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Recorded on October 20, 2025. #Millettian Energy investor Josh Young (Bison Interests; author of the Basin Insights newsletter) explains why today’s oil price looks shockingly low in inflation-adjusted terms, how a rare geopolitical lull has masked true risk, why U.S. crude supply likely declines at current rig/spread counts, and how a coming mining boom could add hundreds of thousands of barrels/day to demand. He also shares insights from closed-door meetings with OPEC in Vienna and why proving real vs. claimed spare capacity may redefine the market over the next 6–18 months. Guest: Josh Young — Portfolio Manager, Bison Interests; Publisher, Basin Insights • Newsletter: https://BasinInsights.info • (Business) Bison Interests https://bisoninterests.com/ • Note: Guest recounts OPEC meetings & spare-capacity work; discussion spans WTI at ~$57, U.S. decline risk, and mining-driven demand. Topics & Highlights 00:00 Intro & why oil at $57 WTI is “shockingly low” in real terms 03:09 Supply: Guyana, Brazil, Kazakhstan, Iran, Libya offset U.S. flatlining 04:34 The geopolitical lull and why disruptions are unusually low now 08:19 Price suppression → shortages → spikes (Nixon analog) 10:13 OPEC’s goal: avoid super-spike; prove real spare capacity; internal quota politics 17:58 Why lifting quotas exposes overstated spare capacity; market repricing path to $80–$100 24:50 Who hurts at $60? Josh says big caps with bloat, not lean small caps 32:50 Triggers for higher prices: U.S. crude decline, field-level data, offshore limits 40:37 Matt Simmons revisited: Ghawar vs. tech & secondary recovery in KSA 48:56 1–5 year view: U.S. down 0.5–1.0 Mbd possible; service/labor constraints to ramp back 56:14 Mining demand shock (gold/silver boom → diesel use) could surprise to upside 01:03:32 Where to find Josh: BasinInsights.info (newsletter) Host & Channel Links Natural Resource Stocks — Official Channel 🌐 Website: https://www.NaturalResourceStocks.net 📺 YouTube: / @naturalresourcestocks 🐦 X (Twitter): / nrs_stocks 💼 LinkedIn: / natural-resource-stocks Andy Millette – Host 🌐 Website: https://www.NaturalResourceStocks.net 🐦 X (Twitter): / andymillette 💼 LinkedIn: / andymillette Steve Yang – Co-Host 🐦 X (Twitter): / steveyang_market 💼 LinkedIn: / steveyang88 — Financial Disclaimer (required): Financial Disclaimer for Galt Consulting Group (dba NaturalResourceStocks.net) The content provided by Galt Consulting Group, doing business as NaturalResourceStocks.net, including but not limited to interviews, articles, podcasts, and other digital media, is for informational purposes only. We reserve the right to buy and sell shares of any company mentioned in these communications, including sponsors of the NaturalResourceStocks.net platform. If Galt Consulting Group or any affiliated parties are invested in a company mentioned in our content, we will publicly disclose such investments on all digital platforms, including but not limited to the NaturalResourceStocks YouTube channel, Apple Podcasts, and Spotify. This disclosure will include clear statements indicating whether or not we hold shares in the companies discussed. Nothing in our content constitutes financial advice. Every investor is responsible for conducting their own due diligence and should seek the advice of a qualified financial professional before making any investment decisions. Past performance is not indicative of future results, and investments in the stock market can result in the loss of principal. By engaging with our content, you acknowledge that you are fully responsible for your investment decisions and agree to hold Galt Consulting Group, NaturalResourceStocks.net, and its affiliates harmless for any financial losses incurred