00:14:45.519 and of course the Mexican number was eighty yesterday. At 279 00:14:45.519 --> 00:14:48.639 this point in time, keep in mind, these are spot prices, 280 00:14:48.639 --> 00:14:50.360 so they go up and down all day long. But 281 00:14:50.399 --> 00:14:53.600 today Mexico has dropped the full ten dollars to seventy 282 00:14:53.799 --> 00:14:58.240 because suddenly, for the good quality that Mexican crude oil is, 283 00:14:58.720 --> 00:15:01.440 there's a lot of it because the Mexicans too, Not 284 00:15:01.480 --> 00:15:04.679 only King Charles is pumping away, but we have the PMEX, 285 00:15:04.720 --> 00:15:07.000 the Mexican government. I'm sure they're all busy over there 286 00:15:07.120 --> 00:15:09.559 luncho or running around pumping oil out of the crown. 287 00:15:10.200 --> 00:15:12.759 The point is, Mexican Oil's dropped ten dollars in a day, 288 00:15:13.000 --> 00:15:15.240 and our dear friends in Canada and again I know, 289 00:15:15.399 --> 00:15:17.600 not looking out the window, I'm not seeing any smoke 290 00:15:17.639 --> 00:15:20.639 again today, which is very kind of them, but it's 291 00:15:20.679 --> 00:15:23.080 sixty three dollars a barrel. So the point is, with 292 00:15:23.159 --> 00:15:25.759 all the shooting going on, and one news story did 293 00:15:25.799 --> 00:15:31.399 catch my eye, where the hoo Thies are your antagonists 294 00:15:31.440 --> 00:15:33.320 of the Saudis. That's what happens when you don't take 295 00:15:33.320 --> 00:15:36.960 the whole peninsula. See, you know, when you don't structure 296 00:15:37.000 --> 00:15:39.799 it right, you end up with people you wish you 297 00:15:39.840 --> 00:15:42.559 weren't living on your southern border. But they're shooting at 298 00:15:43.639 --> 00:15:46.759 Saudi Oil rigs farther north into the Red Sea, and 299 00:15:46.960 --> 00:15:49.240 I've talked about this. Of course, the Red Sea is 300 00:15:49.279 --> 00:15:52.440 on the west side of the Saudi Peninsul, and of 301 00:15:52.440 --> 00:15:55.159 course the Gulf, the Arabian Golf or the Persian Golf 302 00:15:55.159 --> 00:15:57.519 to many which side you're standing on, is on the 303 00:15:57.559 --> 00:16:00.480 east side. So the Saudis they ran there pipe the 304 00:16:00.559 --> 00:16:04.960 big Chicknte, you know, just very big miles of pipe, 305 00:16:05.000 --> 00:16:08.559 five hundred plus miles of pipe to Yanbu, which is 306 00:16:08.559 --> 00:16:11.440 a city on the Red Sea and the Saudi City, 307 00:16:11.799 --> 00:16:13.679 and of course there's a terminal there and they load 308 00:16:13.720 --> 00:16:16.799 the boats and they just basically bypassed the horror moves. 309 00:16:16.799 --> 00:16:19.000 They're good to go, and they're trying to ship seven 310 00:16:19.039 --> 00:16:22.879 million barrels a day out of Yanbu into global market. Well, 311 00:16:22.879 --> 00:16:24.919 the Houthis figure that out and they start shooting at 312 00:16:24.919 --> 00:16:28.440 the boats. That can cause a supply problem, because the 313 00:16:28.480 --> 00:16:31.559 seven million barrels from Sauad that comes into the Red 314 00:16:31.639 --> 00:16:35.559 Sea will will certainly add to the global supply, and 315 00:16:35.600 --> 00:16:38.080 if that starts to restrict, then you'll have the supply 316 00:16:38.279 --> 00:16:43.559 drop price go up until other suppliers meet that deficit. 317 00:16:43.960 --> 00:16:46.120 And of course they start filling contracts and oil is 318 00:16:46.200 --> 00:16:49.080 sold on long term contracts. It's not sold spot. I 319 00:16:49.080 --> 00:16:52.159 mean we have spot pricing, but oil sold for delivery 320 00:16:52.200 --> 00:16:55.480 as needed and as contracted. So it takes the Saudi 321 00:16:56.080 --> 00:16:58.679 government out of the market for a bit of time 322 00:16:58.879 --> 00:17:02.279 as other suppliers fill that gap and it hits their economy. 323 00:17:02.440 --> 00:17:04.359 So of course they're trying to go north. Well, gee, 324 00:17:04.400 --> 00:17:06.680 it seems like that's another golf except I've talked at 325 00:17:06.799 --> 00:17:09.440 length about the Suez Canal and are the friends of 326 00:17:09.440 --> 00:17:12.799 the British and the French in the Israelis thinking they 327 00:17:12.799 --> 00:17:14.359 were going to pull a fast one back in the 328 00:17:14.400 --> 00:17:18.160 nineteen fifties and they didn't. But the Suez Canal is 329 00:17:18.400 --> 00:17:21.519 very important because oil going north on the Red Sea 330 00:17:21.599 --> 00:17:25.279 hits the canal, through the canal into the Mediterranean Sea 331 00:17:25.440 --> 00:17:28.559 and then of course into the ports of Europe, whereupon 332 00:17:28.640 --> 00:17:32.200 the Europeans eager to take not only the crude oil 333 00:17:32.240 --> 00:17:35.839 but the liquefied natural gas. So as the Huthies continue 334 00:17:35.920 --> 00:17:39.279 to pester the Saudis in the Red Sea, that is 335 00:17:39.400 --> 00:17:42.720 causing some supply issues. But the interesting thing is it 336 00:17:42.759 --> 00:17:45.839 didn't rock, It didn't move the needle, and we're seeing 337 00:17:45.839 --> 00:17:49.119 prices coming down and every time things cool down in 338 00:17:49.400 --> 00:17:53.240 the Iranian situation, the prices are trending lower. They hit 339 00:17:53.279 --> 00:17:55.480 a new low. And keep in mind, when this whole 340 00:17:55.519 --> 00:17:58.759 thing started, West Texas was trading at about sixty three 341 00:17:58.839 --> 00:18:01.559 sixty two dollars one dollars a barrel, So we're right 342 00:18:01.599 --> 00:18:05.359 back to where the pricing was before the whole war started. 343 00:18:05.519 --> 00:18:08.200 And that's what tells you that the oil business is 344 00:18:08.880 --> 00:18:12.440 adjusting and changing. Now I've got to take a break here. 345 00:18:12.440 --> 00:18:13.880 I'll come back, and I want to talk about the 346 00:18:13.920 --> 00:18:17.319 Cushing and Strategic Petroleum Reserve because it's an important story. 347 00:18:17.599 --> 00:18:21.839 Be right back. Thanks. 348 00:18:24.240 --> 00:18:29.519 Introducing Worldviewtube Vault. 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Click the person icon in the top 359 00:19:11.920 --> 00:19:16.000 right and log in. Then hover over Vault in the 360 00:19:16.039 --> 00:19:21.359 menu and select courses. That's it, You're in. Join Worldviewtube 361 00:19:21.440 --> 00:19:24.839 Vault today at worldviewtube dot com slash vault. 362 00:19:26.240 --> 00:19:29.079 Okay, I'm back. Let's shift gears a little bit. I 363 00:19:29.079 --> 00:19:33.240 want to talk about the stories circulating about the Cushing 364 00:19:33.680 --> 00:19:40.559 and strategic petroleum reserve reserves being drained. And this is 365 00:19:40.640 --> 00:19:43.640 picking up steam because it's an interesting thing. When this 366 00:19:44.039 --> 00:19:47.200 Ranian war started, there were projections at oil would go 367 00:19:47.240 --> 00:19:49.559 to one hundred and fifty two hundred dollars a barrel, 368 00:19:49.640 --> 00:19:52.160 and you know, people were going nuts thinking gasoline would 369 00:19:52.200 --> 00:19:55.400 be eight dollars a gallon. And if you understand the 370 00:19:55.440 --> 00:19:59.240 oil business, and you understand spot pricing and the Niemex 371 00:19:59.319 --> 00:20:02.240 contract for future delivery, which I've talked about, if you 372 00:20:02.240 --> 00:20:05.759 go to the Eastman Financial Report reruns and listen to 373 00:20:05.839 --> 00:20:10.079 these weeks of lecture, you'll realize that those are scare 374 00:20:10.119 --> 00:20:14.759 tactics primarily to undermine President Trump's efforts in Iran. And 375 00:20:14.759 --> 00:20:18.000 what better way to undermine public support of President Trump 376 00:20:18.079 --> 00:20:20.559 than to scare everybody into thinking gasoline will be eight 377 00:20:20.599 --> 00:20:23.200 dollars a gallon. Well, it didn't happen. And of course, 378 00:20:23.240 --> 00:20:25.119 if you know anything about the oil business, you know 379 00:20:25.319 --> 00:20:28.359 it couldn't happen. Of course, President Trump understands it as well. 380 00:20:28.400 --> 00:20:31.720 And you know he's playing a masterful strategic game to 381 00:20:31.799 --> 00:20:35.400 try and neutralize and defund the Iranian regime, which for 382 00:20:35.400 --> 00:20:40.400 forty seven years is financed and funded terrorism and at home, 383 00:20:40.680 --> 00:20:43.599 all of the detractors are trying to create economic scare 384 00:20:43.640 --> 00:20:47.119 tactics that will be effective in the midterm elections in November. 385 00:20:47.400 --> 00:20:50.359 Well they're not not working because the numbers aren't cooperating. 386 00:20:50.720 --> 00:20:54.440 And the latest the story dujeu, of course, is that 387 00:20:54.519 --> 00:20:58.680 the Cushing tanks are draining to the point where there's 388 00:20:58.720 --> 00:21:01.920 nothing left but tar. And and I've talked about what 389 00:21:02.200 --> 00:21:04.759 is Cushing. Well, Cushing is a small town in Oklahoma, 390 00:21:04.799 --> 00:21:07.039 and it's a cool little town. It's typical western town. 391 00:21:07.079 --> 00:21:09.720 I've been there, driven through it, marveled at it. Not 392 00:21:09.880 --> 00:21:13.839 much to see except massive numbers of big, old oil 393 00:21:14.039 --> 00:21:19.880 storage tanks. And for reasons based in history, historic reasons, 394 00:21:20.599 --> 00:21:24.319 the Cushing the site was where the Oklahoma oil industry 395 00:21:24.359 --> 00:21:26.759 with a very powerful industry in Oklahoma, and the Persian 396 00:21:26.799 --> 00:21:29.799 came together in Dallas and East Texas. Everybody kind of 397 00:21:29.799 --> 00:21:32.559 comes together in the central and back in the olden 398 00:21:32.680 --> 00:21:35.680 days these that they would fill the tanks and then 399 00:21:35.720 --> 00:21:38.400 they would ship the oil to whoever had a Nimex 400 00:21:38.480 --> 00:21:41.400 contract demanding delivery. And it was cumbersome. He had to 401 00:21:41.400 --> 00:21:43.960