Doomberg Stops By to discuss "Where is the Oil Glut?" We also cover Venezuela and Greenland

This was a fun podcast with our favorite Green Chicken, Doomberg, and we hit it out of the park. Buckle up and enjoy the show. Doomberg has been elevated to “National Treasure Status” by Stu Turley and The Energy News Beat Podcast team. Our great guests help us reach #3 in FeedSpot's Top 70 Energy Podcasts in the world.

Doomberg does not hold anything back, and we have some real topics rolling out. I got really tickled by Doomberg and David Blackmon making a bet on whether President Trump would invade Greenland. I would enjoy paying for a steak dinner with Doomberg and David, so it does not matter to me.

Here are the key points we cover.

1. The current state of the global oil and gas markets, including the “glut” or oversupply of oil and gas, and the factors contributing to this situation, such as the rise of shale production in the US.

2. The potential impact of the political situation in Venezuela on the oil and gas industry, including the challenges of restoring production and the legal/financial claims against Venezuela’s oil assets.

3. Speculation around potential geopolitical actions by the Trump administration, such as annexing Greenland or intervening in other countries in the Western Hemisphere to secure energy resources.

4. Analysis of the political dynamics and power structures in Washington, with the discussion of the “uniparty” and the lack of meaningful ideological differences between Republicans and Democrats.

5. Commentary on the energy policies and actions of political figures like Gavin Newsom and the potential impact on energy supply and prices. California poses a national security risk to the U.S., but don’t rule out Gavin, as he could be in the running if we don’t fix our elections and adopt same-day paper ballots.

Interesting Doomberg Moments

1. “The physical global energy markets are extraordinarily well supplied. As we’re talking today... Newcastle coal, 107 bucks a million BTU, that’s doing nothing. Landed LNG in Europe is 963. Henry Hub natural gas is about three-quarters of a Big Mac, and an ounce of silver will buy you a barrel of oil and some change.” - Doomberg

This quote highlights the current oversupply and low prices across various energy commodities.

2. “China has been buying a million extra barrels a day all year for most of 2025 and stuffing it into their strategic reserves.” - Doomberg

This quote suggests China is aggressively building up its strategic oil reserves, which could impact future oil market dynamics.

3. “If natural gas were to spike on AI demand, say, you could see drillers drilling for gas and dumping the crude oil onto the market, the way they’re drilling for crude oil and dumping the gas onto the markets now, if that ever pivots.” - Doomberg

This quote discusses the potential for producers to shift their focus between oil and gas production in response to market conditions.

4. “There is no such thing as a Republican in D.C. There’s the uniparty. There’s Mega on the right, and Bernie on the left. And the middle is the same party. Look, there is no distinction between Mitch McConnell and Chuck Schumer, I hate to break it to you. It’s all phony.” - Doomberg

This quote expresses a cynical view of the U.S. political system, suggesting there is no meaningful ideological difference between the two major parties.

5. “Trump is a disruptor to that. Look, there’s a Republican party at the state level and at local levels, but not in D.C. No. Ted Cruz isn’t a Republican.” - Doomberg

This quote further elaborates on Doomberg’s view of Trump as a disruptive force against the established political order in Washington.

I am hopeful that we get our elections fixed, but unfortunately, I believe Doomberg is right yet again. The Uni Party is alive and well, and it really saddens me.

A shout-out to David Blackmon and his industry leadership and writing. It is an honor to have him share time with Doomberg.

We have some more great CEO, and I am getting ready to interview some folks on the Texas ERCOT grid, and we have more articles we are working on. We will be interviewing Doug Sandridge, who will be returning from Saudi Arabia next week, and he will have some insights into the global oil and gas markets.

Thanks again to our patrons, subscribers, and readers on all of our platforms.

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The full transcript will be at https://energynewsbeat.co/

Discussion about this episode

Time Stamps:

01:57 Doomberg: Where is the oil glut

06:05 China is buying oil, and are they preparing for war?

12:50 Venezuela and the oil impact

26:11 Canada and great subscribers

41:58 Doomberg's methodology