Big Digital Energy

0:00 Hey, Digital Wildcat is Nimble Fatty here. I'm talking today about the Mark, the Minerals and Royalties Conference. April 14th and 15th at the Posto Hotel. Colin's gonna be up there as part of a

0:13 panel talking about AI. It's gonna be really cool. It's the best party. It's the best minerals conference. We'd love to have you guys there. So if you go to mineralsconferencecom to sign up and

0:25 you use promo code DW2025, they'll give you a hundred bucks off Tom Nimble Fatty sent you

0:35 Oh, a lot of digital wildcatters. From looking at the backdrop, I think Kurt is winning this episode. Where are you, Kurt? I'm in Rosemary Beach. Dude, I love it. You've got Skye behind you

0:48 and everything. Well, I could turn around and show you Lake Virginia and Rollins College in the backdrop, so. I can show you all this. Me passed out in front of a Vegas hotel. So, y'all are

1:02 definitely winning That's a bellwether.

1:09 You might be able to surpass us if we were recording tomorrow. Why would that be? Oh, tell your I'd. Yeah. Yeah. I'm headed to tell your I'd. Oh, that's pretty good. It's pretty good. Yeah.

1:20 Me and daughter Sarah are going to go skiing. I'm having to run the gauntlet of Disney i4 traffic to get south of there for collegiate baseball games. You got to go down to the players championship.

1:34 Who's got the dog? I love that. Not me. Those are my daughters,

1:41 knuckleheads, they're great. Perfect. So we all got out of town for Sarah Week, thank goodness. But Mark, why don't you recap us on what's going on over there? The only kind of,

1:54 I haven't heard much in the way of buzz. I've gotten a few texts and all but kick us off Yeah, I think the main theme of the opening comments, at least the things that I've read from various

2:06 players and energy policy globally and in the US. Of course, Chris Wright kicked it off with a compare and contrast of the Biden administration's climate first versus, for lack of a better term,

2:22 human flourishing to borrow a term or a title from Liberty's own

2:30 pretty well received report generated over the last few years. But basically, it's a message of getting back to kind of pragmatism in reality as it relates to

2:44 climate being a side effect of building the modern world, as I think how you termed it. Additionally, Doug Bergum, who is, I guess, de facto energy czar, but runs interior specifically said in

2:59 an interview a couple of days ago that one of the, I think, one of the features of the administration's unleashing American energy is one stopping the shutdown or the mothballing and scheduling to

3:16 be decommissioned coal plants and then two, maybe restarting some of those and three, removing the regulation that has made some of those legacy call for size, uncompetitive. And so this is on a

3:33 foundation of US. electricity demand which is expected to grow by 3 this year, which is

3:44 historically what we've seen at least in the last 25 years. So it's all coming together against a sharp pivot and I'll characterize former Secretary of Grant Olm's comments which were very pointed at

3:58 the climate first agenda is I think one of the more memorable and notable things she said was we're going to put LNG in the rearview mirror and that was right on the heels of the pause that was

4:12 enacted last year. So, and then finally, I was curious to see if the IEA executive director, Fadi Baral, was prominent this year and he was and he said as part of his comments at the conclusion

4:28 that we need more investment in oil and gas. and said full stop, which as you both know, is a big, big change from the windmill chase that he's been off on for the last several years, which has

4:41 turned the IEA from a market monitoring and

4:48 objectively database forecasting entity, which it was originally attended to be in the 50 years since it was founded into a net zero advocacy group So Kurt, back in the day, were you doing zero

5:02 when you were at Shell or did that hit your radar screen? Man, I, yes, and I probably shouldn't have been there, but I got into meetings where they thought I was like the representative for the

5:15 entire company. Like I spoke to the like the minister of energy for the country of India and Pakistan and I assured them that Shell would be there and full speed.

5:30 Of course I did. I mean, I dug my way in, but what's interesting, Chris Wright said, Energy is life itself. And in some ways, I'll give credit to Chris for listening to last week's podcast and

5:44 watching, because we said that they should be greenlighting the LNG, and that it was a no-brainer. So the good news is, Chris and the people that know, watch VDE, and they listen to what we're

5:59 talking about So let's give us some street cred, but it's almost like a no-brainer. We've been following this climate stuff. Everyone's pro-climate, if you really like, think about it. No one's

6:11 just, you know, I mean, there's actually China's probably not pro-climate. India might not be either. But in general, we all want cleaner beaches, as I'm hanging out at Rosemary in the widest

6:22 sand beaches ever. We want clean, but we have to have affordable energy, the rest of the world can overtake us, especially if we want to continue to use chat GPT. Exactly, and so let me finish

6:35 upon the IEA. I think it's notable that the largest energy conference globally in the world and the highest profile energy conference, most well attended by energy leaders and policy leaders in the

6:52 world is in Houston. And I know you guys know this, but the former IEA head of markets, Neil Atkinson, recently penned a piece with Mark Mills on, you know, the off the rails nature of what the

7:15 IEA has been about for the last five to ten years. Most notably, the

7:23 ill-advised 2021 may report on net zero by 2050, basically calling for a radical shutdown of new oil and gas development. And if you look at the profile of global upstream spending about a run rate

7:39 of 400 billion a year, 360 billion of that, 360 or 340, I think it's 340, is production maintenance, basically offsetting decline. And so, you know, I've been, I guess I've been,

7:56 getting more vocal about the IEA, its mission and how it's altered. We've got Sarah Week in Houston, we have the longstanding executive director now saying that we're all in and full stop, we need

8:13 more oil and gas investment. In the 50 years of the IEA, we have never had an American as executive director And so, I think a really good. policy move would be to rest the IEA from Paris,

8:30 relocate it in Houston, and elect our best and brightest from the United States to take over that agency and get it back to its mission, its original mission, and serving the world objectively.

8:44 But I kind of want to not, I want to push back as

8:48 greed is good, right? Or is that what we heard? What was that Wall Street? What was the movie? Greed is good. That was Wall Street. That was Wall Street Gordon Gekko. Gordon Gekko said it.

8:58 Let's think about the IEA and all these freaking, all these types of kickbacks. I mean, the IEA, their mission is one thing, but if you're going to enrich yourself and all of your buddies by

9:14 pushing a narrative, you're going to do it. And if you follow the incentives, the incentives the IEA was to push a narrative, who cares if it's right? Now, we have. a whole generation of

9:25 millennials running around that believe that the planet is actually dying, which is horrific because they've been brainwashed. But I've been thinking about how we're seeing this, you know, doge

9:39 and other things where we're trying to push back against this momentum that it's almost unstoppable. Now you see windmills dropping into the ocean, catching fire 'cause logging strikes are the

9:49 biggest, you know, one of the biggest causes of, you know, downtime on offshore wind, et cetera, whatever, but they pushed the narrative really hard. They went big and they enriched themselves

10:02 and unwinding that is almost impossible because unless you completely clean housemark and put an American in that might have, you know, kind of the same beliefs you do, it's almost impossible for

10:14 people to fire themselves or to unwind a momentum that they've already the that's And accord climate of sort this on struck

10:21 thing that I think is. is super interesting to watch is how do you reverse? And what we're seeing like in people like with BP and others, the shareholders are forcing them to reverse. I mean,

10:33 we're going back to the 1970s and seeing that good old economics will play fair and eventually correct things, but organizations like IAA, they're funded by sort of big energy. So why do they care

10:51 and why are they gonna correct themselves? The US funds the most significant share of the IAA's annual budget, right? I just find it interesting that in 50 years, we've not had one US origin

11:08 executive director. And the last five years have been particularly damaging to the credibility of IAA data analysis and forecasting, even on the traditional side, I believe, because the. Ned's

11:22 zero advocacy has been so

11:28 loud that it's ground out a lot. And so this notion that we're going to see a plateauing fossil fuel consumption sometime before the end of this decade. I think certainly numbers and the momentum in

11:45 those numbers is proving otherwise. Yes, we may see some short-term contractions that are economically motivated. But I agree with you on the reset. I just think it makes sense to

12:01 locate that body in an attempt to recapture its mission and its reputation. Houston is not only the oil and gas energy capital of the world, it's the energy capital of the world. I'm calling for

12:15 the EIA to be banished I mean, let's just, let's just go and start over. It's easier to start over. It kind of is a start over. Well, I think the bigger thing that's happening here, and I got

12:28 to give Anne Bradbury credit, she runs AXPC, the Trade Association for Energy in DC. I had her on the podcast yesterday 'cause she was in for Sarah Week, and her thing was interesting. Same thing

12:45 you said, you know, 180 degree tone, you know, Chris Wright talking about how great energy was as opposed to Biden in the climate and all that. The problem her constituency has is guys, we need

12:59 some rules beyond just the Trump administration to be able to do all the stuff you want. You want way more LNG facilities out there? Give me some rules so I can at least hit payback in 10 or 15

13:12 years on this. You know, give me some permitting, give me all this other stuff, and the industry is gonna have to do that 50 oil. I mean, that's just who Trump is. The president doesn't set oil

13:26 prices, but the president has a bully pulpit that can say Saudi Arabia, pump more, et cetera, drill baby drill, all that stuff. So it's a refreshing tone change and all, but there's still a lot

13:41 of work we got to do. Oh, 100. All right. What else did we have on run a show? I should have had my agenda pulled up. Well, I'm going to throw in the fact that they speak in the EIA as they

13:56 came out saying that on

13:60 a short term, I think a short term basis, that right truck that

14:04 the Henry Hub spot price is going to average around420 per BTU in 2025. What do you think about that? Yeah, I think it's a function of where we are. And have been recently, we've had a hard draw

14:22 on gas storage. We're going to end up with draw season 10 below five-year average. And so kind of the return of the fundamentals to the gas market is defined by contemporary

14:38 storage levels. And so is a forehandle on natural gas? Have we seen it before? It might motivate things like somewhat restrained operators in the Haynesville, for example, picking up a few rigs

14:54 quickly. And as we've seen in the past, that can add production capacity pretty quickly. And in large quantities on a handful of rigs. So I think part of the

15:09 STOs commentary after that forecast is some softening into 2026.

15:18 Well, as always kind of watch where inventories go. Right. The industry's ability on natural gas has and always has been and still is much more nimble in terms of getting and affecting US. storage

15:35 builds. And I don't think that's changed. We'll just see how much restraint there is and how much incremental power-related demand by things like data center build out, but pressure on the industry

15:48 to grow the war, to refill storage. I had the Mobius guys on the podcast this week, Zane Curry, their natural gas analyst. And then

16:02 the question I had for those guys is part of this natural gas being in with a forehandle on it and the outlook being so strong for natural gas is at least part of that oil's peaking. third of each

16:19 oil well, the production is natural gas, and that's the thing I missed during my 20-year career was the associated natural gas story, and that's why natural gas prices tanked, and I think they

16:34 were buying that, the potentially oil peaking, particularly if we're going to the '50s, I mean, we're not going to pick up a bunch of rigs in the '50s, and so you got that dynamic to play with.

16:50 The other thing that was interesting, and I won't do this justice because Zankoury's a smart dude, everybody ought to go watch that podcast, but his whole point was when you need the gas, you need

17:04 the gas, and you pay for it, and that's why we have our spikes up to seven bucks, and six bucks, and et cetera, so. And you're going to get more bang for your buck going forward.

17:19 in permeated gas because gas oil ratios are rising. Yeah, no, that's absolutely right. I mean, as we've always said, just from a reservoir engineering and fluid flow standpoint, oil is harder,

17:37 gas is easier and that is true. And then when you compound that ease with, oh, look, we've got some associated gas It's with a rising GOR, it's, you know, it portends an abundance of ability to

17:52 continue to grow the natural gas supply base in the US. And Greg Kane's back publishing boot-a-gate stuff again. So it's happening. It's happening. I love it. So what's Adknock doing? So Adknock

18:06 was one of the voices at Sarah Week and it's CEO who actually hosted COPCOP COP, I guess. I forget which one, but one before the last one, and Abu Dhabi

18:25 said, you know, they're essentially they're bullish on natural gas in the US, among other things, but the primary comments were focused on natural gas across the supply chain from exploration and

18:39 development through LNG, and everything in between, also meaning the opportunity presented by power generation related to data centers. And their international investment arm is called XRG, and to

19:01 put a number on it, he said, you know, kind of upwards of 80 billion. That's really their entire assets under management at XRG, as I understand it So you spend a lot on the line. It's an

19:12 influence play in my mind. I mean, you have to be in the United States where most of the tech infrastructure is being built out. We already know with data centers and data privacy, you have to

19:23 have locations around the world. So even though the Middle East has one of, if not the cheapest cost of

19:33 energy and it's great for data centers, most of the world cannot put their data centers there depending on where they're using the data So from this perspective, I see Adknock saying, hey, this is

19:45 a way to build more influence in this part of the world and be part of the game. And granted, they can build data centers

19:55 over there, but they're gonna need data centers in the United States as well, in Europe, in Asia, et cetera. And so you need access to cheap energy and there's nothing better than controlling the

20:06 energy yourself to have the most impact, in my opinion I think it's a great point. Y'all are both wrong. Y'all missed the big picture on this again, but you're lucky I'm here to fill y'all in.

20:21 How did he say it? How did he say it? We're gonna make natural gas great again. That's what he said. He's adopting the Trump line on that. That's all we need to know about this. Well, when the

20:35 Indian Prime Minister was in a few weeks ago, that's here a week, a couple of years ago He coined the term Mika, which is make India great again, which is supportive of the point you just made,

20:50 but we're not wrong. Yeah,

20:55 let me ask y'all. Let me just interject something here on Kirk's point. I think it is a sub-segment of a larger thing that we've seen with

21:06 incentivizing investment from a production capacity in the manufacturing capacity standpoint. You know, Taiwan, semiconductor,

21:16 all of the big data players, most notably SoftBank, et cetera. And so if you're looking, as I think Chuck would suggest, that Adknock wants to be a player in ultimately operating or having

21:32 significant interest in US based on US dirt data centers, I think that's right. I mean, it's critical to national security that we have that in a disproportionate share of it in the US. And so I

21:47 wouldn't put it past Adknock to be thinking that strategically. And we'll see others. I think this is a conversation starter or maybe an action starter on getting investments rolling. In fact,

21:59 they said you're going to see investments. Adknock did. You're going to see investments start within the next few months. So there's some urgency here. To kind of wrap up Sarah Week and to get

22:09 into the Iranians, I went to grok and I said, give me a good joke about. Cyrweak and it said, Why did the oil exact bring a ladder to Cyrweak? Because he heard the energy transition talks were

22:23 going over his head.

22:27 That's funny. Grock, you still have some work to do. All right, so my understanding of Iranian sanctions is we put sanctions on the Iranians and there's half the world that thinks they work really

22:42 well and then the other half of the world says why did Iraqi production go up so much? So the Iranian sanctions have been in place since the first Trump administration. 2018, I believe, was the

22:57 initial. The issue is there hasn't been much active enforcement of those. So China has been a 90 buyer of Iranian oil exports to the tune of about a million barrels a day. And that was true in

23:17 February of this year as well. What the approach is primarily through state and more so through treasury is blacklisting a lot of these tankers that are involved in the clandestine trans shipment, a

23:35 lot of which occurs offshore places like Malaysia And so you're able to get these workarounds and the Trump administration through treasury primarily is really putting the pressure on and diplomatic

23:51 negotiations in countries that are allowing these sanction vessels to operate and facilitating trans shipment

24:00 and also maybe recipients of Iranian crude, China doesn't recognize the sanctions.

24:08 you know, the effort is designed

24:14 to cut off the pipeline, so to speak, that is going through the dark fleet in increasingly via trans shipment that allows, that allows these exports to read their destination. So a million barrels

24:27 a day, we'll see how effective this renewed enforcement action is, but that's really the play. I mean, it's, you know, it's so interesting because I don't know what kind of checkers we're

24:39 playing here, but by enforcing Iran sanctions, it definitely puts, and we talked about this last week about it kind of keeps China in check. So, and China really is the issue here because the

24:53 whole Ukraine-Russia thing is a distraction from China's influence. So that's a big deal. Number two, by us sort of having a grip hold over sanctions, It could in some ways. not create a price

25:06 shock unless it goes to South, but it definitely in some ways can control or increase prices, which is good for US producers. Not saying it's good for necessarily summer US citizens that want cheap

25:20 gas, but it could help the United States. So I see our influence over there being actually really strategic, and it's almost a lever that we can use, either be tighter on sanctions or less tight,

25:34 depending on how negotiations are going on other sides of the fence with China and other places. So this is, to me, a real interesting thing to watch and could be an interesting lever that gets

25:45 pulled based on what's happening to rest of the world. A poor Iran definitely makes the Middle East safer and more calm and - Well, it pisses off Iranians at home though, so you gotta be careful

25:59 about that. Yeah, no, I get that,

26:03 You got to think the rest of OPEC is sitting there rooting us on with the sanctions, even if they can't publicly say it. I mean, the Saudis don't like the Iranians dropping bombs everywhere, et

26:19 cetera, so. Yeah, and as we talked about last week, this may be part of the motivation to restore

26:31 the shutdown volumes

26:34 On the part of the OPEC, eight that are party to the restoration of production cuts, is that

26:43 they're seeing something on the horizon they can expect to be, whether it gets it to zero, which won't happen, but if they're able to meaningfully unpack several hundred thousand barrels a day in

26:56 the global market, that's something that needs to be addressed in terms of - limiting an upward price shock if that's in the cards. Remember there's a couple hundred thousand plus barrels a day from

27:10 Venezuela under the Chevron revocation. So one thing about the other tool that's being used here is that they've stepped up increased inspection of Iranian vessels under the non-proliferation court

27:28 So they're using everything from the legal standpoint to go after

27:36 really what's at the heart of the matter is these ships that are involved in the dark fleet. All right, our buddies at Domburg had another good article this week. I got it this morning and I

27:48 haven't read it yet. So one of you two is gonna have to describe what it says, but I'll obviously have thoughts like I read the whole thing. Dude, I was eating crumpets and having tea on the beach

27:58 morning. What are you talking about? I didn't read it.

28:03 There you go. Mark, read it and we'll be pompous and opine as always. We'll just, we'll comment on it as if we read it though. Exactly. It's called on spontaneous combustion and really the heart

28:15 of the matter is what Trump is doing with Canada and Europe both on the tariff front, but more importantly on the Ukraine front in the comments that

28:35 Vice President Vance made in Munich and then really a pretty concerted effort to get NATO and Europe to step up and fund more of its own, you know, more of its fair share of defense and essentially

28:51 set Brussels in motion, which we saw that you announced an800 billion rearmon plan I think the main point

29:06 that Bloomberg is trying to make, it's a pretty interesting one to think about. They talk about this as a model, they don't have to be true, they just have to be tested, is that really what we're

29:18 doing is because Europe doesn't have the wherewithal either from an energy standpoint, from an availability or certainly an energy cost standpoint, and manufacturing capacity, is that inherently

29:32 forces that rearmament spending to US. defense contractors,

29:39 and I think it's, you know, I do think it's, you know, I think they put it, Europe, Macron has been very adamant that this is a good thing and that Europe can do it, and Bloomberg said they

29:53 essentially don't have the jewels to do it, J-O-U-L-E-S, and So it'll be interesting to watch because we're cutting. through doge, or intending to cut a significant amount of DOD expenditures,

30:09 which is the second largest budget line item behind

30:14 service on the debt. And so if we can force a disproportionate amount, if they do ultimately spend 800 billion euros on rearmament, just from a feasibility standpoint, it's another kind of

30:32 shut-in-the-arm for reshoring

30:38 and ramp up in US. industrial activity. We talked about this, gosh, what, three weeks ago, four weeks ago, when the UK came out and said they wanted to be a leader in AI. And I think at that

30:50 point, the day they said that they had six days of natural gas storage and if they had been hit by a cold spell,

31:02 and big trouble. And so it will be interesting to see if they can actually make the logical connection of if we want an economy, if we want defense buildup manufactured in Europe, we're just going

31:19 to have to have the energy. And guess what? The wind just doesn't blow all the time. Sorry. You have to realize that let's just sort of break it down that most politicians are attorneys or they

31:34 don't have economics backgrounds nor energy backgrounds. So it's not necessarily intuitive that if you have just super cheap energy, everything is less expensive and you can do a lot more. You can

31:45 manufacture, you can build things. It's almost interesting that we sort of put a lot of our trust and faith in the talking heads that literally know nothing about economics, economic policy,

31:59 energy policy. So They've been the ones banging the drums about, let's put up wind when they realize, well, oh, I didn't know the wind didn't blow every day, and I didn't know the sun didn't

32:08 shine every day, 'cause I never thought about it. That announcement's crazy. You've got probably 25 year olds with PR degrees saying, we're gonna be lead in AI. I mean, that's a, we all know

32:20 it's a joke. And ad knocks decisions go back to ad knock. Ad knock understands the rules of the game. Like, not only do we have cheap oil in Abu Dhabi and other and the surrounding region, but we

32:34 need to go where it's also cheap and where actually a lot of the technology is not only being built, it's being used. Yeah, I'm reading an interesting book and I'm blanking on the title of it.

32:46 It's a pretty dense book. So it may take me a while to get through and actually report back here on BDE. But it, the premise of the book is that basically a lot of life goes back to basic material

33:01 science. you have to have sand to make glass if you want to make fiber optics, say what you you know say what you want and it goes through all these building blocks and when you seed control of

33:14 those parts of your supply chain you're just dependent on other folks and at the end of the day if you kind of look through that the the West has done a lot of that you know and it starts with it

33:29 starts with energy are we gonna create our own energy or we can do these intermittent renew renewable sources and then you get into are we gonna do critical minerals now we're gonna see that to China

33:43 etc and so you know a lot of these pronouncements you know you'd love to just say okay walk me through it tell me how you're gonna do that I'd love to hear it and we can say that about our this isn't

33:56 an anti-European thing because we're doing it in the United States too so.

34:01 No, I'll give you like, I credit when I was working for Michael Dell years and years ago, when flat screen, you know, panels were new, not the monitors, but when we started actually having flat

34:17 screens as part of our computers, he had the foresight to say, there's gonna be a shortage of flat screens 'cause of the lack of silicon and not the electronics, but the lack of silicon. We need

34:28 to go ahead into the supply chain and purchase silicon. And he set up, we set up, Dell set up, holding companies to go by forward of materials that he's foresaw is gonna be short. Now, that's

34:42 why he's a billionaire. I think you're totally right. I mean, that's such an interesting perspective that, and why we're sort of laughing about the supply chain of the climate industry, if you

34:53 will, the EVs. I'm just thinking about, man, the materials behind this, Your number one or all China has been way ahead of everyone. for a decade or so,

35:05 and these materials are found in really tough places, and in many cases, and politically unstable places, so good luck. And I don't think everyone's sort of done the math there, but that's a

35:17 really good point, Chuck. Yeah, I mean, it's across the board, too. It's from rare earths, the graphite, to everything in between. If you look at the last 25 to 30 years of the import profile

35:29 of key minerals and rare earths and critical minerals, it's skewed so heavily to primarily dependents on China, not only in this arena, but also in things like pharmaceutical compounds. So it is a

35:46 big national security issue that I think we've let the fuse now to try and claw some of that back. I mean, yeah, I was just, yeah, absolutely. I was thinking about the cartels in Mexico. border.

35:59 I mean part of the borders again holding China at bay because China sells all the chemicals to make fentanyl to the cartels. I mean let's just, it all goes back to who's controls the underlying

36:10 resources. That's really interesting. That's a good point, Mark. Exactly. If you can't dig it, you can't build it.

36:19 Yeah, that's exactly right. Hey, one last thing while I got tell here, is this not the most ridiculous juxtaposition we've done? Trump has united the conservative movement of Brown buying

36:33 electric vehicles. I mean, did you see that yesterday? Trump getting into the into the Tesla with a lawn musk? I didn't see that, but I saw John Arnold had posted something about wouldn't it be

36:48 ironic at the 28, 28 convention that the Republicans were the party of EV advocacy? Well, it's just, I mean, like, But please explain to me how destroying Tesla, cars, fire bombing the

37:09 dealerships, how that's good for America. I mean, if you have a disagreement with Musk on things that are be cutting, shouldn't you just show it? Hey, he's publishing on a website, everything

37:24 he's doing On this line item, you cut2 billion to this program. This is what this program does. Here's their administrative cost, blah, blah. This is a good bang for a buck. Wouldn't that be

37:37 more constructive? That would suggest that there's

37:42 some motivation for cognitive behavior over emotional behavior

37:49 100 and we know those that are perpetrating

37:53 this and hopefully we see.

37:58 appropriate law enforcement and consequences for this. But it's hard for the rational mind to understand because it's not. Yeah, I just, you know, I just don't get it. I mean, you know, I mean,

38:15 imagine if you will, if somebody had blown up a Bud Light beer distribution or have blown up a Bud Light beer brewery

38:29 outposts. I mean, could you imagine the law enforcement effort that would have happened under the Biden administration? If any of that had happened, this is, I don't know, this is just

38:40 ridiculous. But I'll get off my soapbox. But, Bud Light didn't need outside attacks to blow itself up. Yeah, there's a lot of cyber trucks down here in the Panhandle of Florida and they're

38:55 hilarious.

38:58 I'm wanting to see the most creative rap job and someone that has a Cybertruck, needs to send it in to BDE so we can vote on it because I am obsessed with the best, whoever has the best rap job,

39:11 we're gonna send them a t-shirt, a hoodie, and something from Chuck's special collection of famous artists. What do you got, Chuck, to give the best Cybertruck rap job? Well, here's what let's

39:28 do. Let's have a slumber party out in Richmond and we'll raid the

39:34 wine cellar.

39:38 Yeah, let's definitely do that. I don't know if you saw my post the other day, but my guy Marcus sent us these rocks glasses for whiskey. They basically have the WTI price with the various events

39:54 in the oil business We'll give them a set of those too.

39:60 Four to a set, they're great. I've seen some pretty

40:05 out there wraps here in this part of Florida as well. I'll probably see more today. One yesterday was borderline satanic. I don't want, I mean, I'm not gonna vote for that one but send it in

40:17 anyway. Yeah, let's take a look at it. It might be good enough, we'll see. Hey, great seeing you guys. Great seeing you as well I enjoy Florida, I'm gonna go ski for a couple of days. So at

40:31 age 56, I'm not sure that's a great thing. So pray that I come back with that. Yeah, I'm gonna go. I'll trip through the orthopedic surgeon. We'll do. And they send us some updates on baseball

40:43 mark. Oh, well, go get your grapefruit mimosa. It's time. That's right.