Thanks for another excellent column. Do you see any indication that the US government may change its energy policy after the mid term election ? It seems to me that the later the government changes its energy policy, the longer will be the duration of the current bull market. When you restrict the supply of an item that is necessary for life but without a viable cheap substitution , you will only make price of the item higher. Interestingly, Crude Chronicles has shown that the best annual return of oil and gas historically took place when Democrats control White House, House and Senate (https://thecrudechronicles.substack.com/p/you-may-not-like-the-guy-in-the-white?utm_source=profile&utm_medium=reader2).
What a fantastic piece! I would only add that the language of energy is heavily biased at this point. For example, “clean energy” isn’t clean. There is the environmental impact of intensive mining operations, the burning of fossil fuels to make EVs, etc., and other negative impacts such as wind turbines killing raptors. Mark Mills has shown that an EV produces 10+ tons of carbon dioxide before the engine is even turned on.
And there has never been, I. The history of the world, an “energy transition”. Each new source of energy is additive to those that existed before.
Oil and gas is a generational investment opportunity and you are all over it!
Arjun,
Thanks for another excellent column. Do you see any indication that the US government may change its energy policy after the mid term election ? It seems to me that the later the government changes its energy policy, the longer will be the duration of the current bull market. When you restrict the supply of an item that is necessary for life but without a viable cheap substitution , you will only make price of the item higher. Interestingly, Crude Chronicles has shown that the best annual return of oil and gas historically took place when Democrats control White House, House and Senate (https://thecrudechronicles.substack.com/p/you-may-not-like-the-guy-in-the-white?utm_source=profile&utm_medium=reader2).
What a fantastic piece! I would only add that the language of energy is heavily biased at this point. For example, “clean energy” isn’t clean. There is the environmental impact of intensive mining operations, the burning of fossil fuels to make EVs, etc., and other negative impacts such as wind turbines killing raptors. Mark Mills has shown that an EV produces 10+ tons of carbon dioxide before the engine is even turned on.
And there has never been, I. The history of the world, an “energy transition”. Each new source of energy is additive to those that existed before.
Oil and gas is a generational investment opportunity and you are all over it!