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3:00Welcome in Friday edition Clay Travis Buck Sexton show.

3:05We appreciate all of you who are hanging out with us.

3:09Let's have some fun and get you guys informed on a variety of different stories

3:15as we head into what should be a great weekend.

3:18Masters action underway for those of you who are golfers.

3:22It is an official sign for many parts of the country that spring has sprung.

3:26We will give you the absolute latest on the U .S.-Iran situation.

3:32Artemis 2 scheduled for a splashdown landing off the coast of San Diego.

3:39Our buddy Ryan Gerdusky going to join us at 1 to talk about a bunch

3:43of different topics, including this data coming out that nobody's having babies anymore, which is

3:50frankly kind of alarming. Much of Western civilization, the population is collapsing.

3:56Nobody really, to a large extent, is talking about it.

3:59The existential threat to America and the world, it likely is turning out, is not

4:06going to be climate change or global warming.

4:08It's going to be a bunch of people just deciding not to have babies and

4:12the population collapsing as a result.

4:15We will talk about all that and more, but we begin with the biggest news,

4:20which is high -stakes negotiations that are poised to take place in Pakistan over the

4:26weekend. And Vice President J .D.

4:29Vance is leading that charge, and he took off earlier today.

4:33I think it was actually maybe even last night for the Iran negotiations in Pakistan.

4:39And this is what he said right before he got on the plane to begin

4:44that trip. Cut four. We're looking forward to the negotiation.

4:47I think it's going to be positive.

4:49We'll foresee. As the President of the United States said, if the Iranians are willing

4:53to negotiate in good faith, we're certainly willing to extend the open hand.

4:56If they're going to try to play us, then they're going to find that the

4:59negotiating team is not that receptive.

5:01So we're going to try to have a positive negotiation.

5:03The President has gave us some pretty clear guidelines, and we're going to see.

5:08All right. So update on the markets.

5:12The Dow down a small amount.

5:14S &P 500, when I last checked, up a small amount.

5:17Not a lot of movement.

5:18Oil and gas has stabilized, dropped substantially during the course of this week, and has

5:24since kind of... danced around that hundred dollar mark um buck are you optimistic at

5:32all for these uh negotiations that are going to take place in pakistan uh what

5:37do you expect if anything let's predict if we were coming back on monday what

5:42does our conversation look like with these negotiations in theory beginning on saturday i think

5:49i know your answer already but i'm just gonna i'm just gonna allow you to

5:53debbie downer us all as we begin the program here on a beautiful spring friday

5:57i cannot tell a lie as you all know there's not going to be a

6:03deal there's going to be a deal to continue figuring out what the deal looks

6:12like and this is iranian uh bob and weave uh this is float like a

6:19butterfly sting like a b middle east style this is exactly what they have been

6:25doing all along uh i i and i'm gonna say this i am i guess

6:29obviously pessimistic about the chance of us being negotiated to a conclusion but i am

6:36hopeful and this is one of these ones where i i would love it it

6:39will i will be smiling ear to ear on this show and and taking the

6:46proverbial paddle and saying thank you sir may i have another if i'm wrong on

6:52this one some of you will catch the reference to animal house um it is

6:56absolutely the case that the iranians i think i i should say it in my

7:03view is absolutely the case that the iranians uh view this as now a delay

7:09game and they're using the price of oil and our political considerations as their leverage

7:15clay the strait of hormuz is not open that was the big thing here it's

7:22a little open it's a little open it's not open i think they're saying 10

7:27percent of the expected traffic through hormuz is going through and guess who is getting

7:33waved on through russia china friendlies to iran and they may be paying crypto they

7:41may be paying tolls we don't even know about to just to be clear about

7:44this i don't think that's happening i think russia and china would be like you

7:47really don't want to mess with us too but who knows right who knows um

7:52so i am hopeful that this is jd vance and jared kushner shining moment now

7:58what may happen is the deadline will pass in two weeks we start bombing them

8:02again for a few days we have press conferences from the pentagon saying look at

8:09how much we can kick their ass and then we go okay another ceasefire you

8:14guys want to talk and the iranians like oh fine fine we're willing to talk

8:19and so on and so forth and again like i said i am hopeful i

8:22am wrong on this one but i do not see clay if the straight is

8:26not open right now what exactly have we gotten in the ceasefire and the straight

8:31is not open right now and no one seems to want to talk about that

8:35i will think this is all that was that was debbie downer to the max

8:40wasn't that was debbie happy on a friday i'm sorry look i think the number

8:43one thing is the straight of hormuz being officially open and iran eliminating uh its

8:49desire potentially to uh to blow up uh freighters filled with oil here's something i

8:58don't hear anybody talking about and this is not debbie downer this is debbie realistic

9:02there's a lot of big time trump donors that are thrilled with what the price

9:08of oil and gas is right now so think about this um if you are

9:15and there are a bunch of texans listening to us right now if you are

9:19in texas you are thrilled with what the price of oil and gas is right

9:24now fifty dollars a barrel it's hard to make money sixty dollars a barrel there's

9:29tiny little profit margin hundred dollar barrel of gas there are people that are going

9:35to be having champagne toast going on while they kick back and watch the masters

9:39all over texas this weekend as long as these prices remain higher the reason why

9:44i bring it up is there is a little bit of a disconnect between what

9:48the average consumer thinks the price of oil and gas should be and what oil

9:53and gas producers think the price of oil and gas can be and the calculus

9:57on this is very different than it was in the 1990s when we had to

10:02import all of our oil and gas into this country in order to be able

10:08to uh to take care of everything now we're net exporters and so uh so

10:13it's a different kind so i'm just wait wait hold on hold on this is

10:17do you think trump doesn't want the straight oh you're saying there are a lot

10:19of trump donors who want the gas price high so they like this congestion are

10:23you saying trump doesn't want the straight open i'm a little confused now well i

10:26i'm saying i'm not sure that the straight being a hundred percent open is a

10:34universal goal of every part of the sure but what's trump's goal trump's goal i

10:40think is to get oil and gas down to there's a bit of dispute over

10:44this for a while he thinks the ideal price is 50 a barrel uh the

10:48uh the texas guys maybe some of you can call in and we get So

10:52I was going to say, can we get somebody to put your Stetson down for

10:55a second here? Pick up your phone, Texans who work in oil and gas, and

10:59let us know what's going on.

11:01Yeah, actually, I would love that.

11:02You don't have to give us your official designation, but if you are listening to

11:06us right now and you are involved in American oil and gas, here's another point,

11:09Buck. Yeah, you don't have to call in and say, my name is John Smith.

11:12I'm a senior VP at Exxon.

11:14I work in this office.

11:15You can just call and be like, this is John.

11:16I know what I'm talking about.

11:17And I just bought a Picasso because in the last month I made an extra

11:21$100 million because the barrel of gas doubled.

11:24But I do think this.

11:26Here's another stat, Buck, that I was reading.

11:28I've been doing a bunch of research on oil and gas because I'm fascinated by

11:31this entire industry. You know that California, which is trying to say, hey, we're all

11:37into clean oil and gas and we're going to be the green news.

11:41You know that 29 % of California's gas is imported according to the Wall Street

11:48Journal and comes through the Strait of Hormuz?

11:51Hormuz infinitely more than any other state in the United States.

11:55Did you know this? I had no idea.

11:57It's a tiny percentage of oil and gas that ultimately ends up in the United

12:02States that transits through the Strait of Hormuz.

12:06California, I believe, I'm going to pull up that stat and we'll share that article.

12:09I was reading, California imports about 29 % of its overall oil and gas from

12:16the Strait of Hormuz. So right now, if you are listening to us in California,

12:21your entire basis for the Green New Deal and everything else, in addition to the

12:27fact that you have to pay way more to fill up your cars and your

12:31trucks, which is infuriating, I would imagine.

12:34But, Buck, they are actually bringing in, the California dollars are actually going to these

12:43Middle Eastern countries as opposed to staying here at home because California has tons of

12:49oil and gas that they're not deciding to come through.

12:51You can tell me about the oil markets and everything and it's very interesting and,

12:54you know, you really also could run a stock market, like, you're very into this

12:58stuff. You could be sitting there with Kramer.

13:00I honestly think you're probably better than Kramer.

13:02No offense. Well, actually, no offense to Kramer.

13:04You could be doing this stuff.

13:05He's wrong on everything. If I'm just right about a little bit, I could probably

13:07do better. But on this issue of where we are with ending the Iran war,

13:12not how people in Texas may feel about it if they happen to have a

13:15lot of shares of Exxon or Texaco or whatever.

13:18I know there's been all these mergers I can't even remember.

13:21Does Trump feel good about where things are right now?

13:24Do you think that the administration feels like this is where things are supposed to

13:27be? I checked this morning, 10 percent.

13:29There are thousands of ships that are still bottled up.

13:3210 percent of the strait traffic is happening.

13:35And Iran is claiming now the right for national security purposes to inspect and deter

13:40any ships coming into the strait that it wants.

13:43No, he wants the strait to be clear and open.

13:46And I do think that the overall precedent being set of open bodies of water,

13:54which is a global trade perspective position, should not be able to enact tolls.

13:59Right. That's different than the Panama Canal or something that is a manmade shipping creation

14:05where you certainly are extracting tolls.

14:08That's the basis for it, just like a toll road versus an interstate that's paid

14:11for. The idea is that this has to be going through.

14:15What I am saying is I do think the politics of this is actually a

14:20bit more complicated. And maybe the pressure is different versus an individual filling up their

14:28oil and gas and the Texas oil men out there.

14:30We got loaded lines from the Texas oil men who are saying this is actually

14:35incredibly good. And it's a different calculus when much of the money is still coming

14:40into this country when we benefit in some ways from a corporate perspective on higher

14:47oil and gas prices. And they want to drill more when prices go up.

14:52Now, this is just big picture.

14:55It's hard to get more oil and gas drilling done when there's fifty dollars a

14:59barrel because it's hard to make money at one hundred dollars a barrel.

15:02They make way more money.

15:04I would bet that the capacity that could be dialed up in the United States

15:08is substantial at those dollar figures.

15:11I just don't hear anybody talking about the fact that the calculus has changed when

15:16it comes to America as a net exporting country.

15:19This is a tremendous success story compared to when we had to bring everything else

15:24in. A lot of those dollars on oil and gas now stay in America and

15:29actually can provide fuel, no pun intended, in a positive direction for the economy.

15:34Now, the downside is obviously individual consumers have to pay more.

15:38But if you look at it on an inflation adjusted basis, oil and gas is

15:43one of the greatest buys that exists anywhere in the world.

15:46We pay far less now on an inflation adjusted basis.

15:50You know, oil and gas, I believe, is cheaper than bottled water.

15:54Again, I find all of this and I mean this.

15:56I'm not I would never be serious when you're doing your financial.

15:59I find all this deeply interesting.

16:01We stop bombing them so they would open the straight and the straight's not open.

16:05This is the this is the fundamental problem.

16:07I agree in general. What I'm saying is I'm not sure that the political pressure

16:12is as intense on this issue as maybe the general population.

16:18So then the straight doesn't need to be open.

16:21well i think it needs to be open eventually but if it ends up eventually

16:24opening in a month i think that there's a lot of oil and gas people

16:28in texas that would say hey that's fine so the pressure valve isn't as tight

16:32as one that's my argument i got you okay interesting and i may be wrong

16:36but i want to hear from the texas guys and gals what are the chances

16:39one of them is actually named tex by the way extra points if you call

16:42it and you're like i've been an oil man for 40 years my name's tex

16:45i think the oil and gas guys are going to say clay you're the only

16:48person who's actually made this argument in anywhere in media because it is a different

16:53calculus than it was in the 90s and i think not surprised a lot of

16:57media have not caught up with what oil and gas independence and us being a

17:02net exporter actually means when oil and gas prices go up it used to be

17:07we got entirely gouged and we were the victims now we are actually having a

17:13great deal of success china arguably becomes a victim uh the europe becomes a victim

17:18the countries that are not energy independent this is actually what trump has been arguing

17:23for so long we had to create it so just in general and oil and

17:27gas guys y 'all can tell me if i'm totally wrong on this or if

17:31you're saying hallelujah somebody's trying finally pointing out that things are a bit different than

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22:36Welcome back into Clay and Buck.

22:38I gotta say, uh, we keep coming back to this whenever we have Senator Fetterman

22:43of Pennsylvania talking about issues involving, uh, Israel and the Middle East.

22:51He's consistently reasonable and sane on this issue.

22:55And here he is. Once again, this is cut nine Democrat Senator Fetterman of Pennsylvania.

23:03I want to let you hear what he has to say.

23:05Play it. Why can't we just, you know, root for our military?

23:08Why can't we just say, I don't have to agree everything the president has done

23:12or the kind of things that he says, but you know, we're going to, we

23:15should be on the side of America and we should be on the sides of

23:19civilization and the free world.

23:21And I'm on that side.

23:23And I don't know why I'm the only Democrat that, that says those kinds of

23:27things at this point. But I think more Democrats should listen to me and say

23:31it'd be on the right side of history and holding Iran accountable.

23:35And if you have to pick a side, pick our side, pick civilization, pick Israel.

23:42That's this, that's really the paradigm as we see it and have since October 7th

23:46and before then, but certainly since then, if you're picking a side on this one,

23:51pick the side of civilization.

23:52And Israel was on the side of civilization.

23:54That does not mean it's perfect.

23:55America is not perfect. And we will criticize both when necessary.

23:59But if it's between that and the mullahs, that in Hamas, that in Hezbollah, Clay,

24:04I think a lot of the people, including on the right, who have been getting

24:07really weird on this issue, they just have no idea how vicious and sadistic and

24:11violent some of these Islamofascists really are.

24:15Yeah, look, I think what Fetterman is saying, and he's a voice of sanity here,

24:21is you can't argue that Iran is a existential threat for decades, as Democrats have,

24:29and they're all on the record saying it, and then be upset when Trump does

24:33something to try and take away that existential threat.

24:36By the way, loaded lines on oil, guys.

24:38So put on your big hats and get ready for some oil and gas analysis.

24:43When we come back, I'll take some of these calls.

24:46We better hear some heavy Texas accents.

24:47That's all I'm saying. All right.

24:49We invest our money in retirement accounts and mutual funds, ETF stocks, a lot of

24:53things. But the real appreciation this past year has come from none of those, but

24:57from purchasing gold as part of your IRA and 401k, the past year, the last

25:0212 months, the price of gold grew by over 65 % in that one year

25:06alone. And if you want to look at the long term, I think the picture

25:09for gold is even more amazing.

25:11700 % increase in gold in its value over the last 20 years.

25:17Gold grows in value when money printing, inflation, and instability are problems, and they certainly

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25:50All right, welcome back in.

25:51You never know what you're going to get.

25:52Big oil has loaded up the lines.

25:56The state, I believe, that we have the biggest listenership in, Buck, is Texas.

26:00And we love all of our Texans.

26:02And obviously, the oil and gas industry is not just confided to Texas.

26:06But I've gotten to know a lot of oil and gas guys.

26:08And initially, Buck, where this came from was actually college football because Texas A &M

26:14is the top producing oil and gas school anywhere in the country, basically.

26:21And I remember when they redid Kyle Field back in the day, Buck, all the

26:25big Texas oil guys who were donating, they said there's three things that got this

26:29stadium redone. And let me tell you, if you want to see the fanciest suites

26:33that exist anywhere in a football stadium in America, the nicest suites I've ever seen

26:39is in Texas A &M.

26:41They redid that football field.

26:42Texas guys all said, the oil guys who were donating the big money, hundreds of

26:46millions of dollars to get this thing done.

26:47They said there's three things that happened.

26:50Johnny Manziel, the SEC, and $70 barrel of oil.

26:53This was back in like 2010, 2011.

26:57And boy, they got that thing built in a hurry.

26:59And it is a temple.

27:01It's incredible. Okay. So the point I was making off the top is that there

27:06may not be as much political pressure on the Strait of Hormuz over the price

27:12of oil and gas because America, big companies.

27:15now benefit immensely since we are in exporting net exporting country now because of the

27:21massive amounts of oil and gas we produced and so when oil and gas is

27:2595 97 a barrel like it is right now there's a lot of people in

27:30this country that are very happy with that which is different than in the 90s

27:34when we were having to bring in all the oil and gas uh and i'm

27:38curious from people out there we got loaded lines gene is up in north dakota

27:42you say you produce a lot of oil up in north dakota what is the

27:47reaction when a hundred dollar barrel of oil is happening so far as you see

27:51it well we pump about 1 .2 million barrels a day of oil out of

27:57the ground up here and if you were smart enough to hang on to your

28:01mineral rights and didn't sell them to harold ham uh then you are making let's

28:07say they pump 2 000 barrels a day off your land that 2 000 times

28:13100 is a pretty good payday for some old guy sitting on a farm uh

28:18up here in north dakota what do you need to sorry to cut you off

28:22but what is your cost like what does oil and gas need to be in

28:26north dakota when you're in a general sense because i know it can vary depending

28:30on how depth and there's lots of complicating factors but in general what do you

28:35need to have oil and gas be to make a decent profit i've always heard

28:40that between somewhere between 70 probably 67 and 75 dollars a barrel now a lot

28:48of companies are drillers and a lot of companies are refiners they only refine they

28:53don't go looking for oil some do both so it really depends on you know

29:00where you're at if you're just a refiner you want 50 a barrel oil if

29:04you're a explorer you want 100 a barrel yeah so you know but up here

29:10a person needs if you take the cost of oil divided by 33 .69 that

29:18should give you what the price of gasoline should be and if you do that

29:21right now at 100 you'll come up with about three just just short of three

29:27dollars and then you add on and we're paying right now we're paying three dollars

29:32and 49 cents a gallon for for gasoline yeah well thank you for the call

29:36we got a lot of people who want to weigh in this is a little

29:39bit of an education for many of us because i'm fascinated by the business here

29:43uh let's see eric you're in midland texas midland is a huge oil producing area

29:49what's the reaction right now to the price of oil and gas and what do

29:53you think in an ideal world it should be um i'm just kind of curious

29:58from a business perspective hey guys great to be with y 'all yeah i think

30:03it should be between 65 and 70 dollars a barrel uh that allows us to

30:09make plenty of money uh we are definitely oil country here in midland and odessa

30:15and you know we all get to stay busy everybody's making good money and the

30:21rest of the country doesn't have to suffer with the high gas prices and even

30:25ourselves i filled my truck up earlier today i drive a diesel truck it was

30:29175 dollars to fill my truck up so it stings on all ends uh we

30:35don't want to see 100 130 barrel oil like we saw you know back in

30:40obama days uh it just gets crazy but so if you could wave a magic

30:46wand oil and gas companies make money but it doesn't become a tax on the

30:51larger economics because there's all oil and gases embedded in the cost of everything your

30:57number would be 70 ish dollars a barrel would be a good dollar figure that's

31:02correct thank you for the call these are interesting calls robert in corpus christi robert

31:08are you in oil and gas uh what's your background well uh i'm an attorney

31:14i talk to you guys but i'm sitting here right now watching my pump jack

31:17producing oil you know about a couple hundred barrels a day and uh you know

31:24it's just it's it's good to see i hate it for the country that we're

31:27taking this hickey but uh but clay you hit it on the head you're playing

31:32finally playing chess when everybody in the press is playing checkers that straight of whore

31:37muse is open they don't have a navy to patrol it it's supposedly at the

31:41bottom of the persian gulf so the decisions are being made to not send tankers

31:46through not because they're really that scared there's really no blockade or anything that would

31:51stop them from just sailing right through what's stopping them is keeping the price of

31:55oil high and you hit the nail on the head with that one i think

31:59there thank you for the call i think there's some fear that is certainly taking

32:02place here but my argument would be the longer it takes for the oil and

32:08gas would you would you want to be an oil like a u .s or

32:14a uh you know a western oil rig captain on one of these uh one

32:19of these ships going through the straight i would just to be clear i would

32:23not take that job right now i would not take a lot of money but

32:26i wouldn't take that i wouldn't take that job for like sean hannity money like

32:29i wouldn't take that job for big boy money no way you know what i

32:33wouldn't mind being in the job of right now though having a few thousand acres

32:38on the permian basin right now when it's a hundred dollars uh a hundred a

32:43barrel uh lindy in houston uh is talking about that lindy you're down in i

32:49would say houston is probably a houston and dallas uh the two biggest oil markets

32:54in the entire united states for sure in terms of the money rolling in what

32:58are you hearing around houston about a hundred dollar barrel of oil well good morning

33:03um i guess that i worked in the oil patch for about 42 years mainly

33:09in the international side and the driver on on what the oil companies are looking

33:17for is the delta between what they sell the oil for and how much they

33:21have to pay for it to get it out of the ground oh yeah and

33:25and you know when when we were 50 oil the oil companies probably had to

33:31spend 35 or 40 a barrel to drill the wells and get them fracked and

33:36get that oil produced yeah so they didn't make a heck of a lot of

33:40money um so when we take it up to 100 bucks a barrel um you

33:46know on on the stuff that they've already drilled they're making good money on it

33:51they don't have a real problem with what's going on yeah um but now the

33:57negative is if oil prices stay high their costs are going to go up all

34:02the service companies fracking drilling all water haulage all the things that go with that's

34:09a good point cost of production that's going to go up if it stays up

34:13high and so do you agree that the ideal price is about 70 dollars for

34:18your average oil and gas producer yes um okay second question you've been doing this

34:2540 you've been doing this 42 years how much different is it now than the

34:31first persian gulf you know the gulf war when we weren't energy independent how much

34:36more of a you know the the economics of oil and gas pricing increases changes

34:42based on the amount we're producing right this is one of the big impacts of

34:46the trump administration 1 .0 and just the growth in general in what we're able

34:51to produce you've got to have seen a tremendous difference in the impact over your

34:5642 year career yes i i have but i mean you had the same phenomenon

35:03back in the early 90s with the with you know the invasion of kuwait i

35:08mean the price of oil went up and unless you were messing around in that

35:12part of the world and you were in the oil business in west texas you

35:16were probably okay with that price run up um and you know the same thing

35:22on the invasion of iraq i mean the price of oil goes up and if

35:26you're not in business there it does doesn't do a whole lot when you get

35:31a big spike in the short run that just raises your revenue doesn't raise your

35:35cost basis so this is all very i mean again clay this is all very

35:41truly interesting about the oil and gas industry but how many people in this country

35:48are benefiting from the high prices versus how many voters do not like the high

35:54prices and i think that that is we're talking about the politics of this as

35:58well as the economics of this and and also that was a very important point

36:02that was made by one of the callers this is amazing too we always say

36:05this and we mean this this isn't we're not like like sucking up or anything

36:08the amount of knowledge that we can draw upon from all of you all across

36:12the country there's millions of you who are listening and what when you call in

36:16and we have obviously fantastic call screener to make sure we're putting people on the

36:19air who really know what they're know what they're going to say and know their

36:22stuff uh it's incredible uh so you are are you're like our original ai and

36:27we can put out a question and get an ai style answer here on the

36:30old school phone lines uh in terms of the level of expertise so i think

36:33that's really interesting but clay there's the producers right the refiners the people searching for

36:39it the people refining it the people transporting it the people that are and disrupt

36:43i mean all of the big oil ceos are all saying we want business as

36:49usual in the straight we do not want any of this happen now maybe they

36:51feel like they have to say that that's possible you really you really think so

36:56because i i think that they just want look they're in a business where they

36:59get to make money all the time the world needs oil they're providing what we

37:03need right it's like we got an addiction and the only and the only uh

37:06answer is more oil um i i feel like they would just like things to

37:12even out here and get back to normal i think the dollar figure is interesting

37:16that 70 they think is good 50 is where trump wanted it they wanted it

37:21at 70 there's a delta there obviously of difference i think they're very very aware

37:26that people blame them every time prices go up this is why i always feel

37:32bad for the average gas station owner as we've talked about because i don't think

37:35a lot of people even really understand that they are not gouging you the only

37:40way they make money is when you go inside this average gas station they make

37:43a couple of pennies a gallon on oil and gas uh they they need you

37:47to go buy a snap they still make snapple they need you to go buy

37:50a snapple in the uh mirror snapple back in the day i don't even know

37:53if it's still rush was a big snapple guy oh i snapple was great right

37:58guys wasn't rush really into snapple or am i am i imagining oh yeah he

38:01was a big fan of snapple that that company really exists very much anymore but

38:05they need you to go into the convenience store and grab a slim jim or

38:09some potato chips tips um and that's the way they make money um the profit

38:15margin by and large comes from purchases in convenience stores again taking the 30 000

38:20foot view here though clay are the are the all all in their totality does

38:25does trump does the administration do the oil companies do they want the straight to

38:29have 100 of the traffic or do they actually you you really think i mean

38:34this is i this is getting a little quasi conspiratorial you think trump and his

38:37oil barons want it closed i think that they a lot of them are not

38:42furious i don't know that there are i think the political pressure is not all

38:48raining down on it should be open i think for the global economy we need

38:52it open i'm just saying that the energy independence of the united states has changed

38:57some of the calculus associated with when the price of oil and gas goes up

39:02we used to be net spenders as a country i'm talking about now we're net

39:07beneficiaries and so why was trump threatening to destroy like hospitals and orphanages a few

39:14days ago in iran if they don't open the strait what was that all about

39:17i think the long range we can't have a situation where iran controls the strait

39:23of hormuz for years and years into the future we cannot have that but i

39:27think the short -term political calculus like if you told me this will be resolved

39:32in uh three months i don't think the idea that it is a tremendous must

39:40fix situation imminently i think there's actually a little bit more negotiating leverage than uh

39:47because of the current energy independence than there would have been in 1990 or 1991

39:52that that's we get into the summer and there's a big nasty mean spike in

39:55oil prices i'm going to remind you of all this well and look there is

39:59a disconnect to your point i think it's an important one between sometimes what oil

40:03and gas companies want and what the average consumer wants and by the way i'm

40:07the average consumer i filled up my car this morning it cost me a lot

40:11more i got an suv i got to fit all the kids in the back

40:14of it it cost me like oil prices schmoil prices i drive a tesla i

40:18also have a tesla i also have a tesla by the way i plug it

40:23into the wall like a cell phone it cost me absolutely nothing on electricity by

40:28and large car drives itself it's kind of i was on a call and one

40:33of our one of our guys said are you is that the car driving itself

40:37in the background i'm like yeah i just get in the car now just have

40:39a bunch of calls don't have to worry about anything so i got a tesla

40:43and an suv i'm covering both ends of the spectrum uh look i want to

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42:00the right amount of information and entertainment clay travis and buck sexton on the i

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43:02bought a timeshare years ago at the time it made sense and was exciting to

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46:03Welcome back into Clay and Buck where we get to hear Clay's geopolitical analysis which

46:09is something along the lines of, so we take the oil, we go in, we,

46:13or maybe we don't take the oil.

46:14You'd know that better than anyone.

46:16Do we want the oil?

46:17We want the prices high.

46:18We don't want... It's pretty amazing stuff that we're finding out here, Clay, that the

46:23world is working in 4D chess with oil rigs backed up, backed up hundreds of

46:30them now, and the oil barons are sitting there like fat cats, twirling their whiskers.

46:35I don't know. I don't know.

46:37They're making a lot of money.

46:37They're making a lot of money in the Middle East over the oil not being

46:41able to get out either.

46:42And Jim in Minnesota, he's fired up.

46:44He's saying, I'm not... Jim, fire away.

46:51Oh my gosh. Yeah. Yeah.

46:54Can you hear me? Earlier in the week, I had to listen to you say

46:58that Trump's tweet about annihilating the civilization of Iran, we didn't take it the right

47:05way. What he really meant was X, Y, and Z.

47:07Now I've got to listen to you talk about how oil prices and the trade

47:12our mousse being bottled up is good for us.

47:15No, I didn't say... Thank you for the call.

47:18I didn't say it was good for us.

47:19I said it's good for oil people.

47:21And now that the United States is a net exporter of oil and gas, $100

47:28a barrel oil and gas is great if you're in the oil and gas industry.

47:32It's different when you're filling up your cars.

47:34But that's the reality. I haven't heard anybody talking about it.

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Hour 1 - Debbie Downer vs. Debbie Realistic